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Nearly 80 percent of Americans report having at least one major financial regret, according to a new survey from Debt.com. The most common regret is delaying retirement savings, followed by credit card debt. The survey also found that the number of people holding six or more credit cards has increased to 16 percent. Additionally, 40 percent of cardholders owe between $5,000 and $15,000.
A Bankrate survey echoes these findings, showing that 77 percent of American adults have financial regrets, with not saving for retirement early enough being the top regret for 22 percent of respondents. This regret is particularly prevalent among Gen Xers and baby boomers.
The survey also highlights that 18 percent of Americans regret not saving enough for emergencies, while 14 percent regret incurring too much credit card debt. According to Greg McBride, Bankrate's Chief Financial Analyst, "That is the most common regret, but it looms largest for Gen Xers and baby boomers."
The Forbes Advisor study found that 81.6 percent of Americans regretted something about their financial decisions in 2023. The regrets include not saving more for retirement and not getting a high-yield savings account. Financial advisors emphasize the importance of shifting focus from past mistakes to future planning.
The financial landscape is further complicated by inflation, with 45 percent of respondents in the Bankrate survey stating that inflation has negatively impacted their ability to address their financial regrets.