Affirm co-founder and CEO Max Levchin says the company is in “really good shape” during the “Claman Countdown.”
Setting aside funds for retirement is important – and 22% of U.S. adults said not starting this practice early enough brought them the most financial regret.
Bankrate reported that this was the case as part of a recently published survey that YouGov conducted July 16-18 on its behalf using a non-probability sample of 2,355 U.S. adults that found more broadly that 77% of them experienced some form of financial regret.
The figure of 22% regrets not having started putting aside funds early enough. for retirement the financial regret that weighed most heavily on Americans, according to the survey.
THE NUMBER OF 401(K) MILLIONAIRES REACHED A NEW RECORD
Bank rate said this particular problem became the biggest financial regret “in 6 of the 7 survey years.”
A person puts money into a retirement savings pot. (iStock/iStock)
Earlier this year, the amount of money Americans think they need to have to retire “comfortably” increased to $1.46 million, according to a report from Northwestern Mutual.
The April report found that American adults have so far saved an average of $88,400 for their golden years. That meant they had an average of $1.37 million left to save to reach the “magic” retirement number.
THE “MAGIC NUMBER” FOR COMFORTABLE RETIREMENT REACHES A NEW CLASSIC HEIGHT
Meanwhile, Bankrate said that among the top financial regrets was not building a sufficient emergency fund and excessive accumulation of credit card debt were also identified as major problems by double-digit percentages of American adults, although not as many as retirement savings.
According to the survey, 18% of respondents called the former “more important,” while a slightly smaller share, 14%, said the latter.
Serious mature couple calculating bills to pay, checking household finances, middle aged family management, budget planning, spending, gray haired man and woman reading bank loan documents at home (Istock/iStock)
Things like accumulating too much student debt, not enough savings Raising a child and buying a house beyond one’s means also financially haunt 5%, 4% and 2% of American adults, respectively. In the case of an additional 12% with financial regrets, “something else” made them feel worst, according to Bankrate.
Just under two-thirds of Americans who have financial regrets have worked to improve the situation that makes them feel that way, reporting “definite” or “significant” progress over the past year, according to the survey.
On the other hand, 40% have not progressed.
Respondents identified various things that hindered their efforts over the past 12 months to overcome their financial regrets.
For 45% of Americans with financial regrets, it’s inflation or high prices that hurt their progress the most, according to Bankrate. This is 27 percentage points higher than the employment situations reported by 18% of respondents. High interest rates, family dynamics and other factors also pose problems, the survey found.
Young woman with braided hair sitting by the table, looking at her smart phone. Pay your bills by phone, check your finances on the phone app. Millennials are using new and improved ways to manage money. Everything can be done on the p (iStock/iStock)
“Don’t expect an overnight fix,” Greg McBride, Bankrate’s chief financial analyst, said in a statement reporting high prices. “Inflation is moderating, but that doesn’t mean prices are falling, just that they’re not rising as fast.”
INFLATION INCREASES BY 2.9% IN JULY, LESS THAN EXPECTED
In July, the most recent month for which data is available, inflation as measured by the Consumer Price Index increased 0.2% month-over-month and 2.9% d ‘one year after the next.
And while most Americans harbor financial regrets, the Bankrate survey also found that many have none — 18 percent.
Megan Henney contributed to this report.
