Sixty-nine percent of American adults decide a money related goal for the new year – and 74% of them are confident that they will be able to achieve it, according to a survey by Motley Fool Money.

Unfortunately, many of them may find it difficult to maintain that level of optimism in January and beyond.

When it comes to personal financeUS respondents are unsure how much they know: only a third (36%) consider themselves confident in financial knowledgethe last one REPORT from professional survey software provider found Checkbox.

Related: Are you on track for a comfortable retirement? Here's how much money you should save each month depending on your age and state.

So it is perhaps not surprising that Americans' savings habits AND retirement planning are not necessarily setting them up for success in their golden years.

Checkbox research reveals that 40% of Americans save less than 5% of their income.

According to LendingTree dataThe median salary in the US in 2023 was $65,470, which means people can set aside up to $273 a month for emergency funds OR retirement accounts.

Seventy-seven percent of Checkbox survey respondents said a high cost of living prevented them from saving more, but 10% said they planned to open savings accounts and 17% felt they would be able to save more effectively if they had better financial knowledge.

Related: Your retirement savings won't last if you make these 3 common mistakes, warns financial advisor

Nearly 60% of Americans feel insecure about themselves retirement plansaccording to Checkbox data.

Over a third of Americans have no retirement plan at all, and of those who do have a retirement strategy, only a quarter started preparing before age 25. Almost half (42%) of them are saving for retirement with a “basic 401 thousand scheme”, while 24% feel they don't know enough about their retirement savings options.

“For all ages, it's important to speak with an advisor who can help create a customized path specific to your financial goals and set you up for a retirement lifestyle”, Stacey Black, Chief Financial Educator at Boeing Employees Credit Union (BECU), he said The entrepreneur in August.

Related: Are you actually on track to retire well? A financial expert reveals the milestones to reach at every age – plus 3 common oversights.

According to Black, it's also important to consider how much you'll need to save between rising costs and inflation — because what looks like a “comfort nest egg“Today may not provide sufficient financial stability in the future.