1 in 4 Americans Resolve to Tackle Their Debt in 2016 Finds Student Loan Hero Survey

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Americans report their biggest financial regrets of 2015 and resolve to make a positive change this year

Financial Resolutions 2016

Student Loan Hero survey finds paying off debt is the number one financial New Year's resolution.

Although many Americans are still struggling financially, it’s refreshing to know that so many people are aiming to prioritize their debt repayment in 2016.

A new survey released by Student Loan Hero has found the top financial New Year’s resolution for Americans is to pay off debt, at 27 percent of respondents. This finding was not surprising; the survey also found 35 percent of Americans didn't save or invest as much as they wanted last year, while 22 percent didn't pay off as much debt as they wanted, listing these as their biggest money-related regrets of 2015.

Even so, the most popular New Year’s resolution overall was to “get in shape/eat healthy” (38%), according to the survey results. This was more than double the number of respondents whose top goal was to “be more financially responsible” (16%), indicating people are prioritizing their physical health above their financial health.

See Full Results Here>>

“With $12 trillion in outstanding consumer debt, it’s not surprising that 27% of Americans stated paying off debt is their top financial resolution for 2016," said Andy Josuweit, CEO of Student Loan Hero. “Although many Americans are still struggling financially, it’s refreshing to know that so many people are aiming to prioritize their debt repayment in 2016.”

Additional Survey Highlights

New Year’s resolutions for 2016:

  • In addition to “get in shape/eat healthy,” “travel more” was the second most common resolution among U.S adults (17%), slightly more popular than “be more financially responsible.”
  • Young adults age 18-24 were least likely to select “get in shape/eat healthy,” while boomers age 55-64 were most likely, indicating older Americans are more concerned with their health.
  • Interestingly, “Change jobs/get a promotion” was the least popular resolution, even though more than 70 percent of Americans are dissatisfied with their jobs.1

Biggest money regrets of 2015:

  • Those age 45-54 chose “Didn’t save or invest as much as I wanted” much more frequently than 35-44 year-olds at 41% vs. 25%, respectively.
  • The third-biggest financial regret for Americans last year was that they “spent frivolously,” with 18 percent of respondents indicating this was the case. Thirty-five to 44 year-olds picked this option twice as often as those age 55-64.

Financial goals for 2016:

  • Almost one in four Americans do not have a financial resolution for 2016 (23%).
  • “I don’t have a financial resolution” was the top response among those age 18-24 and 65+.
  • “Save for retirement” was the most popular financial resolution among 45-54 and 55-64 year-olds.

Survey was conducted via Google Consumer Surveys on behalf of Student Loan Hero on December 23, 2015, with a nationally representative sample of 1,015 adults living in the United States and a margin of error of 2.6 percent or lower. For full survey results and analysis, visit: http://studentloanhero.com/featured/financial-resolutions-2016-survey/

About Student Loan Hero
Student Loan Hero combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. Student Loan Hero has helped more than 30,000 borrowers manage and eliminate over $1 billion in student loan debt since 2012 and assists over one million people in becoming more financially healthy every year.

Student Loan Hero offers both current and former students free loan calculators, as well as unbiased, personalized advice and repayment plans through an easy-to-use online dashboard.

Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.

Student Loan Hero has offices in New York, Austin and Portland. For more information, visit http://studentloanhero.com/.

1 Gallup, State of the American Workplace, June 2013.

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Megan Hartwick
since: 04/2012
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