You’re Not The Only One Who Makes Big Spending Mistakes

If you have ever splashed the cash and made a big mistake you have had to live with for a while, then join the club!

Around 75% of people admit they have made an embarrassing financial mistake, while the rest are probably too red-faced to admit their indiscretion.

The most common regret is not saving enough money for retirement, says a survey by Bankrate.

Savings and debt covers the other financial regrets as well –

  • Not saving to have a rainy day fund for emergency expenses
  • Spending too much on credit cards
  • Definitely spending too much while a student

Solving the retirement saving problem is easy – if you are still working, save more right away.

Secret financial regrets

The other financial regrets include buying or renting an unaffordable home (2%) and a spending secret (7%).

“The burden of saving for retirement has shifted in recent years from employers to individuals. As a result, many  have either been unable or unwilling to save sufficiently for retirement,” says Bankrate senior economic analyst Mark Hamrick.

““As with any savings effort, planning for retirement can be viewed under the banner of paying yourself first. If you are a full-time employee, try to take advantage to the fullest extent possible participation in a plan which your employer pays into.”

The survey looks at the finances of Americans, but is still relevant to savers everywhere.

No one feels bad about saving

“I’ve never met a person who regretted saving money. Better to decide now in favor of aggressive saving rather than wait too long to begin and be sorry later,” said Hamrick.

Most Americans aged between 50 and 64 years old said not saving early enough for retirement was a problem (37%), while 26% over the age of 64 agreed.

The numbers held up across both genders and for blacks and whites as well.

Financial confidence is improving as well.

One in four Americans believe they are on the right savings track, with a similar number feeling financially better placed now than a year ago. The only blip on the chart is the 18 to 29 year old age group, who feel about the same about their finances as they did a year ago.

Read the Bankrate report online

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