2020 New Year’s Financial Resolutions Survey
2:46 AMPosted by: John S Kiernan
WalletHub conducted a nationally representative poll of nearly 500 people in the U.S. to see what types of resolutions folks are making for 2020, especially in terms of personal finance. We also asked about people’s motivations for making resolutions, their expectations of success and much more. This survey took place from December 2 to December 6, 2019. You can find the complete results in the following infographic.
Key Stats- The #1 financial resolution for men is to save more, while women are focused on paying off debt.
- WalletHub’s Top 10 New Year’s Financial Resolutions for 2020 start with 1) Repay 20% of your credit card debt and 2) Add one month’s pay to your emergency fund.
- 7 in 10 people admit they’ve cheated on a New Year’s resolution before.
- Conservatives are 2.5X more likely than Liberals to think it is NOT ok to adjust your New Year’s Resolution later in the year.
- Millennials are twice as likely as baby boomers to break a resolution due to laziness.
Embed on your website<a href="https://ift.tt/2Z2ncBH"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/69655/2020-financial-new-year’s-resolutions-survey-v4.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="https://ift.tt/2YZOSHu>
| What type of New Year’s resolution are you most likely to make? (select all that apply) | |
|---|---|
| Health | 57% |
| Financial | 39% |
| Relationships | 26% |
| Habitual (biting nails, being late, etc.) | 21% |
| None | 19% |
| Educational | 14% |
| What type of New Year’s resolution are you least likely to keep? (select all that apply) | |
| Habitual (biting nails, being late, etc.) | 34% |
| Health | 33% |
| Financial | 21% |
| Educational | 21% |
| Relationships | 21% |
| How likely are you to keep a New Year’s resolution? | |
| 50/50 | 62% |
| Very likely | 23% |
| Very unlikely | 15% |
| If you are to make a financial resolution, what would it be? | |
| Save more | 33% |
| Pay off debt | 27% |
| Spend less | 18% |
| Make more money | 16% |
| Improve credit score | 6% |
| Did you make a financial resolution last year? | |
| No | 76% |
| Yes | 24% |
| How long do you expect to keep your New Year’s resolution? | |
| Full year | 47% |
| Up to 6 months | 18% |
| Up to 3 months | 18% |
| Less than a month | 12% |
| Up to 9 months | 5% |
| Have you ever cheated on a New Year’s resolution? | |
| Yes | 72% |
| No | 28% |
| Is it ok to adjust your New Year’s Resolution during the year? | |
| Yes | 80% |
| No | 20% |
| If you make a financial resolution, what is most likely to prevent you from keeping it? | |
| Unexpected emergency | 33% |
| Not enough money | 24% |
| Laziness | 15% |
| Shopping temptation | 14% |
| Significant other | 6% |
| Travel temptation | 5% |
| Friends | 3% |
Note: Percentages may not total 100% due to rounding.
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