Study finds that America’s top financial regret is failure to save

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FILE – In this June 15, 2018 file photo, cash is fanned out from a wallet in North Andover, Mass. Only 33% of American adults follow a budget, according to an October 2017 survey of Americans from NerdWallet . The time and effort involved are often cited as the reasons, but trying and failing is […]

A study conducted by Bankrate.com found that more than half of Americans say they regret not saving enough money, leaving 56% of respondents disappointed with their savings. 

The study found that when it comes to savings-related financial regrets, 27% of respondents wish they had started saving earlier for retirement, 19% lament not saving enough for emergencies and 10% say they have not saved enough for their child’s education. 

With debt-related financial regrets, 16% of people regret taking on too much credit card debt, 11% say they have too much student loan debt and 7% wish they didn’t buy more of a house than they could afford.

According to the study, Gen Xers and older Millennials (ages 30-38) had the highest incidence of regret about not saving enough money. The Silent Generation and older Boomers (ages 65-73) are the most likely to say they have no financial regrets.

“Saving money may seem impossible at times but taking a few proactive steps can safeguard you from potential hardship in the future,” said Bankrate.com 

The consumer financial service suggests saving before you spend by paying yourself first by setting up automatic deposits from your paycheck into a savings account and a retirement account. 

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