70% Of Americans Hopeful They Would Achieve Financial Goals Till 2030 | Credit Raters post

70% Of Americans Hopeful They Would Achieve Financial Goals Till 2030

08 Jan 2020
Approx Reading time: 3 minutes
  • According to the results of a recently conducted survey, it has been revealed that 70% of Americans are optimistic about their financial progress, and hope to achieve their financial targets by the year 2030.
  • The survey has been conducted by a company called OnePoll, after having been commissioned by another company called CreditWise which belongs to Capital One.

The results of the survey also revealed that 51% of all respondents wanted to buy a house by 2030, while 56% thought they would be completely debt-free by that time. These responses are indicative of the fact that Americans are increasingly thinking about their future and ensuring they become financially stronger in this decade.

Other financial milestones that Americans hope to achieve in this decade, according to the survey, include 40% wanting to go on their most-preferred vacation, 38% wanting to get married, and 36% achieving complete financial independence.

Around 2,000 participants were included in this study, and questions revolved around their resolutions and also where they expected to be in the coming years. Approximately 44% of all respondents had some specific goals in mind that they hoped to achieve this year as well, with 63% of all respondents hoping to achieve their financial resolutions for this year.

The changes that Americans are willing to make in their spending habits include saving more money out of every paycheck and reducing the amount of money they spend on eating at restaurants.

Cable charges are also planned on being cut by around 40% of respondents, mostly because cheaper sources of entertainment in the form of streaming websites are now available, and 47% would be reducing the subscription charges they pay for services that they no longer require.

More savings would also come for 20% of Americans as they would be taking their lunch from home and avoid dining out at expensive restaurants.

However, not everyone is fully confident about achieving their financial goals in this decade. According to 22% of respondents, only a miracle could help them become as financially stable as they hoped. But many had solutions that were somewhat achievable, such as a higher salary, getting a financial advisor on board, or eliminating all outstanding debt. 29% even said that just a little more self-control would be enough.

The reason why Americans find themselves in financial distress was also revealed in this survey. 46% said that they reached this point because they had to service expensive medical bills, while 35% have become fearful of unemployment. Car repairs accounted for a heavy expense for 19%, while family emergencies affected finances for 22% of respondents.

From the debt perspective, 16% said that since they did not have an adequate credit history, they found it difficult to grow their finances. Around 64% even said that their credit score might cause them to not achieve their goals at all.

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Akbar Lashari

Akbar is a talented news editor who follows the consumer finance industry closely and has written for many famous news & educational websites such as Forbes.