80% of Americans Say They Have Financial Regrets — Here Are the Most Common Ones (2024)

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80% of Americans Say They Have Financial Regrets — Here Are the Most Common Ones? ›

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%).

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. 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.

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.

One approach is to focus on the lessons learned and how you've grown from the experience. Emphasize the actions you've taken to overcome challenges and improve yourself. Additionally, you can discuss how the regret has motivated you to make better decisions in the future and how it has shaped your character and values.

Nearly half of Americans will start 2024 in the red

While nearly three quarters of Americans (72%) say they have clearly defined personal finance goals for 2024, many will start in the red. According to the study, nearly half of Americans (46%) expect to have credit card debt heading into 2024.

Ultimately, with inflation taken into account, the majority of Americans are worse off financially compared with before the start of the pandemic. The Federal Reserve aims for a 2% annual inflation rate but has yet to bring inflation back down.

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.

What is the #1 regret of retirees? ›

Some of the biggest retirement regrets include: A vague financial plan. No retirement goals. Counting on long-term employment.

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.

77% of pre-retirees anticipate feeling happier on a typical day in retirement compared to 67% of current retirees who say they are happier. 75% of pre-retirees expect to feel less stressed, which matches retirees' experiences.

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.

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.

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.

According to our survey, the primary regret participants had over the past year was not saving any or enough money for retirement (20%). Other top regrets included not taking advantage of interest-bearing accounts, such as high-yield savings accounts and CDs (16%) and taking on too much credit card debt (15%).

Specifically, over half of our respondents regretted not having saved more, one third regretted not buying Long Term Care (LTC) insurance and not working longer, over a quarter regretted not having purchased lifetime income payments, a fifth regretted not delaying claiming social security benefits, and almost a tenth ...

Regret theory states that investors will feel regret if a wrong decision is made and will thereby consider this regret when making decisions. Regret theory can alter an investor's risk profile, causing them to be more risk-averse or risk-seeking than normal.