Ringing in the New Year: One in three consumers will focus on their finances
Over 70% of consumers will set a New Year's Resolution this year, and nearly one-third (29%) of consumers say their top resolution will be finance related.
18% of consumers are looking to save more money or pay down debt and 11% are planning to improve their financial literacy.
Younger consumers are more likely to have finance-related resolutions, with 24% of Millennials and 20% of Gen Z focused on paying down debt/saving more money, and 19% of Millennials and 15% of Gen Z working on their financial literacy.
The majority of consumers (52%) made a New Year’s Resolution last year, and 31% achieved their goals.
While 21% of consumers, did not achieve their goal, 13% will try again this year.
Improving personal balance sheets
When asked specifically about their finances, 45% of consumers said they are planning on increasing their savings next year, the top personal financial goal.
Most consumers reported positive feelings ahead of achieving their New Year’s Resolutions, with the most popular one being “Optimistic,” at 40%. Only 15% of consumers report feeling “anxious.”
Key takeaway: Consumers are focused on positive change
The majority of consumers are approaching their New Year’s Resolutions with positive feelings. Brands can lean into this opportunity by signaling their support for customers in their financial wellness journeys and empowering them with helpful tools to understand the impact of credit and their payment options.
Source: Bread Financial proprietary study, November 2022.