Nearly three out of four Americans have financial regrets, with the most common being the failure to start saving for retirement early enough, according to a new survey from Bankrate. The survey highlights the financial anxieties Americans face amid economic uncertainties, including inflation and potential recession.
Key Takeaways
- 74% of Americans have financial regrets.
- The most common regret is not starting to save for retirement early enough (21%).
- Other significant regrets include too much credit card debt (15%) and insufficient emergency savings (14%).
- Financial regrets are linked to higher stress levels.
- Baby boomers are the most concerned about retirement savings.
Financial Regrets in America
According to the Bankrate survey, 74% of adults have financial regrets. The most prevalent regret, cited by 21% of respondents, is not starting to save for retirement early enough. Other notable regrets include:
- Too much credit card debt (15%)
- Not enough saved for emergencies (14%)
- Excessive student loan debt (5%)
- Insufficient savings for children’s education (3%)
- Purchasing an unaffordable home (3%)
- Other financial regrets (12%)
Age and Financial Concerns
The survey reveals that financial concerns vary by age group. Baby boomers (ages 59-77) are the most worried about not saving for retirement soon enough, with 34% expressing this regret. This concern decreases with younger generations:
- Gen X (ages 43-58): 26%
- Millennials (ages 27-42): 11%
- Gen Z (ages 18-26): 5%
Younger respondents are more likely to worry about not having enough saved for emergencies.
Financial Regrets and Stress Levels
Financial regrets are closely linked to higher stress levels. Nearly half (48%) of those with financial regrets reported increased stress levels over the past year, with 21% experiencing a significant rise in stress.
Survey Details
The survey, conducted by YouGov Plc on behalf of Bankrate in mid-June, included 3,684 U.S. adults, of which 2,733 reported having financial regrets.
