The Big Money Show breaks down new IRS limits on 401(k)s and IRAs, giving savers more room to invest for retirement.
More Americans are considering making it financial resolutions as they approach the new year with an emphasis on short-term savings goals, according to a new study from Fidelity Investments.
Fidelity’s annual survey shows that 64% of respondents are considering a financial resolution for the new year, up from 56% last year.
The research also found that the top three financial resolutions have remained consistent year on year, with 44% saying they want to do this. save more money36% want to pay off debt, and 30% want to spend less money.
BESSENT REVEALS DETAILS OF ‘TRUMP ACCOUNT’ AND ANNOUNCES PHILANTHROPIC CHALLENGE
More Americans are considering making financial resolutions for next year than a year ago, Fidelity found. (iStock)
The research shows that 55% feel overwhelmed by personal finance while 31% of Americans described their relationship with money as stressful. Among age groups, Millennials (68%) and Gen Z (64%) were the most overwhelmed by their personal finances.
Americans also feel more stressed than in recent years when it comes to saving money for goals after paying bills (35%), being able to pay monthly bills (34%), paying for health care costs in retirement (30%) and having enough pension savings retire as planned (30%).
Fidelity found that nearly three-quarters of Americans suffered a financial setback last year, which could explain the focus on building savings for unforeseen setbacks, with 20% reporting an unexpected non-health emergency.
FINANCIAL INFLUENCER TRACKERS ‘SILENT MILLIONAIRES’: HERE’S THE NO. 1 STRATEGY THAT THEY ALL SHARE
Respondents noted that there was stress around having enough left over after bills to save for their goals. (Nicolaus Czarnecki/MediaNews Group/Boston Herald via Getty Images)
“In 2025, 72% of Americans said they had experienced some form of financial hardship, and then 55% said they were overwhelmed by their personal finances,” Devinney said. “Due to rising prices, 33% say they feel they have significantly less money.”
“While these are factual concerns, we also see optimism,” Devinney noted, adding that the survey found that 70% see themselves in a better or comparable financial situation than last year around the same time.
Additionally, more respondents said they feel better about their finances than they did five years ago; in this year’s survey, 43% said so, up from 36% last year.
MIDDLE-INCOME AMERICANS PESSIMISTIC ABOUT FINANCIAL FUTURE AGAINST ONGOING INFLATION, ANALYSIS SHOWS
Fidelity’s survey found that respondents were optimistic when comparing their current financial situation to five years ago. (Alex Tai/SOPA Images/LightRocket)
“The start of the year really started off as a rollercoaster. We saw significant market volatility and then a significant recovery in the market, and then also just continued concerns about being able to compete with rising prices and year after year we’ve seen hard inflation.”
“I think the reason why we’ve prioritized short-term savings a little bit more over the last two years is probably because of the volatility that we’ve seen, and Americans saying this time that they did need to tap into some of their savings,” she said.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Devinney said it’s encouraging that Americans are prioritizing their short-term financial goals more, pointing to the 25% who said they want to build their emergency fund over the next year and another 23% who said they want to stick to a spending budget.
