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72% of Americans would slow financial progress for life experiences

The SoFi survey of more than 4,000 U.S. adults found only about one in three carries a debt balance for social or milestone events.

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CNBC Markets highlights a SoFi survey showing that 72% of Americans say they would be willing to make slower progress on financial goals so they can prioritize family, vacations, and meaningful experiences.

The survey, fielded in July and based on more than 4,000 U.S. adults, also found Americans are pursuing common goals such as buying a home, saving for retirement, and supporting their families, even if that means taking longer to reach targets.

SoFi’s Brian Walsh, a certified financial planner and head of advice and planning, said the approach comes down to prioritizing what matters most and allocating budget accordingly.

The report also flags potential downside: Americans continue to spend on experiences that have become more expensive in recent years, and Walsh warns that overspending now can leave people in a precarious situation later.

SoFi found that just 1 in 3 U.S. adults has taken on a debt balance for social, family, or milestone events, and Walsh cautioned that carrying credit card balances can lead to interest accruing and compounding over time.

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