New year, new page, new life? Or so we hope. Fidelity surveyed more than 3,000 adults about their financial resolutions for the upcoming year. There’s a lot to wish for given skyrocketing costs and widespread layoffs: A third of Americans said they are worse off financially than they were in 2022. Here are other top findings:
- Save more, spend less, pay off debt: The top three New Year’s resolutions have remained consistent from year to year. About 41% of respondents said they want to save more money, 38% said they want to pay down debt, and 30% said they want to spend less money.
- More financial stress to come: 40% of respondents said they were worried about inflation for 2024, and nearly a third said their relationship with money is stressful. At least a third are considering more conservative goals for 2024.
- Younger generations are more hopeful: 76% of Gen Zers and 79% of millennials believe they’ll be better off financially in 2024 compared to 64% of Gen Xers and 52% of baby boomers. On average, 66% of respondents said they have a financial resolution, but only 53% of boomers have a financial resolution compared to 75% of Gen Zers.
“Gen Z and millennials are leading the charge in reshaping their financial destinies,” said Kelly Lannan, SVP of emerging customers at Fidelity Investments. “[They’re] showing a remarkable commitment to improving financial wellness in the coming year.”
