{"id":9706,"date":"2022-12-18T07:54:14","date_gmt":"2022-12-18T11:54:14","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9706"},"modified":"2022-12-18T07:54:14","modified_gmt":"2022-12-18T11:54:14","slug":"americans-set-short-term-money-goals-for-2023","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9706","title":{"rendered":"Americans set short-term money goals for 2023"},"content":{"rendered":"
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For the first time in over a decade, more Americans are prioritizing short-term financial goals over future ones going into the new year.<\/span><\/p>\n<\/div>\n<\/header>\n

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More than half (53%) of Americans say it\u2019s more important to pay down credit card debt and set aside emergency savings over long-term objectives like retirement and college savings, according to Fidelity\u2019s New Year\u2019s Financial Resolutions\u00a0study<\/a>, which surveyed 3,020 Americans. And roughly half say they\u2019re ready to \u201clive sensibly\u201d or \u201cplan ahead.\u201d<\/p>\n

The pragmatism, though, underscores a growing pessimism going into 2023, with a smaller share saying they\u2019ll be better off in the coming year (65% this year vs. 72% last year) and more than a third reporting they\u2019re in a worse financial situation than last year.<\/p>\n

\u201cThe optimism from last year has abated, replaced by concerns about inflation and market volatility,\u201d Stacey Watson, senior vice president of life event planning at Fidelity Investments, told Yahoo Money. \u201cWith the level of inflation the highest it\u2019s been in 40 years, our study is going to reflect the pain people are feeling \u2014 and how they are responding to it. This is particularly true when it comes to short-term savings objectives for the first time surpassing longer-term savings objectives.<\/p>\n

Inflation is the biggest worry<\/strong><\/p>\n

The impact of inflation on their daily living expenses and ability to save is the top concern for roughly four in ten (43%) respondents, followed by economic uncertainty\/recession (39%) and unexpected expenses (38%).<\/p>\n

More than 4 out of 10 (43%) baby boomers reported they and their family are in worse shape than last year versus 27% of Gen Z and 32% of millennials.<\/p>\n