Three in ten Americans (64%) are confident of achieving their financial goals despite persistent economic pressures, according to New York Life’s 2025 New Year Outlook Wealth Watch.
Americans’ optimism is similar to that of 2023. However, 43% of respondents reported feeling less financially secure than they did last year, which the survey says highlights the ongoing stress of inflation and rising debt
The study reveals that debt continues to weigh heavily on Americans, with 67% of adults carrying debt, including an average credit card balance of $8,295, a slight increase from 2023. In addition, inflation impacted 49% of Americans in 2024 and is expected to remain a concern in 2025.
Generational trends reveal wealth disparities, specifically in savings and debt management. According to the survey, millennials led in savings during 2024, averaging $12,004.87, while Baby Boomers saved the least at $3,466.13. Meanwhile, Gen Xers reported the highest average credit card debt, at $10,141.
Despite the ongoing economic uncertainty, Americans are creating proactive financial strategies. According to the survey, 73% of adults are adjusting or revising budgets for 2025. Despite this, only 26% feel confident in their financial plans, and just 15% plan to consult a financial professional in 2025.
“Americans are navigating financial uncertainty, but working with professionals can provide clarity and confidence,” said Jessica Ruggles, New York’s corporate vice president of Financial Wellness.
The survey found that optimism endures, with 76% expected to retire at their desired age of 65. Emergency savings also increased, with Americans averaging $18,483 at the end of 2024, up from $15,028 the year prior.
