Most American adults have regrets when it comes to their personal finances, according to a new Bankrate survey.
About 76% of adults said they’ve had at least one regret about their finances, with 56% citing their main regret is related to saving money, that includes starting retirement savings early enough, funding an emergency fund or not saving enough for their children’s education.
Older generations were more likely to regret not having saved up enough for retirement earlier. Fifty-six percent of Baby Boomers, individuals ages 55-73, and the Silent Generation, individuals at least 74 years old, regret not saving for retirement compared to Generation X, individuals ages 39-54, at 22%.
The Bankrate results are in line with the latest Federal Reserve report on Economic Well-Being in U.S. Households, which found that 40% of Americans said they would not be able to afford a $400 emergency expense. That is despite 75% of adults surveyed stating that they were “doing OK” financially.
“This is one of the functions of income inequality and wealth inequality is wider than income inequality,” said Tendayi Kapfidze, Lending Tree’s chief economist, on Yahoo Finance’s On the Move, adding that “the net worth of U.S. households is $100 trillion but it’s not distributed in a way that leaves many people comfortable with their financial situation.”
The Bankrate survey also found that only half said they would course correct and 21% said that they weren’t going to be doing anything to change.
Marabia Smith is a producer for Yahoo Finance On the Move.
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