The Most Common New Year’s Resolutions and Why So Many People Give Up on Them by Mid-January

By the conclusion of January, a substantial proportion of individuals who made a New Year’s resolution have already abandoned their goals. Research has indicated that January 12th has earned the moniker “Quitter’s Day,” with nearly half of people forsaking their resolutions within the initial month of the year.
Many of these resolutions typically revolve around health (such as weight loss) or personal finances. However, there is some encouraging news from research: a small percentage of resolution-makers successfully uphold their commitments throughout the year. So, what is their secret?
Experian undertook a survey of 1,022 consumers to investigate the methods people employ to track their daily activities. The findings unveiled that consumers are more inclined to oversee health and fitness data, like weight, sleep, and step counts, compared to monitoring their credit scores.
As per their discoveries, approximately two-thirds of the respondents monitor their physical activity on a monthly basis or more frequently. Conversely, less than half of the participants checked their credit score at least monthly. However, it is noteworthy that 61% of those under 45 years old regularly checked their credit score, significantly more than the 41% of older generations.
The importance of monitoring progress
It is widely acknowledged that monitoring progress is pivotal to achieving goals. Studies have indicated that individuals who jot down their goals and monitor their progress are twice as likely to succeed. Big business has recognized the significance of this approach, as evident in the implementation of SMART goals, which stands for specific, measurable, achievable, relevant, and time-bound goals. While tracking SMART goals may not be feasible for everyone, finding a system to monitor financial goals can lead to success.
Thanks to recent technological progress, individuals have access to tools that enable them to monitor and accomplish their goals. However, while it may be simpler to track fitness goals using a smartphone, the same cannot be said for monitoring financial goals. The effectiveness of tracking saving and spending with a financial smartphone app still lags behind fitness apps. Nevertheless, both sectors continue to be in demand, with improving finances closely trailing behind enhancing fitness in the new year, according to a Forbes survey.
The significance of tracking financial goals
Even though monitoring finances may not be as straightforward as tracking fitness, it has not hindered financial planners and economists from studying consumer savings behavior over the years. For instance, behavioral economics has subtly enhanced how many workers now save for retirement by introducing automatic savings increases for retirement plans. Additionally, establishing a pattern of on-time payments is the best way to improve credit scores.
The findings of the study reveal that more people regularly monitor their physical activity compared to their credit, which makes sense given that credit scores do not fluctuate as frequently as physical activity data. Nonetheless, there is still a necessity for ongoing monitoring of financial goals and credit scores to ensure long-term financial security.