Americans Resolve to Approach Money Differently in 2024

As inflation hangs on and concerns about the global economy remain, 45% of participants, and 51% of younger ones, who experienced financial setbacks said they had dipped into emergency savings. Forty percent of all respondents anticipate more financial struggles next year because of a higher cost of living.

When it comes to evaluating financial resolutions, inflation remains the top reason that Americans were not able to stick to their 2023 goals, with 40% claiming they had less money to work with due to inflation’s impact on day-to-day expenses. Looking ahead, 32% plan to readjust their budget due to student loan payments resuming. 

Notwithstanding these fraught responses, planning is making a resilient comeback, with 70% of those surveyed saying they have a plan for reaching their financial goals. Women lead the way: 83% agreed that having a plan in place will help them better handle the unexpected, compared with 78% of men. 

However, younger generations continue to express the most confidence. Three-quarters of millennial and Generation Z respondents claimed they will be better off in 2024, compared with two-thirds of Gen Xers and half of boomers. 

“With the number of Americans tapping into their emergency savings after a year of financial stressors and setbacks, it’s not surprising to see them look forward to new, brighter chapters in 2024,” Kelly Lannan, senior vice president of emerging customers at Fidelity Investments, said in a statement. 

“Encouragingly, it’s great to see so many taking a practical and confident outlook for the year ahead while they navigate choppy financial waters and fine-tune their financial wellness habits and savings goals.”