Money Matters - WalletHub Budgeting Survey

 U.S. households added around $90 billion in new credit card debt during 2024, according to WalletHub projections, so budgeting is understandably a top priority for many Americans heading into 2025. WalletHub’s 2025 Budgeting Survey, released last week, provides helpful context.

Key Findings:

• Top Priority: More than 2 in 3 Americans say that budgeting better is one of their top priorities for 2025.
  
• Biggest Challenges: 74% of Americans with a budget cite increasing costs as the biggest challenge they currently face when trying to stick to a budget.
  
• Over-Budget Penalties: 39% of people say they penalize themselves when they go over their budget.
  
• Dishonesty While Budgeting: Nearly 1 in 5 people admit they are not honest with themselves when making a budget.
  
• Budgeting in the Classroom: More than 9 in 10 Americans think budgeting should be taught in high school.
  
• Bad Google Results: 61% of Americans don’t trust Google to show them the best budgeting apps.
  
   

“Most Americans realize they need to budget better. In fact, more than two-thirds of respondents to a recent WalletHub survey say it’s a top priority for 2025. Improving your budgeting habits, spending less and saving more are easier said than done, however, especially given the obstacles people have in their way.

Nearly three-quarters of Americans with a budget cite increasing costs as the biggest challenge they currently face when trying to stick to a budget. Honest advice can be hard to find as well, considering that 61% of Americans don’t trust Google to show them the best budgeting apps. At the end of the day, unless budgeting is taught in the classroom - like 9 in 10 Americans support - we’ll continue to struggle with overspending.”

- John Kiernan, WalletHub Editor
 


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