Exercise more regularly, eat healthier, volunteer more, learn something new… any of these sound familiar? 2020 is here and you may have already decided on some personal goals to make this year your best one yet, or maybe you’re still ruminating on which aspects of your life you want to improve. Either way, resolutions are an important tradition that provides us with an opportunity to reflect on where we’ve been, where we want to go, and how we’re going to get there.
We ran a survey asking participants to answer several questions about their new year’s resolutions for this year and their goals for the decade ahead, and we were pleased to see that people are prioritizing improving their financial futures in the 2020s.
Developing Better Money Habits
While health & diet and personal growth still lead as the most popular category for 2020 resolutions, personal finance saw the largest leap — 13% to 21% — in focus from the year before.
So what exactly are people aiming to accomplish through these resolutions? When asked about the financial habits they’re planning to break in the year ahead, unchecked spending was of great concern for those surveyed. The top three responses included frequent impulse purchases, spending more than earned, and failing to implement a budget.
Conversely, when asked about the good financial habits they hope to adopt, it was clear that people want to make their money go further for themselves. A quarter of respondents said they plan to make savings a priority in 2020, while just shy of 15% of people said they are looking to boost their skills as an investor.
Setting Life Goals for 2020 And Beyond
We’re seeing this trend reflected in people’s life goals, too, as people are focused on getting their money and career in order before other milestones. Over half of respondents said they are prioritizing building up their savings or making a career move is their biggest life goal for 2020, while just one fifth said getting married, buying a home, or starting a family. However, for 2030, respondents in both of those buckets level out at just under 40%.
Accomplishing Goals Through Budgeting And Honest Money Conversations
Finally, when it comes to actually accomplishing these goals and resolutions, people are turning to budget apps as a driving solution. Nearly half of respondents plan to use a budgeting app in 2020, and of those, 35% plan to use Mint, which is pretty awesome, in our humble opinion.
But you shouldn’t just be communicating about your finances with your phone. And while discussing money with others can be difficult, it’s even harder when you feel like you’re going through it alone; it’s critical to have #RealMoneyTalk with those who you are most comfortable with.
When asked who they plan to have honest money conversations with this year, nearly two-thirds of respondents said either their significant others or their family. It seems that just as people trust their loved ones with their most intimate thoughts, they also trust them when it comes to their finances. In fact, nearly half of those surveyed plan to have honest money conversations frequently or all the time throughout the next year.
Share your 2020 goals for improving your financial future in the comments!
Abubakar his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics. He has written on a variety of different topics including Bitcoin and finance.