[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 9 lenders of 2021!
LenderVariable APREligible Degrees 
1.88% – 6.15%1Undergrad
& Graduate

Visit Splash

1.88% – 5.64%2Undergrad
& Graduate

Visit Earnest

1.88% – 5.64%3Undergrad
& Graduate

Visit NaviRefi

2.50% – 6.85%4Undergrad
& Graduate

Visit CommonBond

2.25% – 6.39%5Undergrad
& Graduate

Visit SoFi

1.90% – 5.25%6Undergrad
& Graduate

Visit Lendkey

1.89% – 5.90%7Undergrad
& Graduate

Visit Laurel Road

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

2.13% – 5.25%8Undergrad
& 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 June 1, 2021.


2 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.59% APR to 5.79% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.88% APR to 5.64% APR (excludes 0.25% Auto Pay discount). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 36% (the maximum allowable for these loans). Earnest variable interest rate student loan refinance 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 2.04% and 5.8% to the one month LIBOR. Earnest rate ranges are current as of 6/8/2021, and are subject to change based on market conditions.

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Refinancing Loan Cost Examples

These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.

One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.

© 2021 Earnest LLC. All rights reserved.


3 Important Disclosures for Navient.

Navient Disclosures

1. NaviRefi loans are made by Earnest Operations LLC, a member of the Navient family of companies, subject to individual approval and underwriting criteria. California residents only: Loans made or arranged pursuant to a California Finance Lenders Law license. Additional terms and conditions apply.

– To qualify, you must be a U.S. citizen or non-citizen permanent resident of the United States, reside in a state we lend in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.navirefi.com/help-and-questions. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loan terms are subject to eligibility. Approval and interest rate depend on the review of a complete application. Loan approval is subject to confirmation that your debt-to-income, free cash flow, credit history and application information meet the minimum requirements. You must have a minimum FICO score to be considered.

– You can choose between fixed and variable rates. Fixed interest rates are 2.75% – 6.04% APR (2.50% – 5.79% APR with Auto Pay discount). Starting variable interest rates are 2.13% – 5.89% APR (1.88% – 5.64% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

– You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. NaviRefi rate ranges are current as of June 1, 2021 and are subject to change based on market conditions and borrower eligibility.

– The information provided on this page is updated as of 06/1/2021. Earnest Operations LLC reserves the right to modify or discontinue (in whole or in part) this loan program and its associated services and benefits at any time without notice. Check www.navirefi.com for the most up-to-date information. Terms and Conditions apply. Call 855-284-4893 for more information on our student loan refinance product.

– Earnest Operations LLC – NMLS #1204917, CA CFL #6054788 – 535 Mission St., Suite 1663, San Francisco, CA 94105.
Navient Solutions, LLC – NMLS #212430 – 123 Justison St., Wilmington, DE 19801. Visit https://navirefi.com/lending-licenses for a full list of licensed states.


4 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.


5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates from 2.74% APR to 6.74% APR (with autopay). Variable rates from 2.25% APR to 6.39% APR (with autopay). All variable rates are based on the 1-month LIBOR and may increase after consummation if LIBOR increases; see more at SoFi.com/legal/#1. If approved for a loan your rate will depend on a variety of factors such as your credit profile, your application and your selected loan terms. Your rate will be within the ranges of rates listed above. Lowest rates reserved for the most creditworthy borrowers. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). Additional terms and conditions apply; see SoFi.com/eligibility for details. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.


6 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 04/07/2021 student loan refinancing rates range from 1.90% APR – 5.25% Variable APR with AutoPay and 2.95% APR – 7.63% Fixed APR with AutoPay.


7 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of April 29, 2021. Information and rates are subject to change without notice.
 


8 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 2.89%-4.78% APR and Variable Rates range from 2.13%-5.25% 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.