76% of Americans Aim to Be Smarter With Their Money in 2022
Besides the usual New Year’s resolutions of losing weight, eating better and pursuing new passions, Americans intend to improve their finances in 2022.
According to a recent survey of 2,000 Americans from Los Angeles-based online deals platform Slickdeals, more than 3 in 4 (76%) consumers are committed to being smarter about their money in the new year. Whether through consolidating their debt or spending money more wisely, consumers have various options to accomplish this in 2022.
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Heading into new year, optimism prevails
These consumers are seeing further room for financial growth, even as 2021 was less challenging moneywise for many Americans than 2020. In fact, 62% of respondents cite this, double that of the 31% who say 2020 was “painless” on their finances.
Relatedly, only 15% of respondents say they experienced financial difficulties last year, versus 47% in 2020. This optimism could also be chalked up to respondents’ employment status — 76% had full-time jobs in 2021, a spike from 58% the year before.
Forging the path to financial well-being
Among respondents, 76% feel that with improvement of their financial situations, they can grow their wealth. Further, 83% agree that other aspects of their lives can be positively affected by having financial stability.
To sync action with intent, Americans are planning to do the following to improve their finances:
- Get out of debt (50%)
- Drop unnecessary bills (47%)
- Seek deals when shopping (44%)
- Use a savings app (44%)
- Apply for a credit card or credit line increase (41%)
- Make budgetary tweaks (36%)
- Improve their credit scores (35%)
- Spend money more wisely (32%)
- Switch banks (28%)
- Invest money (27%)
More savings, fewer problems
Amid concerns that inflation will provide a significant setback to their financial goals, Americans are committed to squirreling away more funds. This is in line with findings from Fidelity, which reveal the top financial goals for 2022 as bolstering savings, paying down debt and spending less money.
Respondents intend to save by being smarter shoppers: Nearly 8 in 10 respondents (77%) feel that saving is easier if they’re more savvy about shopping. In 2021, Americans used an average of 13 promos or coupons a month, an increase from 10 a month in the year prior.
Beyond clipping coupons and cutting back on expenses to boost savings, look toward debt consolidation if you’re trying to crush your debt.
By rolling different types of debt into a single loan, you can potentially lock in a lower interest rate. In turn, you’ll pay less in interest over time. Or, you might be able to owe less on your monthly payments, which could help free up money to put toward your financial goals.
Methodology: Slickdeals commissioned OnePoll to survey 2,000 U.S. residents.