Spending and Saving Better in the New Year: Americans will spend an average of $4,700 to achieve their New Year's Resolutions
MWN-AI** Summary
As 2026 approaches, many Americans are prioritizing self-improvement and are prepared to invest significantly in achieving their New Year's resolutions. According to the CIT Bank's 2026 New Year’s Resolution Saving and Spending Survey, 42% of Americans intend to set resolutions, anticipating an average expenditure of $4,700 to realize their goals. Notably, financial resolutions dominate the list, with 55% of respondents focusing on budgeting, saving, investing, or debt reduction.
Gender differences emerge in spending patterns and saving strategies. Men expect to invest more than women, planning to spend approximately $5,360 on their resolutions, compared to $4,000 for women. The survey reveals that men aged 35-54 are the highest spenders, intending to allocate over $6,000. Among the various categories of resolutions, personal-life aspirations—such as travel, hobbies, and quality time with loved ones—are the most expensive, with an average budget of $3,047.
When it comes to financial goals, men tend to be more proactive, favoring investments and credit-building strategies. They are also more likely to seek financial advice and leverage technology for saving, such as budgeting software and automated deposits. In contrast, women are more inclined to cut spending and pursue additional work to enhance their income.
Fundamentally, a majority of Americans (81%) are saving with specific goals in mind for 2026, predominantly for travel or vacations. This intentional approach to saving reflects the importance of having a clear target, which can enhance motivation and commitment to financial plans. As individuals gear up for the new year, utilizing tools like high-yield savings accounts can help streamline their efforts toward achieving their aspirations.
MWN-AI** Analysis
As we approach 2026, Americans are gearing up to invest significantly in self-improvement, with expectations to spend an average of $4,700 on New Year’s resolutions. Notably, 55% of resolvers aim to prioritize financial goals, such as budgeting, saving, or paying off debt. This commitment presents a vital opportunity for individuals and businesses alike to rethink their financial strategies.
For those setting financial objectives, it’s crucial to recognize the gender disparity in saving and investing behaviors. Men generally spend more and engage in investment opportunities more than women do. Therefore, businesses targeting financial products or services should tailor their offerings to engage women, particularly by promoting resources and financial education aimed at bridging this gap.
To maximize savings, consider a high-yield savings account, such as CIT Bank's Platinum Savings, which offers favorable rates compared to traditional banks. Automation is also key; features like recurring transfers and automated deposits can transform saving into a streamlined process, reducing the temptation to overspend. With 81% of Americans saving for specific goals, it’s essential to create dedicated savings buckets for various priorities, from vacations to emergency funds.
Moreover, the trend indicates a growing preference for financial technology among men; however, women show a tenacity for reducing expenditures and exploring additional income sources. Financial advisors and institutions should capitalize on these behaviors by offering customized advice and tools that resonate with individuals' saving styles.
Ultimately, the New Year presents a compelling moment to reassess personal finances. By setting clear savings goals and using available financial tools, both individuals and businesses can thrive in this environment of positive financial attitudes.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
RALEIGH, N.C., Dec. 4, 2025 /PRNewswire/ -- Self-improvement is a priority for many Americans as 2026 approaches — and they're willing to invest in it. 42% of Americans plan to set New Year's resolutions in 2026, and they expect to spend an average of $4,700 to achieve their goals, according to data from CIT Bank's 2026 New Year's Resolution Saving and Spending Survey conducted by Harris Poll1. Money is top of mind for many Americans. Of those who plan to make resolutions, 55% are committed to financial resolutions such as budgeting, saving, investing, paying off debt, or building credit.
"A new year can bring a burst of energy and a fresh perspective. It's a great time to look at your goals and create a savings plan that aligns with what you hope to achieve," said Jose Castro, head of CIT Bank, a division of First Citizens Bank. "Maximizing your savings with a high-yield savings account such as Platinum Savings, with rates more competitive than your everyday bank, can help you reach your savings goals faster. CIT Bank customers can also create savings buckets within their account, dividing their balance between goals like vacation, emergency fund, education and more."
Americans are spending on the life they want
Americans who are making New Year's resolutions in 2026 are showing real commitment to the life they want, expecting to spend an average of $4,700 on achieving their goals in 2026. Spending on these goals varies by gender, as men plan to spend a bit more than women ($5,360 compared to $4,000). Also, the highest-spending group surveyed was men ages 35-54, who expect to invest more than $6,000 in their resolutions over the year. Men with health-related resolutions plan to spend more than twice as much as women with the same resolution ($1,500 for men and $738 for women).
The costliest category of New Year's resolutions is personal-life resolutions. These include meaningful life experiences such as travel, hobbies, and spending more time with family and friends. Americans whose New Year's resolutions fall into this category are budgeting an average of $3,047 for their goals, including an average of $1,251 for travel, $768 for meals and entertainment, and $400 for hobby supplies and materials. Men are willing to spend almost twice as much on hobby supplies as women ($560 vs. $238).
Saving styles differ by gender
Most men and women (73% of those making resolutions) are prioritizing a financial goal in 2026. However, each gender is going about it a little differently. Men are more likely than women to lean into investing (55% of men vs. 37% of women), building or improving their credit score (49% of men vs. 35% of women), or contributing to plans such as 401(k), IRA, and HSAs (39% of men vs. 26% of women).
Men are also more likely to tap into other resources, like hiring a financial advisor (42% of men vs. 18% of women) or moving their savings to higher-yield accounts (43% of men vs. 19% of women). They are also more open to using technology, such as budgeting software (36% of men vs. 23% of women) and scheduling automatic deposits to savings or investments (39% of men vs. 27% of women).
"Automating your savings is one of the most effective, evidence-based methods to save money over time," Castro said. "We recently introduced the SmartSaver suite of tools, which offers customers three ways to automate their savings: recurring transfers, direct deposits, and a feature called Savings Boost that uses a personalized algorithm to sweep small amounts of money from your everyday checking account into your CIT Bank high-yield savings."
To help reach their financial goals, women are ready to reduce spending (65% of women vs. 55% of men), take on additional work to earn more money (46% of women vs. 42% of men) or create a goal-based savings account (50% of women vs. 44% of men).
Saving with a goal in mind
Whether or not they call it a New Year's resolution, most Americans (81%) are saving with one or more specific goals in mind for 2026. Travel or vacation is the most popular goal, with 40% of savers. Other top savings goals include purchasing a car (25%), buying a house (21%), investing in education (11%), starting or growing a family (10%), and planning a wedding or other big event (7%).
"Having a goal in mind makes it easier to visualize and emotionally connect with the act of saving money," Castro said. "CIT Bank customers can create savings buckets within their account, dividing their balance between goals like vacation, emergency fund, education, and more."
CIT Bank is an FDIC-insured, top-10 online bank backed by the strength and stability of First Citizens Bank. It's committed to growing and preserving members' savings safely and securely, whether that savings plan is for a new house in the New Year or a trip to Cabo.
For tips on how to achieve your financial goals and how to save money while achieving your resolutions in 2026, check out the latest CIT Bank blogs, How to save more money in 2026 and Top tips to achieve your New Year's resolutions.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches nationwide and offices in 23 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
1 This survey was conducted online within the United States by The Harris Poll on behalf of CIT Bank from November 4-6, 2025 among 2,088 adults ages 18 and older. The sampling precision of Harris online polls is measured using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. |
Contact:
Angela English
803-931-1854
angela.english@firstcitizens.com
SOURCE First Citizens Bank
FAQ**
How might the financial resolutions prioritized by Americans, particularly in relation to spending an average of $4,700, affect the investment strategies for companies like First Citizens BancShares Inc. Class A Common Stock FCNCA?
Given the trend of Americans allocating significant funds to self-improvement and financial goals, how could this impact the stock performance of financial institutions such as First Citizens BancShares Inc. Class A Common Stock FCNCA?
With men and women prioritizing different saving and spending strategies in 2026, how might these consumer behaviors influence the market positioning of First Citizens BancShares Inc. Class A Common Stock FCNCA?
Considering that 81% of Americans are saving with particular goals in 2026, what opportunities could arise for financial institutions like First Citizens BancShares Inc. Class A Common Stock FCNCA to offer tailored saving and investment products?
**MWN-AI FAQ is based on asking OpenAI questions about First Citizens BancShares Inc. Class A Common Stock (NASDAQ: FCNCA).
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