How 65% of Americans Plan to Change Their Financial Behaviour by 2025

Photo Credit ( Pexels )

The vast majority of Americans, according to a recent survey, wish to change their financial practices in the upcoming year.

Sixty-five percent of the 2,000 persons surveyed said they hoped to change their financial habits by 2025.

In order to spend less money after the holidays and to be less social and active, nearly half (49%) intend to hibernate in January.

One in four respondents (26%) said they would like to increase their financial literacy this year, according to the survey, which was commissioned by the international savings platform Raisin.

For example, 26% of respondents to the study said they had no idea what interest rate they were receiving from their bank or other financial institution, demonstrating a lack of financial literacy.

78% of respondents were perplexed by the acronym APY (annual percentage yield), while the majority (59%) were unaware of the meaning of APR (annual percentage rate).

In addition, respondents to the Talker Research survey shared their thoughts about 2024, with 89% stating that they had not achieved all of their goals for the year.

Among the most frequently unfinished resolutions from the previous year are:

Insufficient savings (51%).
Being less active and fit than anticipated (38%)
Insufficient travel (32%).
Additionally, 31% of people do not spend their money carefully enough.
In fact, 44% of respondents stated that they set a goal for themselves in January to spend money only on things that are really required.

29% of those surveyed stated they would stop dating or dining out and thought they would save an average of more than $3,000.

According to Raisin CEO Cetin Duransoy, “the money adds up quickly if you’re not consciously budgeting and spending.”

“Having a sound financial strategy in place is crucial. In this manner, you can work towards financial security while being deliberate and spending money on the things that make you happy.