A majority of Americans feel financial regret as personal debt soars to new highs, a recent survey said. Roughly 78% said they had a financial regret, with 21% saying they most lamented "charging up too much credit card debt," according to the Debt.com survey. Millennials regret their credit debt the most, and 45% said they feel guilty about "charging too much on their credit cards.
Baby boomers said they most regretted not saving enough for retirement, the survey said. Roughly 38% of respondents within this generational segment said they lamented not saving for retirement sooner. Moreover, 25% said they had nothing saved for retirement. More than 4 million U.S. adults will turn 65 this year, according to a separate Northwestern Mutual survey.
The survey said Gen Z regretted student loan debt as much as they felt guilt over credit card debt. Gen Z is dealing with an average of $20,900 in student debt, according to a report by the Federal Reserve Bank of St. Louis. That translates to a median loan of $12,800. Moreover, many of these borrowers haven't finished their higher education schooling and could take on more debt. At the same time, this generational segment is dealing with a heavy credit card debt burden. Roughly 15.
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