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As the new year approaches, a recent survey shows that more Americans have a brighter outlook on their personal finances in 2025.
Bank rates published on Thursday the investigation It found that 44% of American adults expect their financial situation to be “somewhat” or “much” better next year, an increase of 7 percentage points from about the same time last year.
The survey, conducted by YouGov on behalf of the personal finance site, was conducted from Nov. 6, the day after the 2024 election, to Nov. 8, and included approximately 2,500 U.S. adults.
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According to the data, the most common factor supporting a rosy outlook is lower inflation, cited by 36% of Americans.
Close-up of a young woman making a bill in the kitchen (license/image)
U.S. inflation, as measured by the Consumer Price Index, rose 0.3% in November from the previous month and 2.7% from a year earlier, according to a U.S. government report.
The study found that other factors influence positive financial expectations for 2025.
For example, more than one-third of Americans who expect their personal finances to improve in 2025 report “increased income” as something that helps them develop a positive outlook. A slightly lower proportion (30%) pointed to “lower debt,'' while 25% also factored “jobs for elected officials'' and “improved spending habits'' into their optimistic view.
Another survey from Discover Personal Loans in July found that 80% of Americans reported feeling “some degree” of financial anxiety.
Meanwhile, Bankrate revealed Thursday that 33% of Americans expect their current financial situation to remain in place next year.
Just under a quarter of Americans have pessimistic expectations about their financial situation, reporting that they expect it to get “somewhat” or “a lot” worse, according to a Bankrate survey. I am doing it.
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Inflation also weighed most heavily among U.S. adults who expected their finances to worsen. Other factors, according to Bankrate, included “work with elected officials” at 30%, followed by “stagnation or decline in income” at 28% and debt holdings at 20%.
“Our post-election research shows that some Americans see elected officials as the reason their finances don’t improve (or get better), and that political polarization continues. No matter where you stand along the political spectrum, opportunities remain. Everyone needs to be able to identify and act on their financial goals.'' Mark Hamrick, senior economic analyst at Rate, said in a statement.
If a couple plans to be together long-term, they should review their finances and work together to create a budget. (license/image)
The survey found that about 21% of Americans have a goal of reducing their debt within the next year.
Americans' household debt has skyrocketed in recent years due to the harsh consumer environment
As of the third quarter, American households had a total of $17.94 trillion worth of debt, including mortgages, auto loans, credit cards, student loans, and more. According to Federal Reserve Bank of New York.
For example, Americans had $12.59 trillion in outstanding home loans in the third quarter. According to a study by the Federal Reserve Bank of New York, student loans totaled $1.61 trillion and auto loans totaled $1.64 trillion.
