19 July 2023
A recent Bankrate survey reveals that financial regrets are pervasive among U.S. adults, with a staggering 74 percent expressing remorse over their financial decisions. From failing to save for retirement early enough to taking on excessive credit card debt or not setting aside enough for emergencies, it’s clear that many Americans are grappling with the consequences of past choices.
Greg McBride, Bankrate’s Chief Financial Analyst, highlights the striking trend: “Despite rising debt levels and higher interest rates, regrets over lack of savings continue to outpace regrets related to debt.” This sentiment is echoed by a substantial portion of Americans who feel that their top financial regret stems from not saving enough for retirement, emergencies, or their children’s education, rather than regretting the accumulation of credit card debt or student loan debt, or buying a home beyond their means.
The survey findings also shed light on generational differences. Baby boomers, aged 59-77, are most likely to lament not starting retirement savings early enough, with 34 percent expressing this regret. In contrast, only 11 percent of millennials and a mere 5 percent of Gen Zers share the same sentiment.
Younger Americans, particularly Gen Zers and millennials, reported the highest increases in stress compared to the previous year, highlighting the long-lasting impact of financial regrets on their well-being.