The coronavirus pandemic sent Americans’ financial situations into a whirlwind. A recent Bankrate survey found that the crisis actually caused many consumers to re-evaluate how much money they plan to save in their emergency fund. The coronavirus pandemic also led many people to think about financial regrets and mistakes they’ve made in the past and plan to improve on in the future.
Bankrate’s May 2021 Financial Security poll found that Americans’ biggest financial regret is not saving enough for emergencies. In addition, building a better emergency fund is what most respondents said they would do differently with their finances after the outbreak, at 26 percent.
It’s clear that the deep recession caused by the coronavirus pandemic has proven the importance of having a sufficient emergency fund and being prepared for the unexpected.
Bankrate also captured Americans’ biggest financial regrets, according to their survey:
- 20% regret not saving enough for emergency expenses
- 19% regret not saving for retirement early enough
- 18% regret taking on too much credit card debt
- 10% regret taking on too much student loan debt
- 7% regret not saving enough for their children’s education
- 4% regret buying more house than they can afford
When the respondents were questioned about how they plan to alter their financial habits based on their earlier responses, they said this:
- 26% said they will save more for emergencies
- 21% said they will spend less
- 16% said they will carry less debt
- 12% said they will find more stable income
- 12% said they will save more for retirement
- 8% said they plan to make no changes
- 2% said they will do something else
This financial data drives home important financial concepts and habits such as building an emergency fund, starting early, contributing to your retirement, establishing and maintaining a good credit score, and more. You never know what curve balls life will throw your way, so it is always important to be prepared for the unexpected and be ahead of the game when it comes to your financial and financial future. If you have any questions about how to improve your financial habits or how to repair some financial regrets you have, contact us at info@shermanwealth.com or schedule a complimentary 30-minute introductory call here.
