Blog: 75% of Americans Say They Have Financial Regrets
By Jim Donovan
PHILADELPHIA (CBS) -- A whopping seventy-five percent of Americans say they have financial regrets, according to a new study by Bankrate.com. Among those Americans, the regrets that top their list include, not saving for retirement early enough (18%) and not saving enough money for emergency expenses (13%).
"Inadequate savings looms large among Americans' financial distress," said Bankrate.com Chief Financial Analyst Greg McBride, CFA. "Whether it's saving for emergencies or retirement, Americans' biggest financial regret is not saving enough."
Concerns about not starting to save for retirement early enough increase with age, and was the most cited financial regret for those aged 30 and up. 17% of those aged 30-49 had this regret, as did 24% of those 50-64, and 27% of senior citizens wished they'd started saving for retirement earlier.
Other areas that cause financial remorse include taking on credit card debt (9%), not saving enough for your children's education (8%) and excessive student loan debt (9%). Predictably, regrets about student loan debt are dominated by Millennials, with 24% of adults under the age of 30 naming it as their biggest financial regret.
To read the results of the entire Bankrate.com survey, click here.