Americans looking to overhaul their finances in 2021

SWNS
·3-min read

2020 has taken its toll and Americans are looking at the 2021 new year for a fresh start in one particular area.

According to new research, 73% of Americans have a New Year's resolution this year that centers around being smarter with money.

The survey of 2,005 Americans also found that 47% of respondents say that 2020 was a difficult year for them financially. 

Conducted by OnePoll on behalf of Slickdeals, the study aimed to reveal how 2020 affected Americans' financial status and how they look at bettering their situation in 2021.

So how exactly was 2020 a bad year financially? The poll showed that 53% of Americans can point squarely at the pandemic. 

One in four (23%) 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. 

There was also a somewhat unique and unconventional reason our finances struggled in 2020: 59% say they went overboard on spending due to the sheer amount of boredom the lockdown brought them. Respondents already have some solid plans lined up for 2021 that will help ease their financial burden a bit.

When it comes to how they plan to overhaul their financial situation in the new year, 38% say they are going to try to get completely out of debt.

One in three (34%) say they'll discontinue some unnecessary subscriptions, with another one in three (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 saving in the new year. The average respondent said they want to put $327 away per month, with 22% putting away $500 or more.

And it could be more than just having a little extra cash: 80% 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 we believe that every shopping experience can be a winning one for your wallet. Our community of savvy shoppers helps one another discover the best products at the best prices. Over the past twenty-one years, our users have saved more than $6.8 billion. By tapping into the knowledge and insights from our unique community, consumers can quickly make strides toward their new year's financial goals." 

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%