NEW YORK — Millions of Americans set new financial goals for themselves every year, and the start of 2020 is a great time for many to revisit their finances and set themselves up for success. According to a survey of 2,000 Americans, freeing themselves from debt is a financial priority for the majority of Americans not just for the new year, but the new decade. In all, 56% are aiming to eliminating their debt by 2030.
Additionally, 51% of Americans hope to buy a home this decade. Other popular financial resolutions for the ’20s include taking a dream vacation (40%), getting married (38%), and becoming financially independent (36%).
Overall, the survey, commissioned by Capital One, showed that seven out of ten respondents were optimistic they’d achieve their financial goals by 2030, and 44% have a specific financial goal in mind for 2020. Another 63% said they are “very confident” they’ll achieve their New Year’s financial resolutions in 2020.
Of those who have a 2020 financial resolution goal, 51% said they will be putting more money from their paychecks directly into savings. Also, 51% said they will cut back on eating out to save money. In a sign of the current cable-cutting culture, 40% plan on canceling some cable services, while 47% will cancel unnecessary subscription services eating up their disposable income.
When asked what factors have blocked them from achieving their financial goals in the past, the top response was medical expenses (46%). Others blamed unemployment (35%), family emergencies (22%), and car repairs (19%). Additionally, 16% said they have a poor credit history and 64% said they’re worried their credit score will prevent them from achieving their financial goals.
In a perfect world, respondents were asked what could be done to help them achieve their financial goals. The top five responses were as follows: having all loans paid off (47%), $10,000 cash (44%), a higher salary (40%), five extra years added to their financial timeline (38%), a new job (33%).