As much as we try to live without regrets, we’re all bound to have some — and when it comes to money, many Americans say they wish they had done things differently.
Most U.S. adults regret their financial choices, from not saving enough for emergencies to missing out on investment opportunities, according to recent survey results. Nearly half of those surveyed say that if they lost their source of income, they wouldn’t even have enough money to cover three months’ expenses.
These insights come from personal finance software company Quicken, which surveyed about 1,000 Americans in November and found that a whopping 80% said they had financial regrets. Top regrets include not having a large enough emergency fund (mentioned by 28% of respondents), not investing aggressively enough (25%), and not buying a home when they were younger (22%).
Most respondents said managing a mortgage can be complicated, but three-quarters believe owning a home is a good way to build equity. That’s easier said than done for most Americans lately, as high mortgage rates and high home prices have made homeownership unaffordable for the average family. It makes sense, then, that people are kicking themselves for not making a purchase when mortgage rates were at historic lows a few years ago.
Smaller groups of respondents also said they regret lending money to a friend or family member, loan money from a friend or relative and do not invest in stocks. (FYI: If you’re interested in learning how to buy stocks, Money has a guide that will walk you through this process.)
On a generational level, a much smaller share of baby boomers (72%) reported having financial regrets than younger generations. Millennials (84%) are the age group most likely to admit to having financial regrets, while just over 80% of Generation Z and Generation X said the same.
Advice for the ages
The vast majority of respondents agree that saving for retirement and living within their budget are their most important priorities, regardless of age. They also said it’s critical to build strong credit early in adulthood and then stay out of debt in the decades leading up to retirement. When retiring, respondents said their most important financial priority is making sure they have enough income to last them the rest of their lives.
That said, even retirees have their regrets. In a survey released last spring, more than 60% of retirees said they would plan their retirement differently if they could do it again.
Following your own advice can be tricky. The Quicken survey found that while 81% of respondents believe it is essential to pay off their credit card, nearly half said they typically carry a balance on their credit card.
To be fair, credit card debt has become a problem for many Americans in recent years due to inflation and subsequent interest rate increases by the Federal Reserve. The average annual rate (APR) on credit cards is above 21%, the highest it has been since the Fed began tracking rates.
There is some good news on the horizon, though: The central bank has indicated that it plans to start lowering interest rates this year, which should eventually rein in inflated APRs and make it cheaper for Americans to borrow money. However, you may want to proceed with caution so as not to regret it later.
More from Money:
4 reasons to love today’s economy (and 4 reasons to hate it)
Child care now costs more than a typical family’s mortgage
5 Ways to Pay Off Debt After the Holidays