More Than Half of Americans Plan to Pay Down Debt in 2020

More Than Half of Americans Plan to Pay Down Debt in 2020

December 10, 2019         Written By Lynn Oldshue

According to the 2020 New Year Financial Resolutions Study from Fidelity Investments, 67% of Americans have a financial resolution for the coming year. That’s an increase from 61% the year prior.

Paying down debt was one of the top resolutions (51%), as well as saving more money (53%). With regards to why Americans are setting these resolutions, 68% said they want to live a debt-free life, and 56% want better control over their daily expenses.

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A staggering 85% of respondents said they plan to build up their emergency savings in 2020. Comparatively, only 50% plan to increase retirement contributions. Slightly more (52%) plan to get more involved with charitable giving in the new year.

Surprisingly, financial resolutions ranked higher than other self-care resolutions. Only 53% of survey participants want to exercise more in 2020, and 50% want to spend more time with loved ones. When asked to choose between two scenarios, 84% of Americans would rather reduce debt than reduce screen times on their phones, computers and televisions.

Americans appear to be set for a prosperous upcoming year: 78% said they were in a better place with their money this year than they were last year. Nearly half (47%) said they were able to save more money this year, and 29% said they had gotten better at budgeting their finances.

The information contained within this article was accurate as of December 10, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.