Why Financial Resolutions Fail: New Research Reveals the Key Obstacles to Success

(NewsUSA) – As the new year approaches, many people will be setting financial resolutions with hopes of improving their financial health – whether it’s saving more, paying down debt, or investing wisely. However, despite the best of intensions, new research by financial services firm Edward Jones reveals that a variety of factors often prevent these resolutions from sticking.According to the research, more than half of Americans (56%) who made a financial resolution in 2024 abandoned it because of price increases caused by inflation. While those surveyed expressed optimism about keeping their financial resolutions in 2025, more than half (55%) said inflation was their main challenge to financial accountability in 2024, and nearly the same (56%) expressed concern that inflation could derail their financial goals in 2025.”Sticking to your financial resolutions can be incredibly challenging, especially when inflation puts added pressure on everyday expenses,” says Bryan Piccirillo, Financial Advisor at Edward Jones. “In a climate where costs are rising faster than wages, it’s more important than ever to set realistic financial goals, even when the odds seem stacked against you.”Across generations surveyed (from Gen Zers to Baby Boomers), Americans said they are confident (81%) in their ability to keep their financial resolutions next year and  they say they will prioritize building up emergency savings and paying down debt in 2025. Although saving for retirement is less of a priority, 21% of Gen Xers said they expect to plan for it during the coming year, according to the survey.Additionally, approximately one-third of survey respondents (33%) said they planned to spend the same amount on investments in 2025 as in 2024, while 22% said they plan to increase investment spending.A financial advisor can help develop strategies to turn your financial resolutions into realities, by building a plan to help reduce debt through consolidation, tools for building an emergency fund, and boosting contributions to retirement accounts.In the Edward Jones survey, approximately half of respondents (50%) believe that working with a financial advisor would help them stay on track. No matter how you are balancing your budget, a financial advisor can help you weather periods of inflation without sacrificing your short-term and long-term goals.For more information and to find a financial advisor near you, visit: www.edwardjones.com.