According to a recent survey, 65% of Americans are determined to improve their money habits in 2025. The survey of 2,000 adults found that nearly half are planning a period of financial restraint in January, opting to be less active and social to save money following the holiday season. The poll also revealed that 26% of those surveyed aim to boost their financial literacy this year.
However, the lack of financial knowledge was evident as many respondents admitted they did not know the interest rate they were earning from their bank or financial institution. When quizzed, 59% of the participants were unfamiliar with the term APR (annual percentage rate), and 78% were confused by the abbreviation APY (annual percentage yield). Reflecting on their goals from 2024, 89% reported that they had not accomplished everything they set out to do.
Tips for boosting financial literacy
The most common unfulfilled resolutions included not saving enough money (51%), not being as fit and active as planned (38%), not traveling enough (32%), and not spending money thoughtfully enough (31%). To address these shortfalls, 44% of respondents stated they were challenging themselves in January to spend money only on essential items.
Additionally, 29% said they would pause dating or going out to restaurants, estimating an average savings of over $3,000. Cetin Duransoy, CEO at Raisin, emphasized the importance of budgeting: “If you’re not consciously budgeting and spending, the dollars quickly add up. It’s crucial to have a solid financial plan in place.
That way, you can be intentional and spend on what brings you joy while working towards financial security.”
Duransoy advises seeking help from trusted family members, friends, financial experts, or institutions when needed, as finance can be intimidating. The data from this survey underscores a widespread intent among Americans to adopt better financial practices and the challenges faced in achieving financial goals in the coming year.