Fidelity Investments' 2024 New Year's Financial Resolutions study offers a comprehensive insight into Americans' financial sentiments. Despite concerns about inflation significantly impacting daily cash flow and spending for one-third of respondents, there is an overarching confidence in financial plans for the upcoming year.
Notably, more than a third of participants perceive their financial status as worse than the previous year, mirroring sentiments from the prior year. However, the survey reveals striking optimism, with two out of three respondents expressing anticipation for an overall better financial year in 2024 compared to 2023. This optimism is attributed to a resilient belief among 70% of Americans that they have a clear path to reach their financial goals and enhance their monetary well-being in the coming months.
Kelly Lannan, Fidelity's senior vice president of emerging customers, highlights the resilience of Americans, stating, "With the number of Americans tapping into their emergency savings after a year of financial stressors and setbacks, it’s not surprising to see them look forward to new, brighter chapters in 2024." Lannan notes the encouraging trend of individuals adopting a practical and confident outlook for the year ahead, even as they navigate financial uncertainties and refine their financial wellness habits and savings goals.
Gender differences in financial planning attitudes are evident, with 83% of women emphasizing the importance of having a well-defined financial plan to better equip themselves to handle unexpected challenges. This sentiment is echoed by 78% of men.
The survey sheds light on the top financial resolutions for 2024, with saving money leading at 41%, followed closely by paying down debt at 38%, and spending less money at 30%. Noteworthy is the shift in priorities, with 52% of respondents aiming to prioritize long-term savings goals, a slight increase from the previous year's 48%. Conversely, short-term savings goals have seen a minor decline, with 47% prioritizing them compared to 53% in the previous year.
In summary, Fidelity's survey paints a nuanced picture of Americans' financial outlook for 2024, emphasizing a blend of concerns, resilience, and a determined focus on key financial resolutions amid an evolving economic landscape.
