The new year is a time when consumers rethink their goals and consider what they want to improve in their lives. Almost half of consumers make resolutions every year yet, only 8% actually achieve them. Why? Are we thinking too big? Are we just not committed? Or does life simply get in the way?
According to a GOBankingRates survey of 2016 resolutions, money-related goals were less important this year than in the past. Instead, consumers are choosing to focus on life and lifestyles. The top resolution stated by respondents was “to enjoy life to the fullest,” followed by “to live a healthier lifestyle.” In fact, the first financially relevant resolution, “save more, spend less,” was number four on the list!
If consumers are focusing on enjoying life this year, what will that really mean? And will that conflict with financial resolutions such as “save more, spend less?” In a time when Millennials have more student debt than ever before and Boomers are wondering if they have enough money to last through retirement, is there a way to find balance in enjoying life without breaking the bank?
Photo source: Stocksnap.io, Photographer Patrick Hendry