Most people would like to be able to go back and do some things differently related to their personal finances. A study by bankrate.com revealed that 76 percent of those surveyed have at least one financial regret. The largest concern, over half (56 percent), involved not starting to save sooner for retirement, an emergency fund, or their children’s education. Other financial regrets reported in the study include: living above one’s means; taking on too much credit card debt; and the burden of student loans.
A recommended action to address these financial regrets include breaking down large goals into smaller, easier ones can help put individuals on a path to success. A “save-first” mindset instead of “spend-first” is also suggested. In addition, consider opening an online savings account with higher returns, and set up direct deposits for regular saving.
For additional information on financial regrets, click here.
Teaching Suggestions
- Have students conduct online research to determine various financial regrets of people in different age categories and life situations.
- Have students conduct an interview with a person about actions that might be taken to avoid financial regrets.
Discussion Questions
- What factors might create situations that result in a financial regret?
- Describe possible financial regrets and corrective actions a person might take.
Melissa Hart
Focus on Personal Finance, 7e 