Top Financial Resolutions for 2024
Most people set resolutions at the start of each year. What are you hoping to achieve in 2024
As 2024 approached, we conducted our second annual survey of 400 millennials to uncover their financial aspirations for the upcoming year, the goals they’re striving for, and the methods they typically use to track goal progress. We also asked about the impact finances have on mental health and what may have impeded goal achievement in 2023.
Despite news of easing inflation, increased expenses continue to weigh on people’s minds. Many of our respondents hope to improve their financial situation this year. Check out our findings below.
Over 80% of those surveyed set goals to improve their personal finances in 2024.
The exact goals vary based on age and family type, but most agree that building savings is a priority and noted that unexpected expenses knocked them off track in 2023.
Approximately two-thirds of respondents plan to create a budget and/or track their money in 2024.
Most Popular New Year Financial Goals
Setting New Year’s resolutions is something that many Americans do. In 2023, about 50% of our respondents set financial goals, and for 2024, that number rose to over 80%! Let’s check out some of the most common goals people are setting this year.
With inflation on the rise throughout the end of the year, many people are planning ahead for 2024, with 58% of people surveyed hoping to build their savings.
But did you know that more than 20% of Americans had no emergency savings in 2023?1 According to our survey, unexpected expenses were the second reason, after the economy, people missed their goals last year. We applaud our survey respondents who plan to remedy that in 2024, noting that one of their top saving goals is building an emergency fund, along with preparing for travel and saving for a down payment on a new home.
Pay Down Credit Card Debt
When income doesn’t grow at the same rate as inflation, many turn to their credit cards to cover purchases. This year nearly 36% of respondents aim to reduce their credit card debt, and it’s a top priority in goal setting for those with children, after increasing their savings.
Paying down credit card debt could benefit people in many ways, including helping to improve their credit scores, save them money on interest, and set them up long-term financial wellness.
Start and Grow Investments
Planning for the future means finding ways to build wealth, and one effective long term strategy is often investing. It’s important to consult with a financial advisor or investment expert to determine the best investing path for you.
Approximately 35% of people surveyed plan on increasing their investments in 2024, and nearly 58% of them plan to invest more than they have in the past. Single millennials are the most interested in investing, with 44% citing increasing investments as one of their top three goals.
Save for a Major Purchase
About one-third of respondents plan on saving for at least one major purchase, such as the down payment on a house, a new car, or a home renovation. Thirty-five percent of respondents plan to open a dedicated savings account to help them save for this goal. (Pssst. Jenius Bank savings accounts have market-leading rates to help support your dreams.)
How People Plan to Reach Their Goals
Setting goals is one thing, but actually achieving them is an entirely different process. We asked our respondents how they intend to accomplish their goals. Here are the most popular habits people plan to adopt.
Tracking Income, Expenses, and Goal Progress
Nearly 70% of respondents plan to track their income and expenses throughout the year, as well as track their progress toward their goal. The most popular way of tracking is a classic: the spreadsheet. But this year (compared to our survey last year) we’re seeing a growing interest in bank and money apps for expense and goal tracking.
Setting a Budget
Approximately six in ten respondents plan on budgeting to achieve their goals. Budgets are handy because you’re able to customize them to your situation and goals. This flexibility could make budgeting a practical and effective approach for staying organized on the journey to financial success.
The Top Financial Stressors for 2023
Over 80% of our participants report feeling mental health effects due to financial stress. The most common experiences were feeling burnt out, anxious, or depressed.
Although people felt slightly better about their finances in 2023 as compared to our 2022 survey, the most common stresses that weighed on them in 2023 were:
The Economy. Though inflation has stabilized, the economy is still part of daily headlines. Almost half of respondents cited the economy as being the primary barrier to achieving their 2023 goals and something that weighed heavily on their minds.
Credit Card Debt. Credit card debt is on the rise across the country with the average balance per person totaling $6,088 in Q3 2023.2 Our respondents noted that credit card debt was the second leading cause of stress in 2023.
Unexpected Expenses. 36% of respondents reported that unexpected expenses got in the way of their goals last year. These respondents also noted higher levels of anxiety and depression than average.
Increased Cost of Living. Approximately a quarter of respondents cited increased living costs as a source of stress in 2023. Thirty-four percent of this group reported feeling hopeless, compared to just 23% of respondents feeling hopeless overall.
Many people use the new year to set new financial goals. Remember that these goals often take months, possibly years, to complete. You may run into some obstacles along the way and need to pivot your approach.
We’re here to help. Check our blog regularly for great tips and tricks to unlock your financial Jenius.
Jenius Bank’s internal research team conducted a survey of 400 individuals online via UserZoom from November 14, 2023, to December 16, 2023.