5 Money Moves People Are More Likely to Make Now — and 3 They May Avoid

Americans have a reputation for being an optimistic lot. And while their hopeful nature has been tested in recent years, they appear to be looking forward to the rest of 2024.

Almost half of 675 financial advisors say their clients are more optimistic this year than they were in 2023, according to the 2024 CFP Professionals Financial Outlook Survey.

In addition, more than 6 in 7 advisors say their clients’ outlook is positive overall, ranging from “somewhat positive” to “very positive.”

That sunny slant on the future has folks ready to spend money in many areas of their lives — although they are still reluctant to take other types of chances.

Here are a handful of money moves people are more likely to make in 2024 — and three things they are planning to avoid.

5. Get medical care

CFPs who said their clients’ financial outlook makes them more likely to do this: 21%

During tough times, people often put off expensive medical care and procedures. In addition, some folks recently had to postpone care due to the lockdowns during the COVID-19 pandemic.

Now that they are more optimistic — and with the pandemic largely over — more people appear ready to spend on health services.

If you are planning to visit your doctor soon, check out “7 Ways Anyone Can Save on Out-of-Pocket Health Care Costs.”

4. Retire

CFPs who said their clients’ financial outlook makes them more likely to do this: 35%

Deciding to retire creates a mixture of excitement and anxiety. Even if you have been looking forward to quitting work for years, it can be scary to contemplate life without a steady paycheck.

When your personal fortunes take a turn for the better and your outlook brightens, it’s a little easier to take the plunge and begin your golden years.

Before you retire, be sure to read “7 Signs Early Retirement Would Be a Mistake.”

3. Take a vacation

CFPs who said their clients’ financial outlook makes them more likely to do this: 43%

The COVID-19 pandemic also kept many folks at home as travel opportunities quickly dwindled. But that awful time is behind us now, and millions of people continue to plan vacations as they make up for lost time.

If you are ready to satisfy your wanderlust, find out how to do it cheaply in “7 Ways to Travel the World for Free.”

2. Make a home repair/renovation

CFPs who said their clients’ financial outlook makes them more likely to do this: 45%

People are a little less interested in buying a new home in 2024 — more on that later in this story.

Because folks are more likely to stay put this year, many are deciding to renovate the homes they live in to give them a new look.

If you are planning a renovation, check out:

• “17 Home Renovations That Add Value to Your House“
• “13 Ways to Save on Bathroom Renovations“

1. Start investing or increase their investments

CFPs who said their clients’ financial outlook makes them more likely to do this: 57%

In 2022, the stock market sank and stayed parked in the doldrums. Last year, stocks rebounded sharply.

Perhaps that upswing renewed optimism in investors, as many of them say they are more likely to put money to work during 2024.

Ready to get started investing? Money Talks News founder Stacy Johnson offers tips for newbies in his podcast “How to Start Investing — No Matter How Much Money You Have.” You may also want to schedule a free consultation with a financial advisor.

Money moves people are less likely to make

While people are more likely to open their wallets for a host of things this year, they plan to be a little more tightfisted in some other areas. Here are a few things their financial outlook makes them less likely to do in 2024.

3. Get married

CFPs who said their clients’ financial outlook makes them less likely to do this: 12%

The CFPs surveyed said their clients appear to be a bit less likely to marry based on their 2024 financial outlook. No reason was given for why this might be the case.

2. Start a family

CFPs who said their clients’ financial outlook makes them less likely to do this: 20%

Perhaps it’s no surprise that people who are less likely to marry due to their financial outlook are also leaning against starting a family.

1. Purchase a home

CFPs who said their clients’ financial outlook makes them less likely to do this: 44%

As the supply of homes dwindles and mortgage rates rise, fewer people are interested in owning a home this year.

If you are thinking of bucking the trend and buying a home anyway, make sure you don’t exhibit the “7 Signs That You’re Not Ready to Buy a Home.”