Financial mistakes of Americans in 2017 year

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People constantly make financial mistakes, and for many US residents they are often the same.

Edition GO Banking Rates interviewed more than 5000 adult Americans to find out what their financial mistakes in 2017 were their greatest regrets.

Inability to set aside enough money

This is the most common mistake for people in the United States.

More than a third of Americans—36%—said their biggest regret was not being able to save enough money in 2017.

A third of Americans have $0 in retirement savings. But there is an even larger percentage of US residents who have no savings at all - 39% of respondents admitted that they have nothing in their savings account.

In second place among Americans' financial regrets is spending money on unimportant and unnecessary things (23%); in third - lack of investment in the stock market and increasing debt (11%); paying off college debt and living beyond one's means were cited as mistakes by 8% and 7% of respondents, respectively.

The level of regret about the lack of savings increases with age

Most young people regret that they have to pay huge debts for college, and 15% of respondents aged from 18 to 24 years call this their main financial regret in 2017.

Older Americans mostly regret not having saved enough money. Among respondents over the age of 45, 38% called this their main financial mistake.

Older people are more likely than younger Americans to have retirement savings, but they often regret not being able to postpone more.

The survey also showed that with age, Americans increasingly regret that they have spent money on things that are not essential and unnecessary.

22% of respondents aged from 18 to 24 years regret spending on non-material items.

This regret is shared by 23% of people aged 25 to 54; 25% - aged 55 to 64 years; and 29% of respondents are over 65 years old.

Older Americans are more likely than younger to regret not investing in the stock market.

In this case, young people more regret about increasing debt.

Men regret not investing, women regret not saving money

Men are much more likely than women to regret not investing in the stock market. Almost 15% of men chose this item as their main financial regret for the 2017 year, only 9% women made the same choice.

Men are also more likely to regret their debts, as well as the need to pay for college.

12% of men regret that they have debts, against 11% of women who expressed the same regret.

10% men regret paying for college, versus 6% women.

Women are more likely to regret that they do not save money, as well as that they spend money on the purchase of non-essential items.

Although “not being able to save enough money” was the top regret of both sexes, it was expressed by 41% of women and 33% of men.

As for the expenses on non-essential items, 25% of women chose this as their main regret over 23% of men.

Financial regrets vary by state

Despite the fact that the inability to set aside enough money is the main regret of the inhabitants of most states, in some regions people reproach themselves for it more than in others. Residents of Alaska regret this most: 61% of respondents in this state called the inability to set aside enough money their main financial mistake 2017 of the year. It is also one of the states with a high percentage of empty savings accounts.

Non-essential expenses are the main regrets of residents of Washington, DC, Washington, Minnesota, Montana and Wisconsin states.

Washington, DC, also has the highest percentage of respondents who called life above their capabilities the main financial mistake of 2017, such as in the state of 21%.

Wyoming has the largest number of respondents who called debts their main mistake (22%), followed by Nevada in this rating (21%).

Kentucky and Maine have the highest percentage of respondents who regret their lack of investment in the stock market (about 20% of respondents in both states called it their main mistake). In Hawaii, most respondents who regret the need to pay the debt for college (24%).

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