More Americans are resolving to focus on their money habits in 2019, opting to whip their finances into shape as opposed to their waistlines.
Nearly a third of respondents to Fidelity Investments’ New Year Financial Resolutions Study are setting money-related goals for next year, compared to just a quarter of people a year prior.
Fidelity suggests recent stock market swings may have something to do with it.
“The uptick we’re seeing in financial resolutions tells us people are no longer willing to remain complacent about their finances because the stock market has performed well in the last decade,” Ken Hevert, senior vice president of Retirement and Income Solutions at Fidelity Investments, said in a statement. “On the heels of what is the longest bull market in history, Americans are re-examining their past financial mistakes and revisiting areas that could stand improvement. They want to maintain momentum in the New Year, no matter what the market brings.”
Whatever the cause, a renewed commitment to money matters seems like a great thing—especially considering more respondents than ever before (66 percent) say they’re committed to building up their long-term savings.
“Notably, when it comes to saving more for retirement, 48 percent of all respondents say they intend to increase their annual savings to a 401k or IRA by one percent or more of their salary in 2019, up from 43 percent in 2017—an encouraging sign considering federal contribution limits for these accounts will increase in 2019,” Fidelity noted.
When asked how their finances have changed since last year, 87 percent of people say they are doing better or the same. Over half of those who have made improvements attribute their success to strong savings discipline. Another 53 percent cite budgeting as the most helpful skill they’ve honed.
Still others have financially faltered over the past year. Nearly six in 10 admit they made a few mistakes that derailed progress toward their goals.
Some are concerned about what might happen in 2019, too. Half are worried about unexpected expenses, 47 percent fear rising health care costs and 43 percent are apprehensive about the economy, specifically the stock market volatility and interest rates.
Jessa Claeys is a writer, editor and graphic designer.
