Personal Finance News
Survey: 80% of Americans Regret Their Financial Choices
With layoffs recently impacting the tech, media, and other sectors, a new survey from Quicken looks at whether workers are prepared for such changes and how Americans feel about their financial decisions.
About the survey:
Quicken’s survey of more than 1,000 U.S. adults found that 80% had regrets about their financial choices. Specifically, the biggest regret respondents voiced was not maintaining a large enough emergency fund. Nearly half (48%) of those surveyed report that they wouldn’t be able to cover three months of expenses if they were to lose their job or other income.
Elsewhere, 54% of respondent stated that solid financial advice had helped them to better manage their budget. Unfortunately, 17% said that they’d be financially hurt by poor advice in the past.
Turning to credit, 85% agreed that maintaining a high credit score was important. This led 70% to say that having credit cards early in life was key. However, while 81% acknowledged that it was important to pay off credit cards monthly, 45% admitted to regularly carrying balances.
The survey also asked about buying a home, with three-quarters agreeing that owning was a good way to increase net worth. Diving into specifics, 68% said that putting a larger down payment was best and 64% stated that paying off your mortgage as soon as possible was advisable. Additionally, 60% of respondents said that refinancing mortgages when rates dropped was a good idea.
What they’re saying:
Commenting on the survey’s findings, the VP of product and head of Quicken Simplifi Kristen Dillard said, “Financial decisions are inherently personal – it’s important to balance best practices with each life stage, current state of the economy, and your financial standing.” Dillard added, “Historically we see an increased interest in personal financial management at the start of each year, with more people than ever turning to Quicken Simplifi for support this year. By understanding their entire financial picture, consumers can thoughtfully grow their money and ensure financial security.”
My thoughts:
What’s clear from this Quicken survey is that most Americans have a pretty good idea of what financial steps they should be taking. Alas, implementing that advice isn’t nearly as easy. Furthermore, while tips such as “buy a home” are generally good, that doesn’t mean that they’re right for everyone and, in turn, that advice could have negative effects for some.
As a financial blogger myself, this is a reality I try to always keep in mind. It’s also why I always try to share my personal experiences honestly — even if they occasionally go against the standard advice. At the end of the day, personal finance is a complicated topic that will vary from person to person. Thus, all Americans can really do is their best.
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