75% of Americans regret how much money they spent, survey finds

As inflation rises, many Americans are regretting how they spend their money.

According to a new survey by financial services company Bankrate (TARIFF)77% of people in the US financially regret their spending in last 12 months – and a worrying 40% of those with regrets said they had made no progress in saving money in the last year.

Bank rate (TARIFF) found that the top regret for those who wanted to tighten their purse strings more is not saving enough for retireest, followed by concerns about not saving enough for emergencies.

Unsurprisingly, the survey found that those closer to retirement are more concerned, with 37% of baby boomers regretting not saving early enough. Twenty-six percent of Gen Xers say the same, compared to just 13 percent of millennials and just 5 percent of Gen Z.

Bankrate also found that Americans are more likely to regret not having savings than taking on too much debt. Another common financial regret, the survey found, is not saving enough for children’s education as college costs rise.

“Saving is much less painful than dealing with debt that comes when you don’t,” Bankrate Chief Financial Analyst Greg McBride said in a news release.

When asked why they didn’t save enough, 45% of those surveyed cited inflation and high prices as the main factors. Another 18% mentioned their current jobs. Others cited high interest rates, a tough housing market and complicated family dynamics.

McBride advises the worried to save enough to try to automatically transfer more money from their paycheck every time they get one. “Savings for retirement and emergencies can be automated through payroll deduction, direct deposit and automatic transfers,” he said. “Start small and after a few pay periods you won’t miss what you don’t see.”