Even with the soaring stock market and the strong economy, one-third of Americans predict that their finances will be in no better shape by the Year 2000 than they are today. According to a survey sponsored by Quicken, America's leading personal finance software program, twenty-two percent of Americans say that the biggest obstacle in achieving fiscal fitness for 2000 is lack of time. Other obstacles include too much debt, including credit card debt (14%), impulse spending (13%) and not enough financial know-how (13%). On the lighter side, six percent of people surveyed reported their biggest financial obstacle was not winning the lottery. "Americans have one more year to get 'fiscally fit' for the millennium and you don't need to win the lottery to do so," said Quicken.com's managing editor Tony Cook. "The obstacles that American's see in achieving financial fitness are easy to overcome with today's abundance of personal finance tools and information. Consumers can save time, gain control over their finances and start the next century in great fiscal shape."
Planning for the Countdown
The Quicken Fiscal Fitness Survey found that less than half of Americans (40%) surveyed actually plan to set any financial goals for the year 2000. For those who plan to set financial goals, half indicate that their goal will be for future fiscal needs, including retirement (20%), money in the bank (20%) and for a college education (9%). Additionally, more than one-quarter of adults (27%) look to make large purchases, including a house (17%), expensive vacation (5%) and a car (5%). However, it is only the remaining (21%) that plan to pay off credit card debt (15%) and their mortgage (6%).
When it comes to financial priorities, the generation gap widens. While adults 35 years or older are more likely than their younger counterparts to cite retirement as their financial priority (31% vs. 8%, respectively), those under 35 are more likely to set a goal for the purchase of a home (25% vs. 7% of those 35 and older). In addition, paying off credit card debt is more important to people 35 years of age or older. Yet, saving money is more important to people under 35 years (27% vs. 20% of those 35 or older).
Fiscal Fitness Tools for the Millennium
For those goal-minded individuals, one out of three plan to use a financial planner. The Quicken Fiscal Fitness survey found that financial planners are most likely to be used by adults with an annual household income of $40,000 or more. Others seek tools and advice from the following:
- 24% advice of family and friends
- 19% stock broker or accountant
- 17% computer software
- 14% books about finance
Additionally, survey respondents reported a strong faith in the Dow as they predicted the Dow Jones Industrial Average will kick off the new millennium by reaching 9,743 on January 1, 2000. How do consumers get fiscally fit for the new millennium? Quicken and Quicken.com suggest:
- Weigh In. Ask yourself what your financial goals are and how you plan to achieve them. Take a look at your assets and see how much further you have to go to reach those goals.
- Build Financial Muscle. Saving and investing are the muscle behind any financial plan. Find out more about how to get the most from your money with financial news and advice from Quicken.com. Save on a regular basis and reinvest your interest or dividends so your money can work for you.
- Go on a Debt Diet. Cut your debt...literally. Get rid of all but one or two credit cards and make sure to replace high-interest cards with low-interest ones. Most importantly, control your credit card spending.
- Monitor Your Progress. Keep track of your goals and spending. Software programs like Quicken will help you monitor your saving, spending and how well your plan is working towards reaching your year 2000 goals.
About Intuit
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. The Intuit Quicken.com Web site (www.quicken.com) is the premier financial Web site, offering a complete set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
QUICKEN FISCAL FITNESS SURVEY
Fact Sheet
The Quicken Fiscal Fitness Survey was conducted by Bruskin/Goldring Research from November 20-22 1998 with over 1,000 adults 18 years or older.
- More than three-quarters of adults (77%) believe their finances are presently in good shape.
- One third of adults believe their finances will not be in better shape in the year 2000.
- Better: 59%
- Men: 66%
- Women: 54%
- Same: 34%
- Men: 30%
- Women: 37%
- Worse: 6%
- Men: 3%
- Women: 4%
- Less than half (40%) of Americans plan to set financial goals for the year 2000.
- About half (49%) of adults who plan to set financial goals want to "save" money for future needs including:
- Retirement: 20%
- Money in the Bank: 20%
- College Education: 9%
- Pay off Debt: 21%
- More than one-quarter (27%) of Americans who plan to set financial goals want to "purchase" items with the money they save:
- House: 17%
- Car: 5%
- Expensive Vacation: 5%
- 31% of Americans plan to use a financial planner to help meet financial goals. Other tools include:
- Friends & Family: 24%
- Stock Broker/Accountant: 19%
- Computer Software: 17%
- Books about Finance: 14%
- More than 20% of Americas state that their biggest obstacles in achieving financial fitness is they don't have enough time. Other obstacles include:
- Too much debt, including credit card debt: 14%
- Impulse spending: 13%
- Not enough financial know-how: 13%
- Haven't won the lottery: 6%
- Americans predict that the Dow Jones Industrial Average will hit 9,743 on January 1, 2000.