40% of Americans Are Concerned About Financial Stress in 2024, Survey Reveals

By Shalene Gupta, Fast Company (TNS)

New year, new page, new life?

Or so we hope. Fidelity surveyed more than 3,000 adults about their financial resolutions for the upcoming year. There’s a lot to wish for given skyrocketing costs and widespread layoffs: A third of Americans said they are worse off financially than they were in 2022. Here are other top findings:

Save more, spend less, pay off debt: The top three New Year’s resolutions have remained consistent from year to year. About 41% of respondents said they want to save more money, 38% said they want to pay down debt, and 30% said they want to spend less money.
More financial stress to come: 40% of respondents said they were worried about inflation for 2024, and nearly a third said their relationship with money is stressful. At least a third are considering more conservative goals for 2024.
Younger generations are more hopeful: 76% of Gen Zers and 79% of millennials believe they’ll be better off financially in 2024 compared to 64% of Gen Xers and 52% of baby boomers. On average, 66% of respondents said they have a financial resolution, but only 53% of boomers have a financial resolution compared to 75% of Gen Zers.

“Gen Z and millennials are leading the charge in reshaping their financial destinies,” said Kelly Lannan, SVP of emerging customers at Fidelity Investments. “[They’re] showing a remarkable commitment to improving financial wellness in the coming year.”

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