Spectrem Group’s study Attitudes of Retirement Plan Participants allowed investors to discuss their regrets related to the financial crisis that hit in 2008 and found that many retirement plan participants wish they would have made different financial decisions.
But regrets are not for everybody. Fourteen percent of plan participants said they had no regrets about their financial decisions prior to the economic downturn six years ago.
Obviously, retirement plan participants are already putting some money away for their post-work life, but for many, it is not enough. Sixty-eight percent of retirement plan participants say they wish they had saved more before the financial crisis, which had an effect on retirement plan balances.
Almost a third of retirement plan participants said they wished they had not taken on as much debt as they did. Prior to the financial crisis, debt rose as credit was easy to acquire, and when the door shut on the country’s finances, debt became a crisis for most investors. Forty-five percent of the youngest investors under the age of 36 said they wished they had avoided taking on debt.
Exactly one quarter of investors wish they had put more money away in their 401(k) accounts, which relates to their desire to have saved more money for the future.
Almost two-thirds of plan participants do not use a financial advisor of any sort, a remarkably high percentage. It’s revealing then that 24 percent of plan participants wish they had done more research about finances on their own, when such research could have been done for them by advisors.
Eighty percent of investors under the age of 36 said they wished they had saved more, and 74 percent of females felt that way.
Fifty-four percent of plan participants with more than $100,000 in their account balances wish they had saved more. Among wealth segments, 61 percent of investors over the age of 60 wish they had put more away.
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