Some two-thirds of Americans in a recent survey said they remain confident that they will meet their financial goals despite continuing financial pressures as they head into the new year, New York Life reported Tuesday. This was the same level of confidence respondents expressed in a late 2023 survey.
The online poll was conducted Nov. 23 and 24 among a sample of 2,200 adults.
Americans were more aggressive in setting and reaching their savings goals this past year, according to the survey. Respondents said they had aimed to save $8,506 on average and actually saved $7,461. This was an improvement from 2023, when they resolved to save $7,436, but came up $1,298 short on average.
Millennials saved far in excess of the national average: $12,005, which compared with Gen Xers’ $7,463, Generation Z’s $6,165 and baby boomers’ $3,466.
The survey found that Americans are also preparing for the unexpected. Forty-seven percent of respondents said they have a fund or savings set aside specifically for an emergency, with an average of $18,483 saved, up from $15,028 at the end of 2023.
Despite their steady confidence, 43% of survey participants reported feeling less financially secure than they did at the end of 2023, and 25% were unsure whether they felt more or less secure.
However, the survey results showed a sharp difference between those who work with a financial professional and those who don’t. Fifty-two percent of respondents who receive financial advice said they felt more financially secure than they did a year ago, compared with just 27% who do not engage with a professional. The former are also much likelier than the latter to feel confident in their ability to reach their goals.
In terms of retirement, only 19% of respondents reported having a retirement strategy, and just 36% said they have retirement savings, down from 41% in late 2023. However, 67% of those who do have retirement savings are confident that it will last the rest of their lives.
Three-quarters of survey participants said they expect to retire at their desired age, which is 65 on average.
“Americans are faced with ongoing change and uncertainty, which can make planning challenging,” Jessica Ruggles, corporate vice president of financial wellness at New York Life, said in a statement. “Consumers are looking for security and control, especially when it comes to their finances.”
Ruggles said her firm’s data has shown that people who work with financial professionals tend to feel more secure and are likelier to have a financial strategy in place, inclusive of retirement savings and debt management.
Top-of-Mind Financial Concerns
Forty-nine percent of survey respondents said inflation had affected their finances the most in 2024, followed by 26% who cited credit card debt and 21% cost of housing.
For 2025, 54% anticipate inflation as the big cloud over their finances, 23% said it will be credit card debt and 21% cited fears of a recession.
