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With most of the holiday shopping over and the new year upon us, Credit Karma surveyed more than 1,000 US consumers in early December to gauge personal financial sentiment, finding that Americans have developed “bad habits.”

The most common mistake. Of the 76 percent of Americans who say they’ve made financial mistakes in 2022, 40 percent cite not saving money as their top bad habit. Other mistakes included relying on credit when they didn’t have enough cash (35 percent), not sticking to their budget (33 percent) and paying for subscriptions they never used (31 percent).

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What’s more, 35 percent of consumers let these bad decisions turn into regular bad habits that have negatively impacted their finances, according to research from Credit Karma. More than two-thirds of Americans’ finances did not improve or stayed the same throughout the year.

While financial mistakes varied between generations, Boomers (52 percent) and Gen X (43 percent) were the most likely generations to report that their finances had not improved in 2022, while Gen Z and Millennials’ finances had prospered are 38 percent of Gen Z respondents. saying their financial situation has improved in the past year, as do 45 percent of millennials.

Still, Gen Z respondents are the most prone to stress shopping, with 41 percent saying they shop online when they’re stressed, more than any other generation. However, Millennials are most likely to shop online late at night (32 percent), while Boomers are most likely to use credit to make purchases when they don’t have enough cash in their checking account (46 percent).

Last year was “complicated and unpredictable,” said Courtney Alev, consumer financial advocate at Credit Karma, “with significant inflation, a volatile stock market and rising interest rates throwing many people’s finances off course.”

“The good news is that we’re heading into the new year, which gives consumers the perfect opportunity to reflect on the past 12 months and plan for their money in the new year. Beyond bad habits, I think 2023 will be about getting back to basics for consumers, including budgeting, saving money and spending less so people can pay off debt and set themselves up for long-term financial success. Alev said.

Nearly three-quarters of Americans plan to stick to financial resolutions in the new year, according to the company’s survey. Sticking to the basics, 58 percent of respondents said they would choose to save more money, 48 percent said they would spend less, and 42 percent said they would stick to a budget as a formula. 34 percent of Gen Z respondents said their New Year’s Resolution is to get a new job.

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