52% plan to use a budget in 2025, while 36%
created a budget in 2024
Just over half (54%) of U.S. consumers plan to make a financial
resolution for 2025, according to a new national survey conducted
by Discover® Personal Loans. The top financial resolutions in
America are to save more in general (42%), earn more (35%), spend
less (35%), improve credit scores (27%), build an emergency fund
(26%) and pay off or consolidate debt (21%).
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According to a new national survey from
Discover® Personal Loans, 54% of American consumers plan to make a
financial resolution in 2025. Top resolutions are to save more in
general, earn more, spend less, improve credit scores, build an
emergency fund, and pay off or consolidate debt. (Graphic: Business
Wire)
Meanwhile, nearly all Americans (94%) say they anticipate at
least one challenge that may prevent them from achieving their
financial resolutions. The top challenges cited as potential
blockers include inflation (47%), unexpected expenses (39%), the
state of the economy (38%), everyday expenses (37%), current income
level (32%) and existing personal debt (27%).
“I encourage those planning financial resolutions to take
actions now to position themselves to achieve their goals in the
year ahead,” said Dan Nickele, vice president, Discover Personal
Loans. “Think about, for example, creating a monthly budget that
helps you save more or spend less; and setting up automatic
transfers to a high-yield savings account to establish an emergency
fund. Also, the interest rate outlook may give you the opportunity
to refinance higher-rate debt. If you’re interested in exploring
debt consolidation options, it’s a good idea to research and
compare lenders that offer a great interest rate, with no
origination fees or prepayment penalties.”
Conversely, 46% of Americans don’t plan to make a financial
resolution. Many say it’s because they don’t like making New Year’s
resolutions for anything (35%) or that they’re happy with their
current financial situation (30%). Other reasons Americans said
they’re choosing not to make a financial resolution include that
thinking about finances causes them stress and anxiety (21%), not
being ready for change (15%) and not knowing where to start
(14%).
“It’s encouraging to see that so many Americans have a strong
interest in improving their personal financial situations in 2025.
Even if you’re not making a specific resolution, I would recommend
taking any small step to get started on a path toward a brighter
financial future – whether that’s saving for a specific goal or
creating a game plan to manage your existing debt,” adds
Nickele.
The survey also found that a majority of Americans have a
cautious sense of optimism about their personal finances for the
year ahead, with most saying they expect their situation to stay
the same (45%) or even improve (36%). Younger generations are even
more optimistic; 44% of Gen Zers and 45% of Millennials expect
their financial situation to get better in 2025.
2024 Budgeting Actions vs. 2025 Budgeting Plans
Budgeting Actions
2024
Budgeting Plans
2025
Created a budget
36%
Plan to budget
52%
Did not create a budget
64%
Do not plan to make a budget
48%
2024 Budgeting Actions
Nearly one-quarter (22%) of U.S. consumers created a budget in
2024 and stuck to it, which they say made them feel accomplished
(46%), prepared for the unexpected (38%), secure (38%), relieved
(37%) and confident (36%).
Fourteen percent of Americans created a budget but weren’t able
to stick with it due to unexpected expenses (45%), inflation (34%),
lack of money to set aside or save (32%), feeling overwhelmed with
debt (25%) and unexpected life events (25%).
Meanwhile, nearly two-thirds (64%) of Americans say they didn’t
create a budget in 2024, primarily because they didn’t want or need
one (57%). Other reasons consumers say they did not create a budget
include that their past attempts had not been successful (24%), it
felt too difficult (19%) and that they didn’t know which method to
use (19%).
2025 Budgeting Plans
Just over half (52%) of Americans say they plan to take at least
one budgeting action in 2025, which includes working towards a
specific financial goal (51%), following a specific budgeting
strategy (29%), using an app or spreadsheet (28%) and working with
a financial advisor or planner (20%). Meanwhile, 25% of Americans
do not plan to make a budget for 2025, and 23% don’t have a
specific plan but say they will try to be generally aware of where
their money is being allocated in 2025.
“I recommend consumers research common budgeting methods to help
them choose an option they are most likely to stick with,” said
Nickele. “For consumers who don’t plan to use a budget next year, I
encourage them to financially prepare for the unexpected and to
learn about options for managing any existing debt.”
Discover Personal Loans has many resources available to help
consumers learn about managing debt, financing major expenses and
reaching their financial goals. A personal loan calculator can help
consumers find a loan term that works for their individual
situation, and a debt consolidation calculator can help consumers
see what they could potentially save if they were to consolidate
higher-interest debt with a personal loan.
About the Survey
This poll was conducted by Morning Consult on behalf of Discover
between November 8-10, 2024, among a weighted U.S. national sample
of 2,201 adults. The interviews were conducted online. Results have
a margin of error of +/- 2 percentage points.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover® card, America's cash rewards
pioneer, and offers personal loans, home loans, checking and
savings accounts and certificates of deposit through its banking
business. It operates the Discover Global Network® comprised of
Discover Network, with millions of merchants and cash access
locations; PULSE®, one of the nation's leading ATM/debit networks;
and Diners Club International®, a global payments network with
acceptance around the world. For more information, visit
https://www.discover.com/company.
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version on businesswire.com: https://www.businesswire.com/news/home/20241211996767/en/
Matt Miller Discover mattmiller@discover.com 224-405-0653
@Discover_News
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