Resolutions v. Reality: Setting the Stage for Success
As the year begins, many people look back at the past 12 months and take stock of what went well, and what did not. For many, that means setting fresh goals for the year ahead. Studies suggest, however, that close to 80% of New Year’s resolutions are abandoned by sometime in February, with only around 10% of people achieving their goals by the end of the year.¹
How Long New Year's Resolutions Last
Although only around one-third of Americans say they set a New Year resolution, financial goals are now among the most common resolutions people set for the new year, often ranking just behind health and fitness goals.²
Encouragingly, money-related goals can be a bit more durable than some health goals, in part because progress is easier to see in real time. For example, watching cash balances grow or debts shrink on a monthly statement. At the same time, many people still abandon these plans later in the year as old spending patterns creep back in and day-to-day life competes for attention.
For your finances, the key takeaway is that the next few weeks are critical. Building or revisiting an automatic savings plan, tightening a budget, or scheduling a portfolio check-in now can help turn a short-lived resolution into a lasting improvement in your financial plan.