Do you ever wish you could turn back time and save more, earn more or make better investment choices?
If so, you are among the 75 percent of Americans that have financial regrets, according to a new study from Bankrate.
The most common regret was "not saving enough for retirement," chosen by 18 percent of respondents, ahead of "not saving enough for emergencies" (13 percent) and taking on too much credit card debt (9 percent). Only 17 percent of respondents reported having no financial regrets at all. The survey polled more than 1,000 Americans in May, with a margin of error of 3.6 percentage points.
Anxiety over past financial decisions is common, said Erika Safran, a New York City–based financial planner.
A client she once saw had sold his apartment, only to discover he was now priced out of both his desired new neighborhood and his former one. Another client had not saved a nickel for her son to go to college, while another regretted purchasing real estate out of his price range. And yet another had made poor financial decisions that forced him to sell his family vacation home, Safran said, which caused discord with his loved ones.
"When my clients come to me asking me how to get themselves out of difficult situations, I don't beat them with a stick," Safran said. "People are always trying to mend the fences."