Lose weight? Maybe.
Drink less? Not even close.
There’s a clear leader when it comes to new year’s resolutions, and it’s one credit unions are primed to help with.
After several years of inflation, a surge in housing prices, and steadily rising costs for gas, groceries, and other necessities, Americans are looking to put their financial lives in order in 2025. According to the 2025 Debt and New Year’s Resolution Report from the Certified Financial Planner Board of Standards, nearly half of consumers surveyed (45%) said saving more money was their top priority when it comes to new year’s resolutions. Getting out of debt was third on the list at 32% of respondents, right behind getting more exercise at 37%.
AMERICANS’ 2025 FINANCIAL PRIORITIES
FOR U.S. CONSUMERS
SOURCE: CFP 2025 DEBT & NEW YEAR’S RESOLUTION REPORT
Strategic Insights
- Nearly nine in 10 Americans say one or more financial obstacles could make it difficult to achieve their 2025 resolutions. Those include:
- Too many expenses — 38%
- Too much debt — 30%
- Insufficient income — 28%
- Little or no savings — 25%
- The high cost of borrowing — 18%
- Other potential hurdles include too many work/life commitments, major life events including the birth of a child, and just generally being unsure where or how to start.
- Along with reducing debt and saving for major purchases, consumers’ key financial priorities in 2025 include long-term goals like retirement planning (14%), building up an emergency fund (11%), and developing a financial plan (7%). A recent YouGov study showed only one-third of consumers are adequately prepared for retirement.
- Debt remains a major burden for many consumers, with 60% holding credit card debt and 47% paying down a mortgage. Approximately half of all Americans report struggling to manage at least one category of debt, with medical debt topping that list at 70%. Credit card debt comes in close behind at 60%, along with student loans at 47%.
- Nearly one-third (31%) of respondents say they have delayed treatment due to existing medical debt.
- The CFP report shows plenty of opportunity for credit unions to make gains in financial education offerings. Only one quarter of Americans work with a financial planner, and of that group, only 29% of respondents say they seek advice from a bank or credit union — tied with financial management apps and websites.
