Laffer Tengler Investments Chairman Arthur Laffer Jr. discusses the impact of inflation on markets, the Fed’s management of interest rates and the Chinese economy following the cancellation of “zero-COVID” restrictions.
Many Americans planning to set goals for the New Year intend to make them financial goals, according to a recent survey of the numerator.
The survey, released on Wednesday, found that 50% of consumers say they intend to make resolutions for the coming year. Of those considering doing so, 53% said their goal would be financial, which is a 6% year-over-year increase, according to Numerator.
For those set financial goals, saving more money overall was most often cited at 57%. This was followed by 48% saying they wanted to be more diligent in tracking their spending and 43% aiming to reduce spending overall, according to the survey.
NEW YEAR’S FINANCIAL RESOLUTIONS 2023
Busy with his tax return (iStock/iStock)
Other popular financial goals include:
Inflation prompted more than half of respondents to set money-focused goals, according to the survey. The possibility of the economy fall into a recession also motivated consumers to prioritize finances, with 48% highlighting this concern.
Although inflation as measured by the consumer price index slowed somewhat in November, it continues to hover around painfully high levels, as reported earlier by FOX Business. In November, it rose 0.1% from the previous month and 7.1% year-on-year.
YEAR-END BONUS: SMART WAYS TO USE YOUR EXTRA MONEY
Serious young lady in glasses sits in living room pays bill taxes on laptop online, concentrated millennial woman manages family expenses, plans budget on computer, makes payment on web (iStock/iStock)
Americans also fear that the Federal Reserve could trigger a recession with its interest rate hikes. In 2022, the central bank announced four consecutive rate hikes of 75 basis points and, most recently, a hike of 50 basis points.
Still, the survey found that 84% of consumers said achieving their New Year’s financial resolutions was “likely” or “very likely,” according to Numerator.
BEYOND DRY JANUARY: THE RISE OF NON-ALCOHOLIC BEVERAGES IN THE ADULT BEVERAGE MARKET
Health and fitness
Man morning workout at home watching video tutorial
While money-related resolutions saw gains over the previous year, 2023 goals related to physical health remained the most popular.
Among consumers intending to make resolutions, nearly three-quarters (73%) said they intended to make ones “focused on fitness, weight loss and healthy eating” , said Numerator. However, this percentage marks a drop of 3 points from one year to the next.
MOST RECESSION-PROOF JOBS IN 2022
Other popular themes for resolutions among consumers surveyed by Numerator include:
- Mental health: 40%
- Productivity or organization: 33%
- Relationships: 30%
- Hobbies: 28%
- Career or education: 23%
The survey involved over 1,000 consumers and was conducted between December 13 and December 20.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Travel journalist Francesca Page shares travel tips for dealing with travel delays due to weather and illness on “Fox Business Tonight.”