Survey: Financial Resolutions for the New Year

When the clock strikes midnight on January 1, 2020, we’re in for more than just a new year – we’re in for a brand-new decade. So it feels like a good moment to check in and see what financial plans (if any) we have for the new year.

For this, we asked 1,550 Americans about their financial resolutions and goals for 2020. Here are a few key highlights from our findings:

Doing better with our finances…resolutions, plans and goals for 2020

• Of those who plan to make a New Year’s resolution in 2020, 37% plan to make a financial resolution.
• Of those who plan to make a New Year’s resolution, 37% of Americans plan to make a financial resolution in 2020 compared to 26% of Americans who made a financial resolution in 2019.
• Over a quarter (26%) of survey respondents who made a resolution, made a financial resolution in 2019.
• 9% of Americans do not have any financial goals for 2020.
• 70% of Americans do not have a financial plan for 2020.
• The top financial goals among Americans are saving more money (30%) and paying off debt (27%).
• Nearly half (45%) of Americans plan to start saving better.
• 35% of Americans plan to pay off credit card debt.
• Only a quarter of Americans (23%) plan to set up a financial plan or budget.

What Americans are saving for and why 

• More Americans are motivated to save for an emergency fund (43%) than for a future big expense (27%) or to grow their wealth (27%).
• 39% of Americans are motivated to save in order to reduce stress and ensure good health.
• Nearly half (46%) of Americans plan to save their money in order to grow their overall savings in 2020.