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Sunday, April 21, 2024

2024 money plans and goals

Inflation and rising prices have the majority of Americans (70%) feeling uneasy about their financial outlook. Despite these concerns, Americans have aspirations for securing a brighter financial future in 2024, especially when it comes to increasing their net worth (73%) or asking for a raise at work (34%). 

A third of Americans are worried about the job market (32%). Gen Zers are the most concerned about job security (25%), though more than 1 in 5 (22%) plan to “job zwitch” this year to increase their income.   

Key takeaways 

  • 73% of Americans expect to bump up their net worth in 2024. 

  • 34% of Americans will seek a raise in the year ahead; Millennials are the most proactive, with nearly 2 in 5 intending to ask for a salary hike (39%). 

  • Two-thirds believe the economy will impact their ability to retire (65%), though 26% plan to increase their 401(k) contributions. 

  • 80% say they’ll make investments a priority via stocks (44%), employer-sponsored retirement plans (37%) and high-yield savings accounts (34%). 

  • More than 1 in 5 Gen Zers (22%) are counting on luck, like winning the lottery or receiving an inheritance, to help pay their bills.  

Navigating economic uncertainty 

While some Americans are bracing for a recession (42%), nearly a third (29%) are hoping for a soft landing and 20% are holding steady, saying they feel the same way about the market as they did a year ago. 

Against an uncertain economic backdrop, more than half (51%) say they plan to hold off on making major financial commitments like home ownership, with Gen Z (57%) pushing back major money moves the most: 37% are waiting for relief in the market. Two-thirds of savers believe the economy will impact their ability to retire (65%).

Despite these challenges, Americans are taking steps to set improve their finances by focusing more on making investments (80%) and putting more money into their employer-sponsored retirement plans (37%). Additionally, 22% of Gen Zers are hoping for a little luck along the way, like winning the lottery or receiving an inheritance, to help pay their bills. 

Taking charge 

Increasing net worth is top of mind for Americans in 2024 (73%), with a modest uptick of 9% being the target goal, on average.

More than a third of Americans (34%) plan to seek a raise at work and Millennials are the most proactive, with 39% intending to ask for a salary hike. For more than 2 in 5 Americans (44%), a salary bump is expected, regardless of if they have a money talk with their boss or not.  

Nearly a third of Gen Zers are aiming for a promotion (31%), while 1 in 5 are focused on finding success by “job zwitching” to increase their income.   

Other ways people plan to boost their bottom line? A quarter of Americans (overall; 33% Gen Z) intend to work a second job, and nearly as many (24%) will start a side hustle. Over a quarter of Gen Zers intend to further their education (26%) as a pathway to higher earnings. 

In the workplace 

One in 5 Americans are anxious about job security, and that concern rises to 25% for Gen Zers. Workers in some industries feel more stressed, most notably in marketing (36%), food and hospitality (33%), and technology (24%).