Spending and Saving Better in the New Year: Americans will spend an average of $4,700 to achieve their New Year's Resolutions

Core Insights - Self-improvement is a priority for many Americans as 2026 approaches, with 42% planning to set New Year's resolutions and expecting to spend an average of $4,700 to achieve their goals [1][3] - Financial resolutions are a major focus, with 55% of those making resolutions committed to budgeting, saving, investing, paying off debt, or building credit [1][5] Spending Patterns - Men plan to spend more than women on resolutions, averaging $5,360 compared to $4,000, with men aged 35-54 being the highest spenders at over $6,000 [3] - The most expensive category of resolutions is personal-life resolutions, with an average budget of $3,047, including $1,251 for travel and $768 for meals and entertainment [4] Gender Differences in Financial Goals - 73% of both men and women prioritize financial goals, but men are more likely to engage in investing (55% vs. 37%), improving credit scores (49% vs. 35%), and contributing to retirement plans (39% vs. 26%) [5][6] - Women are more inclined to reduce spending (65% vs. 55%) and take on additional work (46% vs. 42%) to achieve their financial goals [7] Saving Goals - 81% of Americans are saving with specific goals in mind for 2026, with travel being the most popular goal (40%), followed by purchasing a car (25%) and buying a house (21%) [8] - CIT Bank offers tools for customers to create savings buckets for different goals, enhancing the ability to visualize and connect emotionally with saving [9]