Monday, February 3, 2020

Getting financially fit for 2020


Getting financially fit for 2020

From saving more to establishing a budget, U.S. consumers commonly ring in the new year by getting their financial houses in order. See what lengths Southern Californians are going to keep their resolutions, what tactics they are most likely to employ and learn what you can do to make sure your goals stick for the rest of the year.

Spending money to make your goals happen

Despite an emphasis on saving more in the new year, 80% of Southern Californians have already spent money in 2020 to keep a resolution, with over a quarter having spent $501 or more. 

  • 28% spent $501 or more
  • 21% spent between $51-100
  • 13% spent between $251-$500
  • 12% spent between $1-$50

Top resolutions for 2020

74% of Southern Californians say saving more money is their top resolution this year. 

  • 74% Save more money
  • 47% Lose weight
  • 35% Spend more time with family or friends
  • 25% Plan or go on a dream vacation
  • 20% Kick a bad habit

Following through on a financial goal

Nearly 3 in 5 Southern Californians who made a resolution have already or plan to set a spending limit on a debit or credit card to keep a financial resolution for 2020. 

  • 59% Set a spending limit on a debit or credit card
  • 37% Download a budgeting app
  • 30% Enlist a “buddy” for accountability
  • 17% Read more financial content

The easiest effort

Compared to keeping a financial resolution, over half of all Southern Californians say bringing their lunch every day is an easier resolution to maintain, followed by losing 10 pounds, running a marathon, or getting an advanced degree. 

  • 52% Bring lunch to work every day
  • 30% Lose 10 pounds
  • 16% Run a marathon
  • 14% Get an advanced degree
  • 6% spent between $101-$250 

Of those who made a financial resolution in 2020, the majority of Southern Californians, 64%, say they are somewhat or very likely to open a new account to help meet financial objectives. Consider taking advantage of a new account or promotion to help you reach your financial goals such as OneWest Bank’s Premium Money Market account promotion. Qualifying accounts can earn a cash bonus up to $300 plus 1.00% APY (conditions apply).

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2020 CIT Group Inc. All rights reserved. This survey was conducted online within the United States by The Harris Poll on behalf of OneWest Bank’s parent company CIT from January 13-15, 2020 among 2,021 U.S. adults ages 18 and older. Insights for OneWest Bank are based on the Southern California sample of 90 respondents. Stats reflect those who made resolutions in 2020.