As the new year begins, many people are weighing in on their financial and personal resolutions for 2025. According to a recent survey by WalletHub, nearly six in ten Americans (56%) name inflation as their biggest concern, with around two-thirds expecting their wallets to be better off next year than last.
In terms of spending habits, three out of five respondents plan to cut back on New Year’s celebrations this year compared to previous years. Meanwhile, 52% aim to make finance-related resolutions, followed by health (71%) and education-related goals (47%).
Experts point to a major contributor to the inflation concern: Americans’ tendency to overspend and undersave. The average U.S. household has just $8,000 in savings and an average credit card debt of over $10,700.
Interestingly, 41% of respondents want to boost their savings, while 21% aim to spend less. However, only 20% hope to see a pay raise next year.
Despite the promise of new beginnings, many Americans (62%) believe that New Year’s resolutions add too much pressure, making it clear that this holiday season is just as much about self-reflection as it is about setting goals for the future.
Source: https://ktla.com/news/this-is-the-top-financial-concern-for-americans-heading-into-2025