Americans Want To Save More This Year
AMERICANS WANT TO SAVE MORE THIS YEAR
Chris O'Shea | Jan. 5, 2023
Americans have endured a rough few years, but according to a new survey, they are determined to make 2023 better. The report found that 63 percent of Americans are setting savings goals for next year.
Top Financial Goals
The top financial New Year’s resolutions among respondents are as follows:
- “Increase Savings” 44%
- “Pay Down Credit Card Debt” 31%
- “Build Emergency Fund” 30%
- “Save for Retirement” 22%
Interestingly, the survey found that the percentage of people who wanted to save for retirement dropped from 2021 when 44 percent said they wanted to save for their post-work years.
Inflation is the Biggest Obstacle
CNBC reports that the one big obstacle in the way of these goals is inflation. The report found that of those who set financial goals for 2023, 77 percent were concerned inflation might stop them in their tracks.
Setting Financial Goals
It’s always a good idea to set financial goals, and doing so when the calendar turns can be motivating. If you’ve got some money-centric New Year’s resolutions on your mind, here are a few tips to get you started:
- Make goals as realistic as possible.
- It’s okay to start small, like setting aside an extra $100 per month to build your emergency fund.
- To increase your savings, create a plan to invest some money and make sure you’ve got a high-yield savings account.
- Don’t have a high-yield savings account? Shop around for the best rates, check your local credit union, online banks, and traditional banks to find the right fit for you.