40% of Americans are worried about financial stress in 2024

New yr, new web page, new life? Or so we hope. Constancy surveyed greater than 3,000 adults about their monetary resolutions for the upcoming yr. There’s lots to want for given skyrocketing prices and widespread layoffs: A 3rd of People stated they’re worse off financially than they have been in 2022. Listed below are different high findings:

• Save extra, spend much less, repay debt: The highest three New Yr’s resolutions have remained constant from yr to yr. About 41% of respondents stated they wish to save extra money, 38% stated they wish to pay down debt, and 30% stated they wish to spend much less cash.
• Extra monetary stress to return: 40% of respondents stated they have been frightened about inflation for 2024, and almost a 3rd stated their relationship with cash is traumatic. Not less than a 3rd are contemplating extra conservative objectives for 2024.
• Youthful generations are extra hopeful: 76% of Gen Zers and 79% of millennials consider they’ll be higher off financially in 2024 in comparison with 64% of Gen Xers and 52% of child boomers. On common, 66% of respondents stated they’ve a monetary decision, however solely 53% of boomers have a monetary decision in comparison with 75% of Gen Zers.

“Gen Z and millennials are main the cost in reshaping their monetary destinies,” stated Kelly Lannan, SVP of rising clients at Constancy Investments. “[They’re] displaying a outstanding dedication to bettering monetary wellness within the coming yr.”