In 2025, Women, Gen Z want to spend less; Older Americans are more focused on paying off debt

MINNEAPOLIS (December 23, 2024) — In the face of economic and market headwinds, new research from Thrivent finds more than half (53%) of Americans who have made or are considering a New Year’s Resolution are pursuing a personal financial goal. While 41% of people who had a 2024 resolution say they didn’t follow through on it, 89% of Americans who have or plan to set one for 2025 are confident in achieving it.

Thrivent’s 2025 New Year’s Resolution Survey explores financial ambitions for the new year and shows why good resolution intentions don’t always match action.

“Without a plan, a resolution is just another dream,” said Thrivent Financial Advisor Sarah Hamlen. “If people want to improve their financial health, save money and pay down debt in 2025, they need an informed plan. Yet, our New Year’s Resolution Survey shows many aren’t planning or taking accountability to make their financial resolutions a reality.”

More than half of Americans planning a financial resolution for 2025 (58%) are focusing on saving more money, followed by paying off debt (40%) and improving their credit score (31%). When asked what would help them accomplish their financial resolution, half said being more disciplined with their spending would be most valuable.

When it comes to the strategies Americans are using to achieve their goals, the survey also uncovered notable differences across generations and genders.  

• Accountability & Planning Gap: It’s hard to achieve a big financial goal without the right strategy. Yet only 30% planning a financial goal say having a detailed plan they could track against would help them achieve their goal. Only 25% of those planning a financial goal believe discussing their strategy and progress with those who could hold them accountable would be helpful.
• The Spending Divide: Gender divides were pronounced on non-essential spending, with 33% of women with a financial resolution hoping to spend less money on non-essentials vs. only 22% of men. The gender gap grows for GenZers with a financial resolution: 43% of Gen Z women with a financial resolution and 29% of Gen Z men are planning to spend less on non-essentials.
• Generational Debt: Paying down debt was a more common resolution for older generations who have financial resolutions given they tend to have competing financial obligations. Boomers (49%), Millennials (43%), and Gen X (42%) were much more likely to report debt payoff as part of their financial resolution compared to Gen Z (25%).
• More Money (hopefully), Fewer Problems: Overall, regardless of making a financial resolution, 36% of Americans plan to pay off debt in 2025. The most cited strategy to do so is adding an additional income source (32%), which was more common among Gen Z respondents (42%) than other generations.

Hamlen added, “The data makes it look like 2025 will be ‘the year of the financial resolution,’ but it could also be a disappointing start to the year unless more people create a realistic plan and stay consistent.”

Here are three tips from Thrivent on how to accomplish a financial resolution and stay accountable:

1. Stay the Course – Research shows New Year’s resolutions are short lived, at best, with the majority not even making it through January. The key to sticking with a financial resolution is consistency and building good, repeatable habits. Set ambitious, but realistic, financial goals that can be maintained for a full year, and consider making a simple, straightforward resolution that’s easier to keep. Make sure to discuss progress with a trusted accountability partner, like a financial advisor.
2. Develop a Written Strategy – Many Americans want to spend less on non-essentials, like eating out, streaming subscriptions, and entertainment. The best way to do that is with a budget and financial plan to inform their spending. There is no one set formula, but the most important thing is to have a written financial plan and stick to it, whether that is the 80/20 rule, a 50/30/20 budget, a zero-based budget, or something else.
3. Conquering Debt is a Marathon Not a Sprint – Just like running a marathon, a clear and disciplined approach can help people tackle debt effectively. Start by listing all debts with interest rates and minimum payments. From there, use strategies like the snowball method (starting with the smallest debt) or the avalanche method (focusing on debts with the highest interest rate) to stay on track.

Survey Methodology
Thrivent’s 2024 New Year’s Resolution survey was fielded online by Morning Consult from 12/05/24 through 12/12/24 among a total sample of n=2220 adults 18+ (weighted to U.S. general population on key demographic aspects such as gender, age, etc.) with a total audience margin of error of +/-2%. Some questions for this survey were shown to a sub-set of respondents, thus base sizes and margin of error may vary by question.

About Thrivent
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.4 million clients, offering advice, insurance, investments, banking and generosity products and programs online and through financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company with $179 billion in assets under management/advisement (as of 12/31/23). Thrivent carries ratings from independent rating agencies which demonstrate the strength and stability of the organization, including an A++ rating from AM Best; an Aa2 rating from Moody's Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based on Thrivent's financial strength and claims-paying ability, but do not apply to investment product performance. For information on these ratings, visit the rating agency's website. Dividends are not guaranteed. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram and LinkedIn.

About Morning Consult 
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. For more information, please visit morningconsult.com. 

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