November 10, 2015 | Number of The Day
New Jersey consumers plan to spend less in 2016

New Jerseyans plan to do better when it comes to their financial habits in 2016, at least according to a nationwide survey of consumers with assets between $50,000 and $250,000 by Bank of America and Merrill Lynch. The survey, compiled in a report by Merrill Edge, a joint investment service, found that 69 percent of New Jerseyans said they plan to spend less next year; 58 percent said they would save more; and 54 percent plan to invest more.

Most respondents agreed that the current economic climate would have the greatest impact on their plans for the next year.

New Jerseyans do differ from many other Americans when it comes to their comfort with debt. According to the survey, 33 percent of New Jerseyans said they had taken on debt for their children’s education, as opposed to 16 percent nationally. More than one-quarter have gone into debt for home renovations.