We all know the game with new year’s resolutions. People make them with the best of intentions, but don’t always follow through. That’s how Pelotons turn into clothing racks.
However, not all goals and resolutions are destined for the boulevard of broken dreams. Various data and research indicate that Americans are increasingly prioritizing financial fitness and if they make new year’s resolutions to that effect, they’re likely to follow through.
To be sure, it’s not on advisors to encourage clients to make new year’s resolutions, financial or otherwise, but the topic is an interesting conversation starter and it can act as a segue to talking about the value of financial plans. After all, many of the items contained in a financial plan amount to goals or resolutions.
Something for advisors to note: Clients across a broad swath of age groups and particularly those who are six-figure earners, feel they benefit from setting financial goals. That implies they’re receptive to intensive planning.
Financial Goal Setting Is Fashionable
Another positive for advisors is that clients who are goal setters see value in that trait, potentially making them more receptive to related services and value adds.
“The majority (72%) of Americans age 25 or older with an annual household income under $100,000 feel tracking financial goals helps keep them accountable as opposed to the 28% who state tracking financial goals feels so overwhelming they avoid it altogether,” according to Ipsos. “Goal setting increases confidence and helps reduce unnecessary spending for most.”
The survey notes 85% of respondent view financial goals as confidence builders while 81% see those objectives as positive deterrents to impulse discretionary spending. Eighty percent say building a budget gives them feelings of increased financial control. Ipsos data also indicate there’s ample for room for advisors to make headway on these fronts.
“About one-quarter seek financial goal guidance from family members (27%) and/or financial professionals (24%),” observes the research firm. “Additionally, an equal portion turns to friends (16%), financial apps/budgeting tools (16%), and books/articles/podcasts (16%) for guidance in setting financial goals. One-third (34%) do not seek guidance, doing it themselves.”
Goal Setting Is Part of Financial Wellness
It’s also worth noting that many clients likely perceive goal setting as part of broader financial wellness strategies and if they’re not already there, they probably don’t need much cajoling to attain that perspective.
Consider the following. Eighty-one percent of respondents to the Ipsos survey said they look at saving money as a form of self-care while 72% derive happiness from reaching or exceeding savings goals. In other words, goal-setting and saving help clients avoid financial regret and stress. And yes, new year’s resolutions fit into that.
“Among those with 2026 New Year’s resolution plans, saving more money is the top financial resolution, garnering 70% selection,” concludes Ipsos. “About half (49%) resolve to spend less or reduce expenses, while roughly two-in-five strive to improve their credit score (39%), pay off debt (38%), or start a side hustle or new income stream (35%). Survey participants selected almost four (3.7) of the twelve financial resolution types presented.”