Regions Next Step provides free tips and tools to help people financially prepare for the new year and beyond.
BIRMINGHAM, Ala., January 05, 2022–(BUSINESS WIRE)–Regions Bank on Wednesday announced the results of a new survey that finds Americans feel financially unprepared for the year ahead. But there is good news, too: free resources are available to help.
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Regions Next Step, the bank’s no-cost financial education program that serves people of all ages, provides free tips and tools to help people financially prepare for the new year and beyond. (Photo: Business Wire)
The survey was conducted by Regions Next Step, the bank’s no-cost financial education program that serves people of all ages, regardless of whether they bank with Regions. According to the survey, more than one-third of Americans (36%) do not feel financially prepared as they enter 2022. Despite feeling this way, the survey reveals only one in 10 respondents (11%) planned to make at least one finance-related New Year’s resolution. This varies by gender, with women being twice as likely as men to make a financial resolution (14% of women compared with 7% of men). It also varies by age, with 20% of adults ages 18-34 setting these types of resolutions compared with 10% of those ages 35-54 and 5% of those over age 55.
Among those setting money-related resolutions, the survey revealed saving more is a top priority – though people often have multiple finance-related goals. When asked to select all reasons why they are setting financial resolutions, 56% said they were working to increase savings, and 50% also noted they were trying to minimize worries about money. These reasons were followed by getting out of debt (44%), decreasing spending (40%), gaining smarter money-management skills (36%), raising a credit score (34%), and making a large purchase (22%).
Results also show there are knowledge gaps when it comes to saving for big life events, facing unexpected medical expenses, and buying or refinancing a home with only 19% of respondents feeling very knowledgeable about each.
“Whether you’re setting a New Year’s resolution or simply wanting to improve your financial wellness, the start of a new year is a great time for a financial refresh. Reflecting on last year and setting targets for the year ahead can help you stay on track and gain more financial control,” said Joye Hehn, Next Step financial education manager for Regions Bank. “Regions Next Step offers tips and resources to help people establish financial habits and build money-management skills to be better prepared to navigate financial challenges that …….