How Americans plan to reach their financial goals by 2030

New research from OnePoll, commissioned CreditWise from Capital One, found that seven in 10 Americans think they’ll finally reach all their financial goals by 2030. (Photo by Michael Longmire on Unsplash)

A new decade is a time for new resolutions and seven in 10 Americans are optimistic they’ll achieve their financial goals by 2030, according to a new survey.

From buying a house (51%) to going debt free (56%), people are thinking ahead and want to use the new year to start planning their financial future.

Other major milestone goals for the new decade included taking a dream vacation (40%), getting married (38%) and becoming financially independent (36%).

The survey of 2,000 Americans examined the resolutions and expectations people have when it comes to their wallets. Many are taking it seriously, as 44% already have a specific goal in mind for 2020.

Conducted by OnePoll and commissioned by CreditWise from Capital One, the survey found things are looking up for 2020 since three in five (63%) are “very confident” they’ll make their New Year’s financial resolutions a reality.

It might take some creative methods to pinch pennies, but respondents are up to the task. Half of those with a 2020 monetary resolution plan (51%) will be putting more money from their paycheck straight to savings and cutting back on eating out (51%).

With the streaming wars in full force, four in 10 with a New Year’s financial resolution will be cutting their cable bill, while 47% will be canceling unnecessary subscription services that can add up to a pretty penny.

Buying expensive lunches can put a dent in savings — one in five say a New Year monetary goal will be brown-bagging lunches in 2020.

“Good credit can go a long way in helping consumers achieve their financial goals,” said Chris Gatz, head of CreditWise at Capital One. “The key is making healthy credit behaviors part of your routine year-round. There are many tools out there, like CreditWise, a free credit monitoring tool that helps people understand, improve and monitor their credit, and is available for free to everyone-Capital One customer or not.”

Respondents are hoping little tweaks will have big payoffs someday, but that doesn’t mean a little — or big — help wouldn’t be nice.

Twenty-two percent of respondents admitted that they would need an outright miracle to help meet their dream financial milestones.

But more realistically, Americans say gunning for higher salary (40%), meeting with financial advisors (26%) and paying off all loans (47%) would be helpful.

Twenty-nine percent of respondents admitted what they would really need to make those dreams come true was more self-control.

That might be why one in four (26%) would rather get a cavity filled than make a budget for 2020.

Respondents blamed a variety of factors for their negative financial impacts with number one being medical expenses (46%).

Periods of unemployment (35%) obviously prompted more spending than saving. Common, but necessary expenses like car repairs (19%) and family emergencies (22%) certainly didn’t help either.

Additionally, 16% admitted a lack of credit history hindered their financial growth. Sixty-four percent revealed they’re worried their credit score could prevent them from achieving their milestone financial goals.

“More than health, family or career goals, financial goals were top of mind for those we surveyed (30% of respondents),” Gatz added. “To achieve those long-term goals start taking small, achievable steps, like paying your bills on time and frequently checking your credit score.”

NEW YEAR FINANCIAL GOALS

Putting more in savings from my paycheck 51%
Eating out less 51%
Canceling unnecessary subscriptions 47%
Less online shopping 43%
Cable cutting 40%
Cut back on grocery spending 32%
Use less utilities 30%
Less online gaming 29%
Skip buying coffee 22%
Pack lunch 21%

FINANCIAL GOALS FOR 2030

Be totally debt free 56%
Buy a house 51%
Take dream vacation 40%
Pay off student loans 39%
Get married 38%
Be financially independent 36%
Have children 34%
Living by myself 29%
Retiring 21%

TOP HELPS TO FULFILL FINANCIAL GOALS

My loans paid off 47%
$10,000 cash 44%
Higher salary 40%
Five years added on to my financial timeline 38%
New job 33%
More self-control 29%
$150 more going into savings a month 29%
A plan 27%
Financial advisor 26%
A miracle 22%

NEGATIVE FINANCIAL IMPACTS

Medical expenses 46%
Not saving enough 42%
Periods of unemployment 35%
Excessive spending 30%
Credit card debt 25%
Relationship trouble 24%
Family emergency 22%
Salary not increasing with cost of living 21%
Car repairs 19%
Student loan debt 19%
House repairs 18%
Low credit score 16%
Housing market crisis 16%

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