Considering half of Americans feel “financially frozen,” it’s no surprise that many people have regrets about some of their financial decisions — and are now unfortunately paying the price for it.
A new survey conducted by Talker Research on behalf of Newsweek, revealed that the No. 1 thing US people regret is overusing their credit cards and accumulating severe debt.
Out of the 1,000 Americans who took part in the survey, many admitted that they didn’t realize how long it could take to pay off debt — considering it’s very easy for it to pile up.
Many others wish they took their savings more seriously — especially for retirement and for rainy days.
According to the National True Cost of Living Coalition, 46% of Americans said they don’t even have $500 saved for emergencies.
“They simply don’t have the breathing room to plan beyond their present needs,” Jennifer Jones Austin, CEO of the Federation of Protestant Welfare Agencies and co-chair of the National True Cost of Living Coalition, told Fox Business.
Many people regret living above their means and making extravagant purchases when they’re young.
“I financed a 1977 Corvette in 1991 because my boyfriend wanted one. I should have invested in a lakefront cottage instead,” one respondent shared, according to Newsweek.
“Wasted money on needless things,” read another response.
Other regrets include starting a business without a proper plan and selling investments too early.
And a financial regret that might be a surprise for some is marriage and divorce.
One respondent regrets getting married at a young age, while another regrets “Not asking for more during divorce proceedings.”
However, even single people are struggling financially.
According to Zillow, the “singles tax” — the higher costs that single people pay to support themselves — recently rose to over $7,000.
47% of single women admitted that living just on their income causes them a lot of stress.
Overall, experts say these financial regrets are common.
“Even if we are advised against something, it’s often times in our nature to not take notice and be a little heedless, until after the fact. We know we should not overspend in our youth but sometimes we have to learn that the hard way,” Adem Selita, co-founder and CEO of The Debt Relief Company, told Newsweek.
“You can avoid common financial mistakes by trying to find a happy middle ground in your life. If we refrain from doing things in excess—in all aspects of life—it tends to help even us out and keep us out of trouble,” Selita told the outlet.
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