Study Shows Americans Are Adapting Financial Plans for 2023

A recent study from Fidelity found that many Americans are feeling uncertain and concerned about a potential coming recession or other shifts in the economy. The 2023 New Year’s Financial Resolution Study finds that Americans are mostly focused on financial resolutions due to shifting economic issues and inflation.

In fact, 1/3 of survey respondents said their financial situation is worse this year than last year, and only 65% said they believe they’ll be better off in the coming year. That’s compared with last year’s numbers of 72% of people feeling they were going to be better in the coming year. Half of the survey respondents reported that they want to plan ahead and live more sensibly in the coming year.

Many people are stepping back to look at their overall financial picture and to figure out the best ways to move forward and protect their interests. When there’s so much uncertainty at stake, it can be beneficial not just to review your financial plan and strategy, but also to think about adapting your estate plan. You may need to reevaluate different financial opportunities and set aside more savings for yourself, especially if you’re anticipating a potential healthcare expense in the future or leaving the workforce sooner than you expected.

Looking over your financial plan and your estate plan are great tasks to be done together.

Working with a qualified and knowledgeable estate planning lawyer helps you plan ahead for what might happen if you experience an unexpected financial or health-related issue, and it also gives you clarity and peace of mind over how you’re structuring your plan for the future for your heirs. Set aside a time to meet with an experienced and knowledgeable estate planning lawyer to learn more.