Many additionally mentioned they may enhance their funds by paying down bank cards and rising retirement financial savings.
Feeling Monetary Stress
Forty-four p.c of survey respondents reported feeling stress about funds, about the identical ranges as reported final 12 months. One other 41% mentioned they’re extra burdened this 12 months, whereas simply 16% mentioned they’re much less burdened.
Fifty-two p.c of millennials reported feeling extra stress this 12 months, in contrast with 37% of Gen Xers and 23% of boomers.
As to what’s inflicting their monetary stress, 54% of respondents put it all the way down to the price of day-to-day bills, 49% mentioned their revenue or retirement revenue is just too low, 35% cited too small an emergency fund and 35% mentioned an excessive amount of debt is contributing to their monetary stress.
The survey discovered {that a} majority of People confess dangerous monetary habits:
- 30% spend an excessive amount of on issues they don’t want
- 28% don’t save any cash
- 27% avoid wasting cash, however not as a lot as they may
- 23% aren’t paying down debt quick sufficient
- 21% spend extra that they make
Many People surveyed have a brighter outlook for his or her funds within the new 12 months. Thirty-five p.c of respondents count on their monetary scenario to enhance. On the identical time, 25% mentioned their total monetary scenario improved in 2024.
“People who wish to enhance their monetary well being in 2025 can work with a monetary skilled who may help them create a powerful monetary technique for his or her future,” LaVigne mentioned. “That technique may help lower stress by offering a information for the best way to curb extreme spending and prioritizing saving.”
