If you doubt that your financial situation will improve in 2020, you are not alone.
More than half of American adults are skeptical that their personal finances will improve this year, according to a new survey of 2,634 adults from the financial website Bankrate.com.
Among that group, 41% said their finances will reflect what they were in 2019, while 16% believe they will get worse.
"Those who do not expect their finances to improve this year are more likely to say that it is because they will remain the same … instead of deteriorating," says Greg McBride, chief financial analyst at Bankrate.com. "That is consistent with an environment where unemployment is low and people are seeing wage increases."
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Improving wages is a key reason why 43% of Americans said their personal financial forecast should improve this year.
Almost half said it will be due to higher paychecks. Meanwhile, 42% said they will receive a boost because they expect to have less debt.
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Among millennials between the ages of 20 and 30, 56% expected their personal finances to gain momentum in the new year, while 44% of people aged 40 to 55 said the same. Only 31% of baby boomers, between the ages of 56 and 74, felt hopeful.
While 58% of millennials and 51% of the Xers generation said that higher income would reinforce their pockets, 54% of older Americans said their finances would improve because they expect them to owe less.
Whatever your perspective, 83% of respondents said they had at least one financial goal that they wanted to achieve this year.
The reduction in personal debt was number one, cited by 22% of respondents. But 16% intend to budget better, and 12% want to increase their funds for rainy days.
"It's not just our waistline that Americans want to get in shape in the new year," says McBride, "but personal finances are classified there. The beginning of the year represents that newcomers want to take things like paying seriously. debt, save more or spend more wisely. "