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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 are Americans biggest regrets? ›
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.
Almost half of Americans say they are having a hard time staying where they are financially, according to a new poll. The poll, conducted by Monmouth University's Polling Institute and released Wednesday, found 46 percent of Americans surveyed said they are struggling to remain where they are financially.
What percent of Americans worry about money? ›
Additionally, more than half of Americans (55%) report having a love-hate relationship with money and that they: Sometimes overfocus on how much money they have or don't have (60%) Always worry about money even when they have enough (56%)
How many Americans are financially insecure? ›
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.
What is the no 1 thing people regret? ›
1. I wish I'd had the courage to live a life true to myself, not the life others expected of me. This was the most common regret of all. When people realize that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled.
Do 75% Americans regret moving? ›
Over half (53%) said the total cost of moving was higher than they expected, and a full 86% of those who moved last year have regrets. Despite the high cost, 75% of respondents say they're glad they moved.
How many Americans are living paycheck to paycheck? ›
How Many Americans Are Living 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.
What population of US has no savings? ›
Do You? 20% of adults ages 50+ have no retirement savings, 61% worry they won't have enough at retirement, as per new AARP survey.
What percentage of the US is considered wealthy? ›
Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
Key Takeaways. More than one in four Americans (28%) have savings below $1,000. This is the case for 32% of Gen Zers, followed by Millennials at 31%, Gen X at 27% and Baby Boomers at 20%.
What percentage of Americans have more than $100000 in savings? ›
How many Americans have $100,000 in savings? About 26% of U.S. households had more than $100,000 in savings in retirement accounts as of 2022, according to USAFacts, a nonprofit organization that analyzes data from the Federal Reserve and other government agencies.
What percentage of Americans have 500 dollars saved? ›
Nearly Half of Americans Don't Have $500 in Savings
According to the survey, 49% of Americans have $500 or less in their savings account, with 36% reporting they have less than $100 saved up. This means that a small financial upset can cause these households to end up in debt — or more debt.
What is a good net worth by age? ›
Average net worth by age
| Age by decade | Average net worth | Median net worth |
|---|
| 20s | $99,272 | $6,980 |
| 30s | $277,788 | $34,691 |
| 40s | $713,796 | $126,881 |
| 50s | $1,310,775 | $292,085 |
4 more rowsCurrently, 72% of upper-income, 42% of middle-income and 25% of lower-income Americans rate their situation as excellent or good. Another question in the survey finds 62% of Americans saying they have enough money to live comfortably, similar to the 64% recorded last year but down from 2022 (67%) and 2021 (72%).
How much savings does an average American have? ›
The average American has $65,100 in savings — excluding retirement assets — according to Northwestern Mutual's 2023 Planning & Progress Study. That's a 5% increase over the $62,000 reported in 2022.
Which of the following was one of the top 6 regrets of US adults? ›
Their findings revealed the following six biggest regrets (in order of frequency): education (“I should have studied harder”), career (“I should have become a dentist”), romance (“I wish I'd married Jake instead of Bill”), parenting (“I wish I'd spent more time with the kids”), self-improvement (“I should have started ...
What is the biggest regret in your life? ›
Most people (72 percent) feel regret related to their ideal self as opposed to their ought self (28 percent). In fact, when asked to name their single biggest life regret, 76 percent of participants cite an action they did not take that would have helped them realize their ideal self.
Do most Americans never leave America? ›
Roughly three-quarters of Americans (76%) have visited at least one other country, including 26% who have been to five or more. About a quarter (23%) have not traveled internationally, though most in this group say they would if they had the opportunity.
Are Americans hurting financially? ›
Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.
