New survey shows most Americans regret not saving enough for retirement among other concerns

Many Americans say they have financial regrets, including not saving for the future or having too much debt.

This survey was done by Bankrate, the company says it provides information and tools to help people make financial decisions like planning for retirement.

Its latest data reveals not saving early enough, especially for older adults, is the most common regret.

“Gen Xers and Baby Boomers, they were anywhere from two to as many as five times more likely than Gen Z and millennial counterparts, that that’s their biggest financial regret,” said Greg McBride, chief financial analyst at Bankrate.com.

About 74 percent of adults have one disappointment about their personal finances, according to the new research. That’s almost three out of four people.

McBride said taking on too much debt and not saving enough for emergencies are some major concerns for younger generations.

The survey also shows almost half of those with a financial regret say they’re also experiencing more stress over it.

Bankrate recommends some money-saving habits to boost your 401-K and savings.

“Successful saving is all about the habit, you have to automate it contribute to your 401-K through payroll deduction. If you didn’t start early enough, maybe you need to increase the amount you’re putting away,” said McBride. “Set up a direct deposit from your paycheck into a dedicated savings account to boost your emergency savings. That way you’re saving for both emergencies and retirement before you can roll out of bed on payday morning.”

This summer, the Federal Reserve paused its interest rate hikes but officials warn there could be more increases later this year.

Download the FREE WPXI News app for breaking news alerts.

Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW

©2023 Cox Media Group