Everyone makes mistakes, of course. Now, a vast majority of Americans in a new survey acknowledge that they have made mistakes with their finances over the past 10 years.
DepositAccounts.com, a LendingTree company, reported this week that 85% of survey respondents admitted to having made a mistake in their finances, while 15% insisted that they had not done so over the past decade.
Qualtrics conducted an online survey in mid-December of 1,069 Americans across four generations: younger and older millennials, Gen Xers and baby boomers.
Running up credit card debt topped the list of the worst financial mistakes of the past decade, cited by 23% of respondents. Sixteen percent each admitted to spending beyond their means and not saving enough for retirement, and 8% to not paying bills on time.
All generations pleaded guilty to accumulating too much credit card debt. However, boomers expressed the most regret about financial mistakes, with 26% remorseful that they had not saved enough for retirement. Seventeen percent of Gen Xers admitted they were in the same boat.
A recent study found that running out of money in retirement was the main concern of American pre-retirees.
Twenty-three percent of older millennials in the DepostAccounts.com survey and 19% of younger ones said their biggest mistake over the past 10 years, after racking up credit debt, was living beyond their means.