Talking Points

Resolution season is fast approaching.

Money is still America’s top stressor.

Nearly 99 million people are planning to make a financial resolution for 2020, according to a new WalletHub survey.

“The top New Year’s financial resolutions people should make for 2020 are to pay off existing credit card debt and to save as much as possible. Now is the time to strengthen our financial foundation,” said WalletHub CEO Odysseas Papadimitriou.

But it’s not enough just to make a resolution.

You have to stick with it.

Papadimitriou says 2 of the biggest reasons people don’t stick to New Year’s resolutions are low expectations and the lack of a clear plan.

Nearly half of 2020 resolution-makers expect to keep their resolution for just 6 months or less, WalletHub’s survey found.

15% of people admitted laziness is most likely to be their resolution’s downfall.

How can you stick to your resolution?

“Too many of us confuse resolutions with hopes and wishes. A resolution should be considered a vow to achieve a goal. You need to make a realistic plan for getting there,” Papadimitriou said.

Other Wallethub findings were:

• The #1 financial resolution for men is to save more, while women are focused on paying off debt.

• To add 1 month’s pay to an emergency fund.

• 7 in 10 people admit they’ve cheated on a New Year’s resolution before.

• Conservatives are 2.5 times more likely than liberals to think it is NOT ok to adjust your New Year’s Resolution later in the year.

• Millennials are twice as likely as Baby Boomers to break a resolution due to laziness.

Find the full study at https://wallethub.com/blog/financial-new-years-resolutions/9202/ .