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Nearly 40% of Americans say they’ll be in financial survival mode in 2021

Published: Jan. 14, 2021 at 5:02 PM CST
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WAUSAU, Wis. (WSAW) - As the world enters 2021, here’s one more essential item to put on your list in addition to toilet paper and masks: a financial checkup. According to Fidelity Investments’ 2021 New Year Financial Resolutions Study, more than two-thirds of Americans experienced financial setbacks in 2020, often from the loss of a job or household income or another emergency expense.

Despite this, many Americans are determined to make their money work harder in the New Year and 72% are confident they’ll be in a better financial position in 2021. Even so, many expect to be in “survival mode” in the new year. To make it through the jungle, many are considering a financial resolution for the new year, and younger generations are more optimistic about what the future holds than Boomers.

The top financial new year resolutions for 2021 are:

·       Save More: 44%

·       Pay Down Debt: 43%

·       Spend Less: 30%

·       Recover from financial losses due to the pandemic: 17%

On Thursday, Stacey Watson, senior vice president of Life Events Planning at Fidelity Investments joined NewsChannel 7 at 4 on Thursday to discuss the findings of this year’s study, as well as Americans’ top financial concerns for 2021, why people make resolutions and how you can stick to them, the importance of a financial check-up and ways you can move forward financially.

For more information visit:  //FIDELITY.COM/LIFEEVENTS

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