May 23, 2018
When it comes to financial regrets, not saving enough money tops the list, according to a new survey by Bankrate.com.
People regret that they did not save enough for retirement, for their children's education and for emergency expenses. And yet, nearly half (49 percent) of the adults surveyed say they have not started to do anything about that.
- Nearly 2 in 5 (39%) Americans say their biggest financial regret is not saving enough. Eighteen percent wish they started saving for retirement earlier, 14% regret not saving enough for emergency expenses and seven percent would have liked to have saved more for their child(ren)’s education.
- 20% cite debt as their chief financial regret; this includes taking on too much credit card debt (10%), taking on too much student loan debt (8%) and buying more house than they can afford (2%).
- Even amongst Millennials (ages 18-37), not saving enough for emergencies is a bigger regret than taking on too much student loan debt (22% to 18%).
Bankrate's chief financial analyst Greg McBride reminds us that "time is your greatest ally when saving for the future."
There's no time like the present to increase your 401(k) contributions or fund your IRA. And take some money out of every paycheck to build-up that all-important emergency fund.