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Try as we might to live without regrets, we’re all bound to have a few — and when it comes to money, many Americans say they wish they'd done things differently.
The majority of U.S. adults have regrets about their financial choices, from not saving enough for emergencies to missing out on opportunities to invest, according to recent poll results. Nearly half of those surveyed said they don’t even have enough cash to cover three months of expenses if they were to lose their source of income.
These insights come from personal finance software company Quicken, which surveyed about 1,000 Americans in November and found that a whopping 80% said they have have financial regrets. The top regrets included not having a big enough emergency fund (mentioned by 28% of respondents), not investing aggressively enough (25%) and not buying a house when they were younger (22%).
Most of the people polled said that managing a mortgage can be tricky, but three-quarters said homeownership is a good way to build net worth. That’s easier said than done for most Americans lately, given that elevated mortgage rates and high home prices have made homeownership unaffordable for the average family. It makes sense, then, that people are kicking themselves for not making a purchase when mortgage rates were at historic lows a few years ago.
Smaller swathes of respondents also said they regret lending money to a friend or family member, borrowing money from a friend or relative, and not investing in stocks. (FYI: If you're interested in learning how to buy stocks, Money has a guide that'll walk you through it.)
Generationally speaking, a much smaller share of baby boomers (72%) said they had financial regrets compared to younger generations. Millennials (84%) were the age group most likely to own up to having money regrets, while a little more than 80% of Gen Zers and Gen Xers said the same.
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Advice for the ages
Respondents overwhelmingly agreed that saving for retirement and living within your budget are the most important priorities regardless of age. They also said that it’s crucial to build strong credit early in adulthood and then stay out of debt in the decades leading up to retirement. By the time retirement rolls around, respondents said the most important financial priority is making sure they have enough income to last the rest of their lives.
That said, retirees have regrets of their own. In a separate survey published last spring, more than 60% of retirees said they would plan their retirement differently if they could do it over.
Following your own advice can be tricky. The Quicken survey found that while 81% of respondents said it’s crucial to pay off their credit card, almost half said they usually carry a credit card balance.
To be fair, credit card debt has become a problem for a lot of Americans the past few years thanks to inflation and the Federal Reserve’s subsequent interest rate hikes. The average annual percentage rate (APR) on credit cards is above 21%, the highest at any point since the Fed started tracking rates.
There is some good news on the horizon, though: The central bank has indicated that it plans to start lowering interest rates sometime this year, which should eventually tamp down those inflated APRs and make it cheaper for Americans to borrow money. Still, you may want to proceed with caution lest you regret it later.
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FAQs
The top regrets included not having a big enough emergency fund (mentioned by 28% of respondents), not investing aggressively enough (25%) and not buying a house when they were younger (22%).
What percentage of Americans are struggling financially? ›
80% of Americans Are Still Struggling Financially 4 Years After COVID-19.
What percentage of Americans don't save money? ›
Nearly one in four (22%) of U.S. adults have no emergency savings at all, Bankrate found—the second-lowest percentage in 13 years of polling. That's especially bad news given that most Americans would need at least six months of emergency savings to feel comfortable day-to-day.
What percentage of people regret their retirement? ›
1. Twenty-six percent of retirees have regrets. Not surprisingly, retirees' biggest regret is financial, with 78% saying they're sorry they didn't save enough money or prioritize their finances. Fifty-two percent regret not having prioritized their health, and 28% that they didn't achieve a good work-life balance.
What percent of Americans had no savings at all? ›
Nearly one in three (30 percent) people in 2023 had some emergency savings, but not enough to cover three months of expenses. This is up from 27 percent of people in 2022. Note: Not all percentages total 100 due to rounding. Also, nearly one in four (22 percent) U.S. adults said they have no emergency savings.
Why are Americans struggling financially right now? ›
After inflation, high interest rates, unattainable housing prices and other economic factors, 50 percent of U.S. adults say their overall personal financial situation is worse than it was in November 2020, according to October 2023 Bankrate polling.
Are people struggling financially in 2024? ›
A third of American adults in Northwestern Mutual's 2024 Planning & Progress survey said they don't feel financially secure. That's up from 27% in 2023 and the highest measure going back to 2012.
Can $1000 last a month? ›
The harsh truth is that $1,000 per month is very hard to live on, even if you lower your costs to the bare minimum. With inflation causing the prices of goods and services to increase every year, $1,000 a month will become harder and harder to live on going forward.
How many Americans have $10,000 saved? ›
Majority of Americans Have Less Than $1K in Their Savings Now
| How Much Do Americans Have in Their Savings Accounts? | | |
|---|
| $1,001-$2,000 | 10.60% | 9.81% |
| $2,001-$5,000 | 10.60% | 10.64% |
| $5,001-$10,000 | 9.20% | 9.51% |
| $10,000+ | 12.60% | 13.48% |
4 more rowsMar 27, 2023
Personal Savings in the U.S.
18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up.
Claiming Social Security benefits too early. Nearly one in five respondents (19%) regretted claiming Social Security retirement benefits too early. The older the respondents were, the more likely they were to express this regret.
What is the average lifespan after retirement? ›
According to their table, for instance, the average remaining lifespan for a 65-year-old woman is 19.66 years, reaching 84.66 years old in total. The remaining lifespan for a 65-year-old man is 16.94 years, reaching 81.94 years in total.
What is the biggest mistake most people make in regards to retirement? ›
Failing to Plan
The biggest single error mistake may be pretending retirement won't ever arrive when, for a large majority of people, it does. About 67.8% of men born in 1980 will live to age 65, according to the Social Security Administration. For women, the figure is 80.9%.
Can I retire at 65 with 500k? ›
The short answer is yes, $500,000 is enough for many retirees. The question is how that will work out for you. With an income source like Social Security, modes spending, and a bit of good luck, this is feasible. And when two people in your household get Social Security or pension income, it's even easier.
How to retire at 60 with no money? ›
Get a Part-Time Job or Side Hustle. If you're contemplating retirement with no savings, then you may need to find ways to make more money. Getting a part-time job or starting a side hustle are two ways to earn money in your spare time without being locked into a full-time position.
Is 100K in retirement by 30 good? ›
“By the time you're 40, you should have three times your annual salary saved. Based on the median income for Americans in this age bracket, $100K between 25-30 years old is pretty good; but you would need to increase your savings to reach your age 40 benchmark.”
How many people are financially underserved in the US? ›
TransUnion releases global study that underscores the importance of financial inclusion
| Region | Number of unserved consumers | Number of underserved consumers |
|---|
| United States | 8.1M | 37M |
| Canada | 2.1M | 7.5M |
| Colombia | 16.3M | 7.1M |
| Hong Kong | 1.0M | 1.8M |
2 more rowsAccording to a recent CNN survey, 71% of Americans identify money as a significant cause of stress in their lives. Further, 76% of households live paycheck-to-paycheck and credit card debt is growing.
What percent of people in the US are broke? ›
Key Findings. 48.6% of Americans consider themselves to be “broke,” and 66.2% feel they are “living paycheck to paycheck.” There is a gender gap in the results: Females are more likely to consider themselves “broke” at 55.8%, compared to males at 41.1%.
How many Americans struggle with budgeting? ›
Key findings
The survey found that 83% of Americans say they overspend, and a similar proportion who have a monthly budget (84%) say they exceed it. Of those who've ever gone over their monthly budget, 44% say they usually use a credit card to pay for the additional purchases they make when going over budget.
