A Balancing Act: Prioritizing Financial Wellness and Personal Fulfillment in 2024
As many continue to grapple with the economic challenges, societal shifts, and overarching uncertainty of the last several years, a new trend is beginning to emerge: Money is not buying happiness in America. According to the KeyBank 2024 Financial Mobility Survey consumers are adjusting their saving and spending habits in anticipation of a difficult economic environment in 2024, while prioritizing their preferred lifestyles and ensuring personal fulfillment.
The survey reveals more individuals are choosing passion over paycheck. A resounding 66% of respondents said they would rather work a job they love with a lower paying salary than a job they hate with a higher paying salary (34%). In addition, nearly three in four (72%) respondents said they would rather define success based on a “soft-life culture” focused on happiness, contentment, and fulfillment than a “hustle culture” focused on wealth, status, and achievement.
As we kick off the new year, you may find yourself ready to revisit your goals and build a plan to make them happen. Explore our survey results for ideas and insights on the top financial challenges, priorities, and strategies from 2023. Pius, get tips to improve your financial confidence and navigate the all-too-familiar societal and peer pressures that influence many to spend beyond their means.
Shifts in Financial, Personal and Lifestyle Priorities
While the economic obstacles and societal shifts of recent years remain fresh in our minds (and our pocketbooks), 2024 represents an opportunity to turn the page to a new chapter of financial independence, resilience and freedom. Our survey showed:
Increased costs equate to increased stress. More than three in four (77%) respondents across generations believe the cost of living has gotten worse in the past five years, with 30% feeling financial stress on a daily basis and more than half (59%) cutting back spending on nonessential items.
Consumers are increasingly spending more — and saving less. A quarter (25%) of respondents said they’re spending more and saving less compared to 2022 (15%) and 2021 (13%). In addition, more than half (51%) of respondents have used money from their savings more this year than in the past.
Work-life balance is still important to Americans. Continuing a trend seen year over year, Americans value work-life balance (63%) more than a high-paying salary (27%). When asked what “Thriving in America” means to them, 42% of respondents chose work-life balance.
To learn more about our findings, visit the KeyBank 2024 Financial Mobility Survey.
Four Tips for Prioritizing Financial and Personal Wellness
Consumers may be wondering whether they can truly have it all in 2024. Luckily, there are things you can do to maintain healthy financial habits and build financial resiliency — without sacrificing personal and professional goals and happiness.
- Take an honest look at your 2023 financial habits to set a roadmap for 2024. The survey found that more respondents would rather share their recent Google search history (57%) than their monthly credit card statement (43%). If you’re similarly reluctant to review your financial decisions from the past year, now is as good a time as any to do so.
- Connect with a financial professional early and often. Faced with the rising cost of living, Americans may find it more challenging to pursue a desired lifestyle while meeting everyday financial needs. In addition to maintaining monthly budgets and day-to-day expenses, talk to your financial professional about staying on track with longer term goals, such as purchasing a home or planning for retirement.
- Meet with a mortgage loan officer to unlock the keys to homeownership. The homebuying process can seem intimidating, especially in a challenging economic environment. If purchasing a home is one of your goals in 2024, consult with your financial professional or mortgage loan officer to determine the programs and pathways to homeownership that make the most sense for your goals and your budget.
- Prioritize your personal wellness and professional goals. Regardless of where you stand on “soft-life” versus “hustle” culture, modest pay for joyful work versus a high-paid grind, and other themes explored in the survey, it’s important not to lose sight of what works for you personally. Your financial situation and goals are unique to you, and there is no one size-fits-all approach on the path to financial mobility.
Resources from Key’s financial wellness center can help you determine where you stand and how to get to the next destination on your financial journey.
A Key Financial Wellness Review® at your local KeyBank branch can help get you started.
Start your journey with the resources available in the mortgage loan information resource center.
Our experts at KeyBank are standing by to help you determine what the next step looks like for your financial journey.