Managing your personal finances can be complicated. Even for experts, refining a budget, paying off high-interest debt and saving for the future is a matter of trial and error. If you’ve ever made a financial mistake along your journey, know it’s very common — 74 percent of Americans say they have a financial regret, according to Bankrate’s new Financial Regrets Survey.
Although Americans are currently navigating a number of economic hurdles — including high tariffs, rising prices and sluggish hiring — the percentage of people who say they have a financial regret is actually down slightly from 77 percent in 2024.
“While a majority of Americans still admit to harboring some remorse over their past financial decisions, the decrease is a step in the right direction,” Bankrate Financial Analyst Stephen Kates says.
Making financial mistakes and learning from them are all part of the journey towards financial health. If you’ve made a financial mistake, know you can learn from it and take steps towards recovery starting today.
Bankrate’s insights on financial regrets
74% of U.S. adults say they have a financial regret, down from 77% in 2024.
43% of U.S. adults with financial regrets haven’t made any progress in the past 12 months, up from 40% in 2024.
30% of U.S. adults say cheaper essentials (such as gas or groceries) would most likely improve their personal financial situation in the near future.
Saving for retirement, keeping a well-stocked emergency fund and avoiding high-interest debt are some of the most important steps you can take for your financial health. Accordingly, Americans’ top two financial regrets are not saving for retirement early enough (22 percent) or taking on too much credit card debt (15 percent).
Everyone saves for retirement at their own pace, but a good benchmark is to save the equivalent of one year’s salary by the time you turn 30 and eventually have 10 times your salary at retirement age. However, as of the fourth quarter of 2024, the average 401(k) balance is only $131,700, and the average IRA balance is only $127,534, according to Fidelity. Assuming someone has both accounts, they would still have a lot of saving left to do to hit 10 times the average U.S. salary of $67,920. With so many Americans having a fraction of what they need to retire comfortably, it makes sense that so many would regret not saving for retirement earlier.
“A lack of early retirement preparation is still a major regret for many Americans, especially older Americans,” Kates says.
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