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Bankrate Survey Point Out 42 Million People Regret For Not Saving For Retirement

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A new study conducted by Bankrate.com (NYSE: RATE) said that a whopping 75 percent of Americans have financial regrets. According to the company, among those Americans, the regrets that topped their list included, not saving for retirement early enough and not saving enough money for emergency expenses.

Bankrate.com survey found that while 18 percent felt not saving for retirement, another 13 percent felt not saving for emergency purposes.

The company's Chief Financial Analyst, Greg McBridge, said, "Inadequate savings looms large among Americans' financial distress. Whether it's saving for emergencies or retirement, Americans' biggest financial regret is not saving enough."

The survey also found that concerns in respect of saving for retirement early enough increased with age. However, it was the most cited financial regret for those aged 30 and higher. While 17 percent of those aged 30-49 had this regret, 24 percent of those belonged to the age group of 50-64, and 27 percent of senior citizens wished they'd started saving for retirement earlier.

Similarly, other areas of concerns included taking on credit card debt, not saving enough for children's education and excessive student loan debt. Interestingly, regrets about student loan debt were dominated by Millennials, with 24 percent of adults under the age of 30 naming it as their biggest financial regret.

There are also some data to cheer up. For instance, the Bankrate.com Financial Security Index jumped to its highest reading since February 2015 and 2nd-biggest reading ever, 104.7. The company said that those saying their overall financial situation was better than one year ago outnumbered those saying it was worse by nearly 2-to-1. Also, both men and women pointed out the improved financial security compared to one year ago, with each posting the best readings in more than one year.

Posted-In: News

 

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