From Dow Jones & Company:

Many older Americans are making financial New Year’s resolutions in 2024, with the top three goals being paying off credit-card debt, setting up a savings account, and setting a budget. The average credit-card debt among all U.S. cardholders with unpaid balances in the third quarter of 2023 was $6,993, with a total credit-card balance of $1.079 trillion at that time. In response to this, Edward Jones recommends setting a budget and regularly checking your finances to stay on track. About 29% of older Americans surveyed are electing not to make financial resolutions for 2024, citing comfort in their current financial position. From previous research, it is suggested that proactive goals are more successful than avoidance-oriented goals.



Read more: In the new year, retirees want to pay off credit card debt