When it comes to money, savers accumulate wealth, while non-savers accumulate regret. This is advice we should all take to heart.
Bankrate recently chronicled just how many more of us should follow this advice, when it surveyed America and found that seventy-five percent of us have financial regrets.
Sure, even the most responsible savers will have some regret: a bad investment or two, or getting a bad deal on a big-ticket item. Most of us get suckered into impulse spending sometimes. But the finding that 75% of us having regrets over money indicates a deeper problem.
According to Bankrate, regrets that top Americans’ lists include, not saving for retirement early enough (18%) and not saving enough money for emergency expenses (13%).
“Inadequate savings looms large among Americans’ financial distress,” said Bankrate.com Chief Financial Analyst Greg McBride, CFA, in a statement. “Whether it’s saving for emergencies or retirement, Americans’ biggest financial regret is not saving enough.”
These regrets only grow with age: 17% of those aged 30-49 regretted that they had not starting to save for retirement early enough, as did 24% of those 50-64.
Twenty seven percent of senior citizens wished they’d started saving for retirement earlier.
Fortunately, it seems like the Millennials are turning out to be more of a “saver” generation than their forebears have been.
Far too many Baby Boomers are retiring without adequate savings.
To avoid these mounting regrets, start saving early. Save at least 5% of everything you make (10% is better). And to help get you started on the right path, visit your local credit union today.