[Survey] 46% of Americans Wish They’d Done This With Their Money in the Past Year

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More than three out of four Americans have financial regrets, according to our new survey of over 1,000 adults.

From overspending on entertainment to not saving more for retirement, most people wish they’d handled their money differently in the past year.

Unfortunately, no one has a time machine to undo past financial mistakes. But there are ways to fix missteps and improve your finances for the future.

Here are the full results of our financial regrets survey, along with tips on what to do if you’ve made similar mistakes.

Key findings: Most adults regret spending too much and saving too little


It’s safe to say almost all of us have made mistakes when it comes to money. After all, few of us learned financial literacy skills in school.

As it turns out, many U.S. adults share similar financial regrets. Here are just a few of the findings our survey uncovered:

  • 46% regret not saving more money

  • 50% wish they’d saved more for retirement

  • 38% regret entertainment purchases, while 33% regret clothes purchases

  • 51% think they need to cut back on restaurants

  • 47% regret taking on credit card debt

  • 24% claim not to have any financial regrets

Read on for a closer look at the full results.

Nearly half of respondents wish they had saved more


A large group of respondents in our survey — 46% — said their No. 1 financial regret of the past year was not saving more.

Women were especially likely to have this regret, with 55% saying they wished they saved more compared with 37% of men.

Without savings on which to fall back, you could be in trouble if there’s an unexpected circumstance. Natasha Rachel Smith, a personal finance expert at TopCashback, recommends that everyone have an emergency fund.

“Ideally your emergency fund should have between three and six months’ worth of income to cover any costly surprises like damages or medical expenses if you happen to lose your job,” said Smith.

If you can, Smith advised saving even more so that an unplanned expense doesn’t leave you with nothing.

“You should start by estimating your cost of critical expenses, such as housing, food, health care, utilities, transportation, debt, and personal expenses, to grasp a better idea of how much money should be in your emergency fund based on your lifestyle,” said Smith.

Once you’ve got your goal in place, automate part of your paycheck to go into a savings account every month. Over time, you can build up your emergency fund for a greater sense of financial security.

50% wish they’d set aside more for retirement


Saving for retirement is another priority, and you’ll be better off the sooner you start. According to our findings, 50% of adults wish they’d saved more for retirement in the past year.

When asked what they’d do if they could regain the money they spent in the past year, 34% of adults said they’d put it into a 401(k) or individual retirement account (IRA).

These findings line up with a recent study from Northwestern Mutual, which found that 21% of Americans have nothing saved for retirement. It said 1 in 3 adults have less than $5,000 saved, and 33% of baby boomers have $25,000 or less.

Considering the latest rule of thumb states you need more than $1 million to retire comfortably, these findings suggest a crisis for many Americans. Whatever your age, think about what you can do to set aside more of your paycheck for retirement.

Some financial experts recommend saving 10% to 15% of your paycheck, though you might set aside more if you’re starting late. You could invest in your employer-sponsored 401(k) or a Roth or traditional IRA. If your employer offers a 401(k) match, try your best to maximize that benefit.

“It is widely known that young adults, especially those in their 20s, don’t make retirement savings a financial priority because they just can’t imagine getting old,” said Smith. “Open a retirement account as early as you can and faithfully contribute towards it. It is never too early to start saving for retirement.”

According to our survey, it’s possible that not everyone realizes that saving for retirement should take priority. We found that 24% of respondents wished they’d saved more for a vacation and 23% wished they’d saved for a house.

Although both are important goals, they might have to take a back seat if you haven’t started saving for your golden years.

People overspend the most on entertainment, clothes, and cars


If people aren’t saving as much money as they’d like, what are they doing instead? According to our survey, people overspend on entertainment, clothes, and cars.

Thirty-eight percent of respondents said they spent too much on entertainment in the past five years, 33% spent too much on clothes, and 13% overspent on a car.

According to Smith, 20-somethings might find it especially difficult to limit their spending.

“Your 20s are typically considered the ‘prime time’ of your life, filled with temptations and distractions,” she said. “Spending too much on nonessentials has so many ramifications for retirement savings and the ability to save up for large purchases, such as a down payment on a home.”

To protect your wallet, Smith recommends following the “50/20/30 rule” of budgeting. “The rule states you should spend only up to 50% of your after-tax income on essentials, such as housing and food; 20% on financial priorities, such as debt repayments and savings; and 30% on lifestyle choices, such as vacations,” she said.

By creating and sticking to a budget, you can prevent yourself from spending past your means.

More than half of adults think cutting back on restaurants will help


Saving money is tough if you feel like you have to cut back on other areas. According to our survey, many adults think they need to cut back on restaurants, clothes, and cellphones.

When we broke down the above categories by gender, we found one stark difference: 30% of women said they overspent on clothes and shoes, compared with only 13% of men.

This finding perhaps reveals the influence that social pressures have on our spending habits. Next time you’re considering a pricey purchase, take a second to examine where your desire to buy originated.

47% of adults regret taking on credit card debt


Considering most adults regret spending their money on nonessentials, it’s not surprising that nearly 1 in 2 adults regret taking on credit card debt.

Jonathan Holloway, director of digital strategy at NoExam, knows how difficult it can be to pay off credit card debt.

“My biggest financial regret was using credit cards while in college,” he said. “Of course, my delivery driver job did not pay well enough to keep up with the credit card bills. Eventually the amounts got too high.”

When he couldn’t repay his debt, it was sent to collections.

“This marred my credit well after college, even after I had settled the debts and repaid all student loans,” said Holloway. “I guess you could say the regret was actually not having the self-discipline to limit spending while in college.”

As of May 2018, the average national APR on credit cards was 16.73%, a high rate that makes credit card debt difficult to pay off. Falling behind on payments can drag down your credit score, making it difficult to qualify for personal loans, mortgages, or other financial products.

If you’re prone to overspending, limit your credit card use until you can curb that habit. By paying off your balance in full every month, you’ll be able to avoid most interest charges.

Only 16% of respondents regret their student loan debt


Considering the average student in the Class of 2017 graduated with $39,400 in debt, it might be surprising to learn only 16% of respondents said they regretted taking out student loans. That said, 54% of respondents felt what they spent on their college education was worth it.

Tuition rates are higher than ever, but a college degree remains valuable. According to the Bureau of Labor Statistics, a college degree correlates with higher income.

But before taking on a ton of debt, you might compare tuition costs and select an affordable school. You could also get a part-time job as a student to minimize the amount you borrow.

“My biggest financial regret is that I didn’t work full time during grad school so that I didn’t have to take out student loans,” said J.R. Duren, a personal finance expert at HighYa. “At the time, I felt like it would be impossible for me to work 40 hours a week and do well, so I chose to forgo a heavy work schedule in favor of freeing up time to study.”

Now that he’s still paying off $100,000 in student loans 10 years later, Duren wishes he had chosen to work and study at the same time.

Before borrowing student loans, make sure you understand your options for repayment. If you already have debt, look into options for paying off your debt faster, such as student loan refinancing. If your bills are too burdensome, consider applying for an income-driven repayment plan.

1 in 4 Americans claim not to have financial regrets


Reports on financial health in the U.S. paint a concerning picture. Many people have little saved for retirement, and only 4 in 10 could cover a $1,000 emergency expense with savings, according to Bankrate.

Collectively, more than 44 million Americans owe $1.48 trillion in student loans. In the first quarter of 2018, according to the Federal Reserve Bank of New York, household debt reached $13.21 trillion.

According to our survey, however, 24% of adults don’t have any financial regrets in the past year.

On the one hand, this finding suggests that a large group of Americans are savvy when it comes to personal finance. Another interpretation, though, is that people think their finances are in better shape than they are.

If you haven’t checked your finances lately, take the time to look over your spending and saving. By taking a close look at your habits, you can make sure you’re on track toward meeting your financial goals.

It’s never too late to take control of your finances


If you regret your past financial choices, you’re not alone. The majority of Americans regret spending too much, saving too little, or taking on debt.

Although money mistakes can haunt you, they don’t have to control your life. If you have major debt, for instance, look for strategies to pay it off faster. If you haven’t saved for retirement or built your emergency fund, come up with a plan to start today.

Besides following a budget, you might also search for ways to increase your income. Asking for a raise or switching jobs could lead to a higher salary. Or you could start a side hustle, such as renting out a room on Airbnb or driving for Uber, to boost your earnings.

Remember, no one was born an expert in personal finance. But you can become a money pro thanks to online resources or books on personal finance.

Instead of feeling bad about past mistakes, use them as an opportunity to learn. That way, you can make the right financial decisions for your future.

Interested in refinancing student loans?

Here are the top 6 lenders of 2021!
LenderVariable APREligible Degrees 
1.89% – 5.99%1Undergrad
& Graduate

Visit Splash

1.99% – 5.64%2Undergrad
& Graduate

Visit Earnest

1.99% – 6.84%3Undergrad
& Graduate

Visit CommonBond

1.91% – 5.25%4Undergrad
& Graduate

Visit Lendkey

2.25% – 6.53%5Undergrad
& Graduate

Visit SoFi

2.17% – 4.47%6Undergrad
& Graduate

Visit PenFed

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of Feburary 1, 2021.


2 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


3 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. ‍All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.


4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 02/17/2021 student loan refinancing rates range from 1.91% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.


5 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: 1. Fixed rates from 2.99% APR to 6.99% APR (with AutoPay). Variable rates from 2.25% APR to 6.53% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.12% plus 2.38% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The discount will not reduce the monthly payment; instead, the interest savings are applied to the principal loan balance, which may help pay the loan down faster. Enrolling in autopay is not required to receive a loan from SoFi. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

6 Important Disclosures for PenFed.

PenFed Disclosures

Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 2.99%-5.15% APR and Variable Rates range from 2.17%-4.47% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.