Introduction
A study titled “Fidelity’s Financial Decision Forecast for 2024” showed that inflation remains a significant concern, with one-third of participants stating that it has greatly affected their daily cash flow and spending. More than one-third of people believe they are in a worse financial position than last year, the same percentage recorded last year.
Better Financial Outlook in 2024
However, two out of three participants believe that they will have an overall better year in 2024 compared to 2023. About 70% of Americans say they have a plan to achieve their financial goals and improve their financial situation in the coming year. Approximately 83% of women believe that having a plan in place will help them handle surprises better, while 78% of men agree.
Financial Challenges and Goals for 2024
Kelly Lannan, Vice President at Fidelity for Emerging Clients, stated, “After many Americans had to resort to emergency savings following a year of financial stress and obstacles, it’s no surprise to see them looking forward to new and brighter chapters in 2024.” She added, “It’s encouraging to see many of them adopting a practical and confident outlook for the coming year while navigating the stormy financial waters and adjusting their financial health habits and savings goals.”
Key Financial Resolutions for 2024
According to the survey, the top financial resolutions for 2024 are:
- Saving money (41%)
- Paying off debt (38%)
- Spending less (30%)
More Americans are prioritizing long-term savings goals compared to last year (52% vs. 48%), while 47% of participants prioritize short-term savings compared to 53% last year.
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