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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%).
Are 77% of Americans anxious about their financial situation? ›
Indeed, most U.S. adults (76%) feel at least some level of anxiety about their personal finances, according to a November 2023 survey by Sleepfoundation.org. For many, this means worse sleep: 77% say they lose sleep over money worries at least some of the time.
What percentage of Americans are struggling financially? ›
The COVID-19 pandemic sent a painful shockwave through both the US and the global economy.
What is your biggest financial regret? ›
Here's what they said they'd take back and how you can avoid making the same (potentially costly) mistakes.
- Regret #1: Living in the moment & not saving enough for the future.
- Regret #2: Overspending & not living within your means.
- Regret #3: Taking on too much debt to reach your financial goals.
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 people who make $100,000 live paycheck to paycheck? ›
Living paycheck to paycheck by income
According to a recent PYMNTS report, as of November 2022, 76 percent of U.S. adults who make less than $50,000 are living paycheck to paycheck, compared to 65.9 percent of those making $50,000 to $100,000 and 47.1 percent making more than $100,000.
Are people struggling financially in 2024? ›
Inflation, lack of savings and credit card debt
Among those who consider themselves to be living paycheck to paycheck, financial stressors vary. Their worries are not surprising. Inflation has been rising in 2024, according to the Bureau of Labor Statistics, even if incrementally.
What percentage of Americans have no debt? ›
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.
What percent of Americans live paycheck to paycheck? ›
A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.
Is everyone struggling financially right now? ›
If you are facing financial stress right now, you are not alone. According to a recent Ramsey Solutions study, 34% of survey respondents indicated that they were either facing financial struggles or were actively in crisis.
1) “I wish I'd had the courage to live a life true to myself, not the life others expected of me.” 2) “I wish I hadn't worked so hard.” 3) “I wish I'd had the courage to express my feelings.” 4) “I wish I had stayed in touch with my friends.” 5) “I wish I had let myself be happier” (p.
What is the biggest financial mistake people make? ›
Here are five common money mistakes and steps you can take to avoid them.
- Not having an emergency fund. ...
- Paying off the wrong debt first. ...
- Missing out on employer matching contributions. ...
- Not having credit monitoring or an alert service set up. ...
- Allowing 'lifestyle creep' to occur.
Common reasons that people file for bankruptcy include loss of income, high medical expenses, an unaffordable mortgage, spending beyond their means, or lending money to loved ones. Often, bankruptcy is a result of several of these factors combined.
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 percentage of people retire at 50? ›
Retirement rates have declined, especially among older adults
| Age | Percentage Retired, 2002-2007 | Percentage Retired, 2016-2022 |
|---|
| 45-49 | 3% | 2% |
| 50-54 | 9% | 6% |
| 55-59 | 19% | 11% |
| 60-64 | 41% | 32% |
4 more rowsHowever, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved.
Do 72% of Americans feel stressed about money at least some of the time? ›
Financial well-being may have different meanings for different people. According to the American Psychological Association, Stress in American Paying with Our Heart reports almost 72% of adults report feeling stressed out about their finances or money at least some of the time.
How many Americans have financial anxiety? ›
The survey, which polled over 4,000 adults in the U.S., finds that three quarters of working Americans (74%) say they are stressed about their personal finances these days, which is slightly higher than the last Your Money survey (70%), and more than half of Americans (61%) consider themselves to be "living paycheck to ...
What percentage of Americans are stressed about money? ›
According 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. Money-related stress is not just a matter of simple dollars and numbers.
How many Americans feel financially stable? ›
Current Financial Situation. At the end of 2022, 73 percent of adults were doing at least okay financially, meaning they reported either "doing okay" financially (39 percent) or "living comfortably" (34 percent). The rest reported either "just getting by" (19 percent) or "finding it difficult to get by" (8 percent).
