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The survey found that millennials are more optimistic about 2023, with 44% expecting to improve their financial situation, compared to 25% of Gen Xers and 16% of boomers. Gen Xers were more likely than boomers or millennials to say their financial situation had worsened in the past year.

Decision to write a financial plan

On a brighter note, fewer respondents to this year’s survey said they picked up bad habits this year. Overspending, for example, is on a downward trend, from 32% in 2020 to 28% in 2021 and 26% this year.

Still, 17% admitted their worst financial habit is spending more than they make, and 15% said they don’t have a household budget.

Despite concerns about their finances, more respondents said they expect to make and keep New Year’s resolutions to manage money better and save more. Thirty-two percent ranked financial stability as their focus for the next year, up from 23% in 2020.

18 percent of respondents included financial planning as a 2023 New Year’s resolution. Allianz Life said this was up on recent years, but not as high as post-recession 2009 and 2010, when 33 percent said they would include financial planning in their plans. the resolutions.

Here are the top ways respondents said they want to improve their finances:

  • Build an emergency fund: 21%
  • Pay off credit cards at 17%
  • Increase retirement savings by 14%
  • Create a budget: 12%

“Everyone should have a written financial plan,” Lavin said. “This is especially true for anyone looking to reduce their financial stress and feel more in control of their money. It helps to have a documented strategy for your money, especially one developed with the help of a financial professional, to review when you’re feeling financially overwhelmed.”

The survey found that 33% of Americans are more likely to seek advice from a financial professional in 2023, compared to 22% in 2021.

53 percent of respondents said they are likely to start or continue looking for a new job in 2023. 42 percent of job seekers said that salary or low pay was the main reason for their lack of skills. 26 percent cited a lack of career advancement opportunities at their current job, 25 percent blamed a lack of flexibility when or where they wanted to work, and 25 percent blamed a toxic company culture or workplace.

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