Survey cites financial resolutions for Wisconsinites

According to a new study issued today by BMO Harris Financial Advisors, 65 percent of Wisconsinites will be making at least one New Year’s resolution for 2014, and 36 percent of those resolutions will be related to personal finances.

Financial New Year’s resolutions trailed only health and fitness resolutions (39 percent) and were ahead of personal (learn a new skill, read more, etc.), 24 percent; career, 13 percent ; and love life, 10 percent.

Thirty-five percent of respondents in the state reported that they would not be making a New Year’s resolution for 2014.

“It’s a positive sign that so many in Wisconsin will be setting l financial goals for themselves in 2014,” said Dean Urbanski, vice president and national sales manager of BMO Harris Financial Advisors, a part of BMO Financial Group. “However, it’s important to note that the chances of actually achieving resolutions related to finances increase significantly if you have a financial plan.”

The study found that 40 percent of those surveyed living in the state currently have a financial plan. Of this group: 78 percent are confident that their financial plan will help them achieve their goals; 74 percent reported that it has helped them achieve their goals in the past; and 83 percent wish they would have created a financial plan sooner (compared to 61 percent nationally).

“A financial plan can be helpful to anyone seeking to reach their personal finance goals and isn’t tied to the size of one’s income or your current financial situation,” Urbanski said.

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