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Survey December 5, 2023

Not so happy new year? 64% of consumers believe increased cost of living will make it harder to meet their 2024 financial goals

Woman appears stressed while using her laptop. Holiday tree and stockings in the background.

Seven in 10 consumers are considering a side gig to save more money, according to a new study by Bread Financial

COLUMBUS, OH – Dec. 5, 2023 – Bread Financial™ (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions, today released findings from a national study¹ that examined consumers’ New Year’s resolutions and financial priorities heading into 2024. 

The survey found financial goals are harder than ever to maintain, with six in 10 respondents believing they will spend more than they budgeted for this year. In the era of high inflation, nearly half (47%) cite it as the culprit for missing their financial goals.

Looking toward 2024, more than half (57%) of all respondents felt their financial priorities and goals would be harder to meet than the previous year, with the top concern (64%) being the increased cost of living. 

To counteract this, consumers across generations are focusing on different priorities:

Boomers cutting back: The survey found Baby Boomers will focus on financial wellness in the new year by cutting back on spending (48%) and trying to pay down debt (39%). 

Financial health is key for younger generations: Twenty-nine percent of Millennials and 30% of Gen Z listed saving for a major purchase like a home or car as their top priority, while 40% of Millennials and 35% of Gen Z are focused on improving their credit score. 

Bad advice abounds: While nine in 10 (97%) consumers have financial goals for next year, they aren't always getting the best advice for achieving them: 65% of all consumers say someone in their lives gives them the worst financial advice. And the worst advice they've received? Only pay the minimum amount on your credit card each month (34%). One in three millennials and Gen Z have also been told their credit score is irrelevant.

"The new year is a perfect time for consumers to take stock of their financial goals and plan for the next year," said Nick Antonelli, SVP and chief marketing officer at Bread Financial. “This research shows the importance of focusing on financial wellness and prioritizing a strong foundation in the coming year. Consumers should seek out trusted, reputable financial education sources to kickstart their planning.”

The new year is a perfect time for consumers to take stock of their financial goals and plan for the next year. Consumers should seek out trusted, reputable financial education sources to kickstart their planning.”

Nick Antonelli - Senior Vice President and Chief Marketing Officer, Bread Financial

Additional noteworthy findings from the study include: 

Cutting the conveniences: When asked about their strategies for saving money in 2024, 41% of respondents said they’re planning to set boundaries on ordering takeout, and 35% plan to cut back online shopping. 

Building a financial cushion with a side hustle: Of those considering a side gig (70%) to earn more money and save more, 44% of Gen Z are considering food delivery (Doordash, Grubhub) and 39% of Millennials are considering selling products via Etsy or another online marketplace.

The gender savings gap: The survey found that when it comes to keeping their New Year’s resolution, men tend to be a little more successful. A quarter (25%) of men said a friendly wager with family or friends on who can keep their resolution is helpful, compared to only 13% of women. When it comes to putting money away from each paycheck, 30% of men planned to put at least a fifth of each paycheck in their savings in 2024, compared to only 18% of women.

The virtual tool belt: To reach their goal of saving more, younger generations are taking advantage of virtual tools. Nearly half (48%) of Millennials and 41% of Gen Z will download a cash back or coupon app, or browser extension (Ibotta, Honey, Rakuten) and 26% of Gen Z and 40% of Millennials plan to use a financial planning app (Credit Karma). 

To learn more about building healthy financial habits and improving your credit score, please visit our Financial Education Hub.
About Bread Financial
Bread Financial™ (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private-label and co-brand credit cards and Bread Pay™ buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback™ American Express® Credit Card and Bread Savings™ products.

Headquartered in Columbus, Ohio, Bread Financial is powered by its 7,500+ global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit or follow us on Facebook, LinkedIn, Twitter/X and Instagram.

¹ A sample of 1,704 US consumers participated in this study conducted by Bread Financial through an online quantitative survey that took place between October 9 and October 19, 2023.