PROVIDENCE – Concerning economic conditions aren’t dampening spirits for the year ahead, with 62% of Americans reporting optimism for the future, according to a new study by Fidelity Investments Inc.
That optimism extends to their financial situation, with nearly three-quarters expecting they will be in a better financial position next year, according to the 2022 New Year’s Financial Resolutions Study. To help make that vision a reality, 68% are making financially related resolutions, noting the importance of these plans amid economic trends in inflation and rising costs, according to the study.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Top financial resolutions of the year ahead appeared equally split between long-term savings and shorter-term goals such as preparing for an emergency or saving for a mortgage. Among younger Americans, under age 40, saving for retirement was also a priority, with 62% planning to increase their annual contribution in the year ahead.
While optimism prevails, many recognize the possibility that worsening economic conditions, and specifically inflation, may create setbacks. If, and when, those challenges arise, more than half plan to cut back on other expenses to cope, followed by dipping into emergency savings (chosen by 34%).
And despite these concerns, people are overall less stressed about finances than a year ago. That’s in part a function of acceptance, but also the financial fruits many grew during the last year. More than 7 in 10 respondents said they were able to stick to their financial resolutions in 2021, up from 58% in 2020. The pandemic, ironically, may be the cause, with respondents saying it made them “more thoughtful about saving and spending” and “stronger as a person,” according to the study.
The study reflects results of an online survey of more than 3,000 adults.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
