More Americans have brighter outlook on state of finances for next year: survey

A recent survey showed that as the new year approaches, more Americans have a brighter outlook for their personal finances in 2025.

Bankrate said on Thursday survey It found that 44 percent of American adults expect their financial situation to be either “somewhat” or “significantly better” next year, a 7-point increase from about the same time last year.

The survey, conducted by YouGov on behalf of the personal finance site, was conducted from Nov. 6 to Nov. 8, the day after the 2024 election, and polled nearly 2,500 American adults.

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Low inflation was the most common factor behind the crisis. pink viewsAccording to data, 36% of Americans say so.

USA saw inflation The government reported that the Consumer Price Index measured 0.3% monthly increase and 2.7% annual increase in November.

The survey found that other factors also play a role in creating positive financial expectations for 2025.

For example, more than a third of Americans who predicted better personal finances in 2025 reported that “income growth” guided their positive outlook. A slightly lower share (30%) said they “have less debt,” while “the work done by the company elected representatives” and “better spending habits” also contributed to optimism by 25 percent.

A separate survey from Discover Personal Loans in July reported that 80% of Americans experience “some level” of anxiety related to finances.

Meanwhile, Bankrate said Thursday that 33 percent of Americans expect their financial situation to remain the same next year.

Only a quarter of Americans have more pessimistic expectations about their finances, reporting that they expect things to be “somewhat” or “significantly worse,” according to a Bankrate survey.

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Inflation also weighed most among U.S. adults who predicted their financial situation would worsen. This was followed by “business done by elected representatives” at 30%, “stagnant or declining income” at 28% and debt assets at 20%, among other factors, according to Bankrate.

“Our post-election survey finds that some Americans view elected officials as either a reason why their financial situation is not (or is) improving, confirming an ongoing political divide. No matter where someone stands on the political spectrum, the opportunity remains,” said Mark Hamrick, senior economic analyst at Bankrate. In his statement, he said that everyone should set financial goals and act accordingly.

About 21% of Americans have their sights set on this goal. reduce debts Next year, the survey found.

AMERICANS’ HOUSEHOLD DEBT HAS INCREASED IN RECENT YEARS IN A CHALLENGING CONSUMER ENVIRONMENT

As of the third quarter, American households collectively held $17.94 trillion worth of debt, including mortgages, auto loans, credit cards and student loans. accordingly Federal Reserve Bank of New York.

For example, Americans’ mortgage balance in the third quarter was $12.59 trillion. The New York Fed found that student loans were $1.61 trillion and auto loans were $1.64 trillion.