An overwhelming majority of Americans (85%) have a financial regret including student loans, credit card debt, and a too large mortgage.
A new survey conducted at the start of May reveals the financial decisions made by more than 1,000 people which they now wish they had done differently.
Not saving enough is regretted by 39% with 18% wishing they had started saving for retirement earlier, and 14% wishing they had saved more for an emergency.
The Bankrate.com poll reveals that just 2% of respondents said they regret buying more house than they can afford but among those more than 4 in 10 are not doing anything about it.
Taking on a mortgage larger than they should have done was particularly prevalent among younger buyers (18-37).
Too much debt was the main regret of 20% including credit cards (10%), student loan debt (8%); 24% said their regret was something else; and 15% said they have no financial regrets.
Americans who regret their credit card or student loan debt are the most likely to be actively addressing the problem (69% and 66%, respectively). But 42% of those with too big a mortgage – a regret most commonly expressed by older Millennials (ages 28-37) – have no plans to address the issue.
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