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New Year’s Resolutions by the Numbers

2019 Financial Bliss Survey - PNG

From setting spending limits to establishing a budget, U.S. consumers commonly ring in the new year by establishing new financial goals. Overall, 81% of U.S. consumers made a New Year resolution this year, but what lengths are they willing to go to keep them?

Find out if consumers stayed on track with their resolutions so far in 2020 and learn what you can do to meet your goals this year.

Sticking to your goals

So far in 2020, Millennials have completely stayed on track with their financial resolutions to save more money more than any other generation.

48% Millennials
35% Gen Z
33% Gen X 
32% Boomers

Spending money to make your goals happen

68% of U.S. consumers who made a resolution in 2020 said they spent money so far to meet their goals.

16% spent between $1-50
16% spent $501 or more
14% spent between $51-$100
12% spent between $101-$250
10% spent between $250-$500

Saving more is the most common resolution in 2020

57% of U.S. consumers said that saving more money is their top resolution this year, particularly among Gen Z and Millennials, followed by:

57% Save more money
38% Lose weight
34% Spend more time with family or friends
25% Plan or go on a dream vacation
22% Kick a bad habit

Following through on a financial goal

48% of U.S. consumers who made a resolution in 2020 say setting spending limits on debit or credit cards is a strategy they use to stick to a resolution, followed by:

48% Set a spending limit on a debit or credit card
28% Read more financial content
24% Download a budgeting app
16% Enlist a “buddy” for accountability

The easiest effort

Compared to keeping a financial resolution, 48% of U.S. consumers say bringing their lunch to work every day is an easier goal to keep, followed by losing 10 pounds, running a marathon or getting an advanced degree. Another quarter say none of the options presented are easier than keeping a financial resolution.

48% Bring lunch to work every day
33% Lose 10 pounds
26% None of these are easier
8% Run a marathon
8% Get an advanced degree

Of those who made a financial resolution in 2020, 67% say they are somewhat or very likely to open a new account to help meet financial objectives. Consider taking advantage of a new savings account to help you reach your financial goals. CIT Bank’s Savings Builder provides a leading rate of return for those who save $100 or more each month.  

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