Personal finance

53% of consumers planning on New Year’s resolutions intend to set financially-focused ones: survey

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Many Americans planning to set goals for the new year intend to make financially-focused ones, according to a recent Numerator survey.

The survey, released Wednesday, found 50% of consumers say they intend to create resolutions for the coming year. Of those who plan to do so, 53% indicated their focus would be financial, marking a 6% increase year-over-year, according to Numerator.

For those setting financial goals, saving more money overall was most commonly cited at 57%. That was followed by 48% saying they wanted to be more diligent about tracking their spending and 43% aiming to curb their spending on the whole, the survey found.

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woman reviewing financial documents

Busy with her tax return filing (iStock / iStock)

Other popular financial goals included:

Inflation prompted more than half the respondents to set money-focused goals, the survey found. The possibility of the economy falling into a recession also motivated consumers’ prioritizing finances, with 48% pointing to that concern.

While inflation measured by the Consumer Price Index did cool somewhat in November, it remains hovering around painfully high levels, as earlier reported by FOX Business. In November, it went up 0.1% from the prior month and 7.1% year-over-year.

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young woman on laptop

Serious young woman in glasses sit in living room pay bills taxes on laptop online, focused millennial female manage family expenditures expenses, plan budget on computer, make payment on web (iStock / iStock)

Americans are also concerned the Federal Reserve could potentially trigger a recession with its interest rate hikes. In 2022, the central bank came out with four back-to-back 75-basis point rate hikes and most recently, a 50 basis point lift.

Nonetheless, the survey found 84% of consumers said achieving their financially-focused resolutions for the new year was “likely” or “very likely,” according to Numerator.

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Health and fitness

Morning fitness workout of one man at home watching video tutorial

While money-related resolutions saw gains compared to the prior year, goals for 2023 related to physical health remained most popular.

Among consumers intending to make resolutions, nearly three-quarters (73%) said they intended to make ones “focused on fitness, weight loss and healthy eating,” Numerator said. That percentage, however, marks a 3-point drop year-over-year.

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Other popular themes for resolutions among consumers surveyed by Numerator included:

  • Mental health: 40%
  • Productivity or organization: 33%
  • Relationships: 30%
  • Hobbies: 28%
  • Career or education: 23%

The survey involved over 1,000 consumers and was conducted between Dec. 13 and Dec. 20.

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For those setting financial goals, saving more money overall was most commonly cited at 57%. That was followed by 48% saying they wanted to be more diligent about tracking their spending and 43% aiming to curb their spending on the whole, the survey found.

Source: https://www.foxbusiness.com/personal-finance/53-percent-consumers-planning-new-years-resolutions-intend-setting-financially-focused-ones-survey

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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