According to a recent survey, the majority of Americans want to improve their financial habits in 2025.
The survey of 2,000 Americans also found that more than four in 10 (42%) predict they’ll have a “holiday hangover” this year.
Nearly half (49%) are planning to hibernate in January, to be less active and social, and to spend less money after the 2024 holiday season.
Commissioned by global savings platform, Raisin, the study found that along with 65% hoping to improve their money habits in 2025, more than a quarter (26%) would like to improve their financial literacy in the new year.
To illustrate this lack of financial literacy, more than one in four of those surveyed (26%) don’t know what interest rate they’re getting from their bank or financial institution.
When quizzed, most (59%) didn’t know what APR (annual percentage rate) meant, 78% were confused by the abbreviation APY (annual percentage yield) and 79% did not know that ROI stands for “return on investment.”
Survey respondents also weighed in with their general reflections on 2024, and more than half of respondents (54%) said that 2024 “got away” from them.
Additionally, most (89%) did not accomplish everything they set out to in 2024.
The most common incomplete resolutions from last year turn out to be not saving enough money (51%), not being as fit and active as planned (38%), not traveling enough (32%) and not spending money thoughtfully enough (31%).
Most (55%) are planning on taking a “slow living” approach to 2025, and on average, those respondents plan to slow their lifestyles down by 33% in the new year.
More than four in ten Americans (44%) plan to partake in Dry January and another 44% are doing a “no buy” challenge (only spending money on what’s absolutely necessary) in January.
“One of the first steps to improving your finances is to build upon your financial literacy,” said Cetin Duransoy, chief executive officer at Raisin. “And don’t feel bad if this seems like a daunting task. Finance can be an intimidating topic. So ask for help, if needed, from a trusted family member, friend, finance expert or institution.”
According to the results, slowing down in the new year may have a huge impact on their wallets.
Those who plan to take a break from social media for all or some of 2025 (37%) predicted they’d save an astounding $5,366, on average, by doing so.
Respondents who will pause dating for all or some the new year (29%), estimated they’ll save $3,961, on average.
Thirty-one percent are making a point to stay away from trying new health trends in 2025 and they estimate they’ll save $3,900 for their trouble.
“The research demonstrates how quickly the dollars add up, if you’re not consciously budgeting and spending,” said Duransoy. “It’s so important to have a solid financial plan in place. That way you can be intentional and spend on what brings you joy while working towards financial security.”
Survey methodology:
Talker Research surveyed 2,000 general population Americans; the survey was commissioned by Raisin and administered and conducted online by Talker Research between Nov. 26 and Dec. 2, 2024.
We are sourcing from a non-probability frame and the two main sources we use are:
Traditional online access panels — where respondents opt-in to take part in onlinemarket research for an incentive
Programmatic — where respondents are online and are given the option to take part in asurvey to receive a virtual incentive usually related to the online activity they are engaging in
Those who did not fit the specified sample were terminated from the survey. As the survey is fielded, dynamic online sampling is used, adjusting targeting to achieve the quotas specified as part of the sampling plan.
Regardless of which sources a respondent came from, they were directed to an Online Survey, where the survey was conducted in English; a link to the questionnaire can be shared upon request. Respondents were awarded points for completing the survey. These points have a small cash-equivalent monetary value.
Cells are only reported on for analysis if they have a minimum of 80 respondents, and statistical significance is calculated at the 95% level. Data is not weighted, but quotas and other parameters are put in place to reach the desired sample.
Interviews are excluded from the final analysis if they failed quality-checking measures. This Includes:
Speeders: Respondents who complete the survey in a time that is quicker than one-third of the median length of interview are disqualified as speedersOpen ends: All verbatim responses (full open-ended questions as well as other please specify options) are checked for inappropriate or irrelevant textBots: Captcha is enabled on surveys, which allows the research team to identify and disqualify botsDuplicates: Survey software has “deduping” based on digital fingerprinting, which ensures nobody is allowed to take the survey more than once
It is worth noting that this survey was only available to individuals with internet access, and the results may not be generalizable to those without internet access.
