American Workers Focused on Personal Financial Recovery for 2012

JACKSONVILLE, Fla., Jan. 30, 2012 /PRNewswire/ -- Most Americans will be cautious with their money in 2012 and focus on their personal short-term financial recovery rather than long term investments, according to the recent Workonomix survey by Accounting Principals, a leading finance and accounting staffing firm.

The survey found that paying down personal debt, such as credit card debt and other outstanding bills, is one of the top financial changes that working Americans plan to make in the New Year (43 percent).  With their focus on credit card debt, long-term saving plans are not a priority for most working Americans in 2012.  In fact, only 27 percent of workers plan to put money away in an emergency savings fund and even less than that plan to contribute more to their company's 401(k) plan (23 percent).

"American workers are focused on recovering from the Great Recession and it makes sense that they are renewing that commitment in the New Year.  It's a fresh start for people to evaluate their finances and set personal goals for the year ahead," said Jodi Chavez, senior vice president, Accounting Principals. "Our findings suggest that workers want to make the most of their paychecks in 2012 by cutting down any debt they might have taken on as a result of the recession and rebuilding their financial freedom." 

In fact, Americans are even earmarking what was once considered "extra money" for their financial independence.  Rather than frivolously spending their 2011 year-end bonuses, more than half (57 percent) of Americans plan to use it to pay down debt instead of going on a shopping spree (4 percent) or taking a vacation (9 percent).  

Although working Americans are not splurging with their year-end bonuses, they're also not investing in their long-term security.  According to Accounting Principals' survey, only 13 percent plan to put their bonuses toward a savings account and even less than that plan to contribute it toward a retirement account (6 percent).

"Following the recession, it's not surprising to see that many American workers are allocating their income toward paying down their debt. With the economy continuing its slow recovery, it's clear that consumers are focused on gaining financial stability in the short term before turning their attention to investments with longer term benefits," said Chavez.

About Accounting Principals
Accounting Principals is a leader in the recruitment and placement of accounting and finance professionals, offering a complete range of workforce solutions in accounting, finance, mortgage and banking. Our nationwide branch network consists of experienced professionals that average five years of real-world accounting experience plus more than five years of finance and accounting recruitment experience. In addition to providing clients with a combination of temporary staffing, temp-to-hire and direct placement services, Accounting Principals also helps clients overcome their challenges through an in-depth understanding of their business needs. For more information, please visit www.accountingprincipals.com.

SOURCE Accounting Principals