With the holiday season in full swing and inflation weighing on people’s finances, more than 75% of Americans expect to spend less on New Year’s plans compared to last year and 1 in 3 people are planning to make a finance-related New Year’s resolution for 2023, according to a new WalletHub survey, released today. In order to provide a playbook for how to make financial resolutions a reality, WalletHub also released its list of the Top 12 Financial Resolutions for 2023.
More Key Findings
- Financial Resolutions: 1 in 3 Americans are planning to make finance-related New Year’s resolutions.
- Most Popular Resolution: 31% of people with a financial resolution want to save more.
- Rough Environment for Resolutions: 42% of people think it will be harder to keep their New Year's resolution in 2023 than it was in 2022.
- Widespread Financial Anxiety: 60% of people are anxious about the future of their finances.
- Tough Year Ahead: 30% of Americans say that 2023 will be worse for their wallet than
- Save more money
- Repay 20% of your credit card debt
- Improve your WalletScore
- Fight back against inflation
- Make a realistic budget & stick to it
- Pay bills right after getting your paycheck
- Use different credit cards for everyday purchases & debt
- Get an A in Financial Literacy
- Sign up for credit monitoring
- Make sure you have enough insurance for a catastrophe
- Focus on physical health, given its strong connection to financial health
- Look for a better job
Q&A with WalletHub
Are people planning to spend more or less on New Year’s this year?
“Americans are planning to spend less on New Year’s plans this year than last year, according to a new WalletHub survey. This is actually the second straight year in which more than three-quarters of people said their spending on January 1 festivities would decline year over year,” said Jill Gonzalez, WalletHub analyst. “As was the case heading into 2022, inflation is a big concern for consumers heading into 2023.”
How are people feeling about their finances heading into 2023?
“A new WalletHub survey found that 60% of Americans feel anxious about the future of their finances, and 30% of people believe 2023 will be a worse year for their wallet than 2022,” said Jill Gonzalez, WalletHub analyst. “Americans are feeling the burden of prolonged inflation, and the debate over whether we’re already in a recession or one is simply inevitable certainly is not helping to foster a positive outlook.”
Do many people plan to make financial New Year’s resolutions?
“One in three Americans plan to make a finance-related New Year’s resolution for 2023, according to a new WalletHub survey, and 31% of those resolutions are related to saving more money,” said Jill Gonzalez, WalletHub analyst. “Unfortunately, people generally are not optimistic about the success of their resolutions. WalletHub’s survey found that 57% of people don’t expect to keep their resolution for a full year, and 42% of people think it will be harder to keep a resolution in 2023 than it was in 2022.”
What are the top New Year’s resolutions that people should make for their finances in 2023?
“One of the most impactful resolutions people can make for 2023 is getting out of credit card debt. Credit card debt is rising at a historic pace, and owing a lot can put people in a very difficult position if the job market takes a turn for the worse. Taking advantage of the best balance transfer credit cards before 0% introductory APR offers dry up could be extremely helpful to people trying to get out of debt, especially when paired with a carefully crafted budget,” said Jill Gonzalez, WalletHub analyst. “In addition, people should resolve to improve their WalletScore. A WalletScore is like a credit score, but it takes a lot more into account, including your spending, emergency preparedness, and retirement planning.”
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