If the pandemic economy made the year difficult for you financially, you’re not alone. Do you plan on doing something to remedy that in 2021?
Nearly three-quarters of Americans say they have a 2021 New Year’s resolution centered around being smarter with money, according to research commissioned by Slickdeals, a social platform for shopping. (See infographic at end of article for a quick view of the data.)
The results: 73% plan to be smarter about money and 47% of respondents said 2020 was a difficult year for them financially. More than half, 53%, point squarely at the pandemic as the cause.
Twenty-three percent of those polled were laid off or furloughed, while 34% say they had some other type of sudden income loss.
But there were other causes, too. Nearly half (49%) say they were paying more bills in 2020 and 42% had some medical expenses for which to account.
Boredom led to too much spending
There was also a somewhat unique and unconventional reason finances struggled in 2020: 59% say they went overboard on spending due to the sheer amount of boredom the lockdown brought them.
When it comes to how Americans plan to overhaul their financial situation in the new year, 38% say they are going to try to get completely out of debt.
Thirty-three percent say they’ll remove unnecessary bills, with another 33% planning on seeking out more deals and discounts while they shop.
Another one in three say they simply plan on shopping more wisely, with 30% looking into a savings app for their phone. For one in five (19%) it will be a matter of refinancing their burdensome loans, whereas 12% plan on getting a part-time job. Another 12% plan on approaching their boss for a pay raise.
“A new year provides a clean slate for people to assess their financial situation and make the modifications needed to put them on track,” said Ryan Tronier, Senior Personal Finance Editor for Slickdeals. “Simple changes such as cutting unnecessary subscriptions or looking for more deals and discounts when shopping, can quickly add up to big savings.”
Americans also plan on putting money into savings in the new year. The average respondent said they want to put $327 away per month, with 22% planning to save $500 or more. Eighty percent say that having more financial stability will result in a positive domino effect in their life.
Tronier added, “The study showed that consumers are looking to put more money away in 2021. We ran this survey because at Slickdeals, we believe that every shopping experience can be a winning one for your wallet.”
TOP 5 WAYS AMERICANS PLAN ON OVERHAULING THEIR FINANCES IN 2021
- Getting out of debt 38%
- Removing unnecessary bills 33%
- Seek out more deals/coupons 33%
- Spending money more wisely 33%
- Using a savings app 30%