Americans saved more in 2024 than they did the year before but stillᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ fell short of their lofty savings goals, a recent survey found.

Fewer than half (47%) of the people surveyed by New York Life Insurance said they met or exceeded their savings goals. On average, people hoped to save roughly $8,506 last year but managed to put away $7,460—surpassing their 2023 savings by more than $1,000.

Millennials, who turned last year, were among the biggest savers, accumulating more than $12,0💛00 on average, while Gen Z saved $6,164.

Despite this, more than three-fifths of Americans remain confident in their ability to meet their financial goals in the New Year.

Financial Confidence Even ✱As 🌠Credit Card Debt Looms

For 2025, some of the top concerns people said they thought would impact their finances were 澳洲幸运5官方开奖结果体彩网:inflation, credit card debt, and a 澳洲幸运5官方开奖结果体彩网:recession.

And it may not be a surprise that 澳洲幸运5官方开奖结果体彩网:credit card debt is on people's minds. The majority of respondents (67%) said they had some type of debt—credit card debt was the most prevalent, followed by mortgage or home equity debt, and medical debt.

For the 40% of respondents with credit card debt, the average balance clocked in at more than $8,200. Gen X, on average, had the greatest amount of credit card debt, owing more than $10,000.

And although many are working to pay off debt, many still had savings. Nearly one-half have an emergency fund, with an average of ♏more than $18,000 saved up, up ✱more than $3,000 from roughly $15,000 the end of 2023.