What financial regrets and resolutions are Americans carrying into 2025?

As Americans head into 2025, two studies from Nationwide and Fidelity Investments reveal a mix of financial regret and renewed resolve.

Based on the survey research, a majority of Americans are reflectin on past missteps in retirement planning and ongoing economic challenges, prompting them to consider more pragmatic financial goals in the new year.

Retirement regrets reign among over-45s

Drawing on its 2024 Protected Retirement Survey, Nationwide highlighted widespread regret among Americans over 45 regarding their retirement savings strategies. An 82 percent majority said they wish they had taken retirement planning more seriously in their younger years, including seeking financial advice, understanding the power of compounding interest, and focusing on income protection strategies earlier.

In line with that, just over three-quarters of respondents said they regretted not starting to save sooner, and nearly 28 percent now expect to delay retirement out of fear that their nest eggs aren't big enough.

"New Year's resolutions often fall by the wayside when they feel too overwhelming, but financial resolutions don't have to be overly ambitious to make a difference," Suzanne Ricklin, vice president of retirement solutions at Nationwide Financial, said in a statement. "Starting small—like increasing retirement contributions by just a percent or setting aside a little more in savings each month—can lead to meaningful progress over time."

Financial setbacks put emergency savings in focus

Meanwhile, Fidelity’s 16th Annual Resolutions Study found two-thirds of Americans are thinking of a financial resolution for 2025, with a third of those saying they're looking to set more conservative goals.

The shift in attitudes towards reaching for less comes as 38 percent of respondents flagged unexpected expenses as their top financial concern for the coming year – 20 percent said an unexpected non-health emergency could disrupt their finances, and 79 percent are planning to beef up their emergency savings – followed closely by inflation and general economic uncertainty.

Relatedly, nearly three-quarters (72 percent) said they suffered a financial setback in 2024, with 46 percent having to dip into their emergency funds. Just over half (53 percent) also reported feeling overwhelmed by their personal finances

"Understandably, financial pressures continue to weigh on the minds of many Americans, so having a practical mindset to 2025 will aid in building financial goals for the new year," Sangeeta Moorjani, head of tax-exempt market and lifetime engagement at Fidelity Investments, said Thursday. “Adopting a sensible perspective can have a positive impact as Americans look to move from simply spending to building up a savings buffer.”

Despite the challenges, optimism is on the rise. According to Fidelity, 68 percent of Americans believe their financial situation is as strong or stronger than it was last year, and nearly 65 percent anticipate being better off financially in 2025.