The greatest regret, financially, of Americans during the coronavirus pandemic is not having enough emergency savings. That’s the finding of a June Bankrate.com survey.
According to the poll, 23% targeted this problem. The second greatest concern was not having enough retirement savings (20%), followed by having too much debt (17%). About 20% did not identify a top regret.
A May Bankrate.com survey reported that more than 25% of Americans anticipated taking money from their retirement accounts to weather the pandemic, which has resulted in massive unemployment.
When broken down by age group, not enough emergency savings was the top financial regret for millennials (24%) and Generation X (25%). In contrast, not enough retirement savings was the top regret for boomers and the Silent Generation who expressed a regret.
Going forward, those surveyed in June said their top priorities would be to pay down debt (22%) and save more for emergencies (17%).
“We can be good stewards of the resources God provides to us by getting control of our finances,” said Kevin P. Gilmore, director of Pensions and Benefits USA. “This starts with setting up a simple budget and establishing priorities. After providing for all the necessities (food, shelter, clothing) an emergency fund is the next step. We should then establish a plan to direct where earnings go by starting with basic goals and refining the process as we move forward.”
Gilmore went on to say that the church is blessed to have access to many easy to use financial tools, such as those provided by our 403(b) retirement plan record keeper Fidelity Investments. For assistance on how to prepare for a stronger financial future, visit fidelity.com/atwork, then select the Library tab.