Americans pledge to make positive changes to finances in 2024, says Allianz
Millions of Americans will be making a new year’s resolution to improve their finances according to new research.
With the impact of interest rates and inflation pressuring household budgets and increasing stress, the Allianz Life study reveals that almost half of respondents say they are likely to make and keep a resolution to manage their money better or save more in the coming year, a larger share than in the previous two years.
Millennials are most keen to shore up their finances (59%), compared to Gen X (39%) and boomers (30%), but across all generations the priorities are increasing savings and paying down debt. This includes building up emergency funds, reducing credit card debt, and boosting their retirement savings.
The positive actions planned for 2024 continue the trend reported by poll participants in 2023 including reducing spending, seeking opportunities for extra income, and meal planning to reduce eating out costs.
However, buying things they don’t need, not saving enough, or not saving anything are the biggest bad habits acknowledged over the past year.
“Many people often know that their long-term financial strategy needs to improve but need help to take action,” says Kelly LaVigne, vice president of consumer insights at Allianz Life. “The first steps often include creating a written financial strategy that can serve as a guide to achieve goals like retirement and mitigate risks to those milestones. The guidance of a financial professional can be crucial for Americans to take positive steps for their financial future.”
The stress that not keeping on top of finances brings is clear, with 40% of respondents saying they are more stressed this year than last, led by Gen Xers who may be considering retirement
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