Ready or Not: The Regions Next Step Survey Takes Americans Financial Pulse; Free money management tools available
Regions Next Step provides free tips and tools to help people prepare financially for the New Year and beyond.
Bank of regions on Wednesday announced the results of a new survey that found Americans do not feel financially ready for the coming year. But there’s also good news: there are free resources available to help you.
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Regions Next Step, the bank’s no-cost financial education program for people of all ages, provides free tips and tools to help people prepare financially for the New Year and beyond. (Photo: Business Wire)
The survey was conducted by Regions Next step, the bank’s no-cost financial education program for people of all ages, whether or not they bank with the regions. According to the survey, more than a third of Americans (36%) do not feel financially ready at the dawn of 2022. Despite this feeling, the survey reveals that only one in 10 respondents (11%) planned to do so. at least one financing-related New Years resolution. This varies by gender, with women being twice as likely as men to make a financial resolution (14% of women vs. 7% of men). It also varies by age, with 20% of adults between the ages of 18 and 34 setting these kinds of resolutions, compared to 10% of those 35 to 54 and 5% of those over 55.
Among those who set money-related resolutions, the survey found that saving more is a top priority – although people often have more than one finance-related goal. When asked to select all of the reasons they make financial resolutions, 56% said they are working to increase their savings, and 50% also said they try to minimize money worries. These reasons were followed by deleveraging (44%), decreasing spending (40%), learning smarter money management skills (36%), increasing credit score ( 34%) and the completion of a major purchase (22%). .
The results also show that there are knowledge gaps when it comes to saving for life’s major events, dealing with unforeseen medical expenses, and buying or refinancing a home, with just 19% of respondents feeling very well informed about each.
âWhether you’re setting a New Year’s resolution or just want to improve your financial well-being, the start of a New Year is a great time for a financial refresh. Thinking about last year and setting goals for the coming year can help you stay on track and gain more financial control, âsaid Joye Hehn, Next Step Financial Education Manager for Regions Bank. . âRegions Next Step offers tips and resources to help people build financial habits and learn money management skills to be better prepared to face financial challenges that may arise while continuing to achieve their goals. . ”
To celebrate the New Year, Regions Bank highlights the free resources that the company makes available throughout the year. This includes Regions’ weekly webinar series, which provides practical information and advice on key personal finance topics, such as money management, credit, and homeownership. Participants have access to knowledgeable professionals from the regions who can help them with personalized and individual follow-ups and individual questions. These webinars are open to anyone, whether or not they have a Regions account, and participation is free. Full schedule and registration details are available on this link, and new dates and topics continue to be added.
âWith the New Year, there are new opportunities for people to set and achieve their financial goals. At Regions, we aim to help them every step of the way, âsaid Rob Lindsey, Financial Wellness Program Manager for Regions Bank. âThrough Next Step programming, like the weekly webinar series, through our branch network and collection of online resources, Regions provides engaging and actionable financial advice to help people work and achieve their goals.â
To help people feel better financially prepared in 2022 and beyond, Regions Next Step also recommends the following:
- Plan monthly financial tasks. Create a calendar with financial priorities for each month of the year to help keep you on track towards your goals. Here’s a tip for January: Check your withholding status at work to make sure you’re taking advantage of all possible deductions. Start with the calendar in This article, or create one that best suits your financial needs.
- Get organized. The good news is that organizing can help reduce stress, so plan to get organized in the New Year. Now is a great time to assess your spending from last year and then set expectations or goals for the coming year based on the lessons you’ve learned. Explore the various online tools, apps, and calculators that can help you create a spending plan to meet your financial goals. Some apps offer features that make saving fun and motivating, such as the ability to create common goals with family or friends. Once you have your goals and plan, there are a wide variety of digital tools to help you track spending, pay off debt, and find deals on daily spending. Many banks also provide user-friendly financial management tools for budgeting, saving, investing, and more.
- Pay yourself first when saving for a goal. Make paying yourself a priority by setting aside a certain portion of your income each month. Do this before spending on discretionary items. If you don’t get the same amount every week or month, it helps to put some money aside to cover any dips. For your convenience, consider setting up automatic deposits to your savings account on payday.
- Build and maintain an emergency savings fund. Having an emergency fund is essential to manage unforeseen expenses. Some examples include car or home repairs, medical bills, or a sudden loss of income. Try to set aside three to six months of income. It is recommended that you keep these funds separate from any other checking or savings accounts so that you know that they are not part of your general monthly operating expenses. to listen this podcast for more advice on how to grow this fund.
- Set savings goals. Saving even a little on a regular basis can really add up over time. Set smaller savings goals along a timeline towards a goal. There are different ways to start. Consider saving a percentage of your tax refund as an easy way to start. Try the regions’ 52 week savings challenge, and watch your savings grow as you set aside a little bit of money each week.
- Pay off credit card balances strategically. Some people like to use the snowball method to pay off debt, paying off one credit card completely before tackling the next. If you are trying to increase your credit score, try this alternative and focus on using your revolving credit limit at 30% or less. Paying off the balance before the end of the billing cycle helps ensure that the card issuer also reports the lowest balance to the credit bureaus. For more credit advice, join the Next Step Your Credit Report webinar. Dates and registration details are available on this link.
For more tips on budgeting, saving, and planning for financial goals and needs, visit Regions.com/NextStepFamilyBudget.
The Regions Next Step omnibus survey questions were part of a national online survey that took place between October 5 and 6, 2021. The survey reached 1,228 American adults. Results are weighted and are representative of all American adults (18+).
About the Regions Financial Company
Regions Financial Corporation (NYSE: RF), with $ 156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of personal and commercial banking services, wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and approximately 2,000 ATMs. Regions Bank is an equal housing lender and member of the FDIC. Additional information about Regions and its full range of products and services can be found at www.regions.com.
About Next StepÂ® regions
Regions Next Step is Regions Bank’s financial education program, offering a free collection of action-oriented tips, tools and resources. Next Step is designed to simplify financial topics, help people of all ages and businesses of different sizes stay on track and reach their financial goals. Resources are available online, in person, virtually, and in English and Spanish. In 2021, Next Step provided financial education to over 1.1 million people across the company’s footprint, conducted approximately 112,000 financial wellness workshops, received 1.9 million pages Financial Education Content Views and Associates volunteered 2,800 hours in Financial Education. Additional information and resources are available at Regions.com/NextStep.