CHERRY HILL, N.J., Jan. 26, 2015 /PRNewswire/ -- Health and finances
tend to dominate the New Year's
resolutions that Americans make each year, but is there a
correlation between the two? In other words, are people who are
financially fit more likely to achieve their physical fitness goals
and, on the flip side, are physically fit consumers more likely to
have their finances under control? To get answers to these
questions, TD Bank, America's Most Convenient Bank®,
surveyed 1,444 consumers who had made New
Year's resolutions. The results were illuminating: The vast
majority reported that financial and physical fitness goals go
hand-in-hand.
According to the TD Fiscal Fit survey, seven in ten Americans
feel that sound financial health can have a positive impact on
their overall health and well-being. This number increases to eight
in ten among those with a financial plan. Furthermore, a vast
majority (81 percent) of consumers agree that when their finances
are in order, other goals are easier to accomplish.
When it comes to their current fiscal and physical health
status, only about one-third of respondents (36 percent) said they
are satisfied with their current financial health. Yet among those
who are satisfied with their physical health, 65 percent said they
are also satisfied with their financial health.
"It's no surprise that getting your finances in order can
relieve stress, but our research shows that it can also positively
affect physical fitness," said Ryan Bailey, Head of Retail Deposit
Products, TD Bank. "With resolutions still top of mind, it's
important for Americans to know that working on your wallet can
also benefit your waistline. You don't have to choose one or the
other."
Health and Finances Top 2015 Goals, But Progress Is
Mixed
According to the TD Fiscal Fit survey, 80 percent of
Americans set health-related goals for the New Year, including
eating healthier, losing weight and getting in shape. Additionally,
more than two-thirds of Americans (69 percent) made financial goals
for 2015, such as saving more, spending less and being more
financially responsible.
Achieving those goals is a different story. So far, progress on
keeping those 2015 resolutions has been mixed, with those who set
financial goals lagging slightly behind those who set physical
goals. Overall, 51 percent of survey respondents said they have
already started working on their resolutions and are doing well,
while 49 percent haven't started yet or have already given up.
Among those who set health-related resolutions, 55 percent are
doing well, compared to only 46 percent of those who set fiscal
resolutions.
The survey also points to the positive impact that financial
health can have on reaching physical fitness goals. According to
the data, respondents who are satisfied with their current
financial well-being are more likely to be doing well with their
health-related goals, with 66 percent reporting that they have
already begun working on their health goals (compared to 55 percent
overall).
"More than half of Americans aren't doing as well as they'd
hoped with their 2015 financial goals, but they shouldn't feel
defeated," said Bailey. "January 1 is
a great day to start fresh, but so is any other day. For advice on
how to implement a plan and achieve fiscal goals, consumers should
reach out to their bankers. That's why we're here."
Millennials Approach 2015
Differently
Millennials are often perceived as
lazy in comparison to their older counterparts, yet according to
the TD Bank survey this generation is approaching 2015 more
ambitiously than Gen-Xers and Boomers. More than half (51 percent)
of Millennial respondents (ages 18 – 34) who set financial goals
for 2015 said they are coming along "great" thus far, compared to
only 40 percent of Gen-Xers (ages 35 – 54) and 47 percent of
Boomers (ages 55+). The research also found that 68 percent of
Millennials said they are confident they will achieve their
financial goals for 2015, compared to 61 percent of Gen-Xers and 55
percent of Boomers.
Additionally, more Millennials plan to seek professional
assistance to help achieve their goals for 2015 than their older
counterparts. According to the survey, 17 percent of Millennials
will seek professional assistance for their resolutions, compared
to just 9 percent of Gen-Xers and 8 percent of Boomers.
There is also a stronger perceived correlation between achieving
financial and physical fitness goals among Millennials. When it
comes to whether or not they feel they need to get their finances
in order before they can focus on health and fitness, 51 percent of
Millennials agree, compared to only 36 percent of Gen-Xers and 21
percent of Boomers.
Going into the New Year, Men Are More Confident
According to the TD Bank survey, men are more confident about
achieving their resolutions than their female counterparts. For
instance, more than half (52 percent) of men who set financial
goals for 2015 said they are coming along "great" thus far,
compared to only 40 percent of women. Also, 42 percent of men are
currently satisfied with the state of their financial health,
compared to 29 percent of women. In addition, 45 percent of men
report feeling satisfied with their physical health, compared to
only 30 percent of women.
Additionally, the survey found that men prioritize achieving
financial health over physical health more than women, with 42
percent of male respondents agreeing that they need to get their
finances in order before they can focus on health and fitness,
compared to only 29 percent of women.
In conjunction with this survey, TD Bank is helping customers
achieve their financial and physical fitness goals. Starting on
January 25 and extending through
March 7, or while supplies last, new
customers who open qualifying banking, savings, checking and debit
card accounts will get a Fitbit Flex™ activity and sleep tracker
(from TD Bank.) For more information on our #FiscalFit campaign,
visit www.tdfiscalfitness.com.
Survey Methodology
The study was conducted
among a nationally representative sample of Americans who have set
2015 goals for themselves or made New
Year's resolutions. Interviews were completed from
January 13 – 19, 2015. The sample
size of 1,444 has a margin of error of +/- 2.6%. The survey was
hosted by global research company Vision Critical.
About TD Bank, America's Most Convenient Bank®
TD
Bank, America's Most Convenient Bank, is one of the 10 largest
banks in the U.S., providing more than 8 million customers with a
full range of retail, small business and commercial banking
products and services at approximately 1,300 convenient locations
throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas
and Florida. In addition, TD Bank
and its subsidiaries offer customized private banking and wealth
management services through TD Wealth®, and vehicle financing and
dealer commercial services through TD Auto Finance. TD Bank is
headquartered in Cherry Hill, N.J.
To learn more, visit www.tdbank.com. Find TD Bank on Facebook at
www.facebook.com/TDBank and on Twitter at
www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services
company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock
exchanges under the ticker symbol "TD". To learn more, visit
www.td.com.
About Vision Critical
Vision Critical provides a
cloud-based customer intelligence platform that helps companies
build engaged, secure communities of customers they can use
continuously, across the enterprise, for ongoing, real-time
feedback and insight.
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