DAYTON — A recent survey by Bankrate reveals that nearly three out of four Americans have financial regrets, with many struggling to address them.
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The survey highlights that common regrets include not saving enough for retirement and accumulating excessive credit card debt. Despite recognizing these issues, 43 percent of respondents reported making no progress in addressing their financial regrets over the past year.
“It’s not terribly surprising that people have financial regrets,” said Stephen Kates, a financial analyst at Bankrate. “If you ask anybody, they can point to something in their past where they said, I could have done that differently.”
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Brian Hodge, who once found himself in $26,000 of debt, described his situation as a financial nightmare. His regrets stemmed from poor financial decisions made when he was younger, including issues related to having children and vehicle problems.
Kates emphasized the difficulty of overcoming certain financial mistakes, noting that saving for retirement and managing credit card debt are particularly challenging.
“Those are harder to claw your way out of than, you know, making a little bit of an oopsie with a debit card,” he explained.
Kates advises individuals to start small when tackling financial issues.
“I really think that it’s better to start smaller than you’re able to,” he suggested, recommending that people gradually increase their savings over time.
Hodge managed to overcome his financial challenges by adopting a new mantra: “Don’t spend money you don’t have.”
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