2024: A New Chapter in Financial Resolutions

By Billy Gast, Senior Director of Product, Experiences (Follow on LinkedIn)

Welcome to 2024! This year marks a significant shift in consumer approaches to New Year's resolutions, with a spotlight on financial wellness that's more pronounced than ever.

According to a Forbes Health/OnePoll survey, 38% of participants are prioritizing financial improvement in the new year. But it's not just about increasing wealth.

The National Financial Educators Council’s (NFEC) Personal Finance and New Year’s Resolutions survey shows there’s a growing recognition of how financial stability influences other areas like:

• Emotional health (73.4% see potential improvement)
• Relationships (52% believe it will improve) 
• Fitness (41% believe it will improve)
• Diet (51% believe it will improve)

Fidelity Investments sheds light on this evolving mindset in its 15th annual resolutions study. While over half of Americans feel overwhelmed by personal finance issues, 70% have plans to achieve their financial goals. This proactive approach is significant, especially as 40% struggled with their 2023 financial resolutions due to inflation's impact. Looking ahead, long-term savings are becoming a priority, with 52% focusing on these over short-term goals.

A key takeaway from the Fidelity study is the proactive stance of Gen Z and Millennials. More than half are keeping up with market developments, demonstrating a keen interest in financial literacy and a strategic approach to money management.

For 2024, we're seeing a resolution renaissance that places financial health at the forefront of personal improvement. The data from both NFEC and Fidelity highlights the interconnected nature of financial stability with various life aspects. 

As we embark on this year, the focus is clear: adopting a comprehensive and forward-thinking approach to finances is key to enriching all aspects of our lives, from personal relationships to long-term security.

(Image Source: Fidelity Investments)