Lesko Financial: Regrets about MoneyPosted: Updated:
Bryanna: Many people admit to having regrets about money. The latest study says that’s true across all age groups, according to Greg Lesko of Lesko Financial.
Greg: Researchers often ask people to name their biggest financial regrets. A recent survey of 2000 Americans found seven out of ten concede some type of regret about money. The number one regret? Not planning early enough to secure a good financial future. But the surprising thing with this survey was that millennials expressed even more regrets than baby boomers or gen-xers.
Bryanna: Why was that surprising?
Greg: For one thing, the older you are, the more time you’ve had to make mistakes with money. Recent articles warn that baby boomers haven’t saved enough to retire, even though they’re close to already retirement age. Millennials are just starting out and wouldn’t be expected to have as many money regrets.
but this survey shows that millennials are more focused on financial stability than either of the two previous generations. That may be why they’re expressing more regrets at such an early age.
Bryanna: What other regrets were mentioned?
Greg: The number two regret was spending too much on non-essentials. Some of those “extras” included: specialty coffees, dining out, fast food and impulse purchases. Two other regrets were credit card debt and not having a budget. These answers can form a blueprint for how to be successful with money: start as early as you can to save for the future, avoid credit card debt, have a budget, and--at least some of the time--avoid those little daily “splurges” that can really start to add up.