In many ways, 2023 was a surprisingly good year for the U.S. economy. Inflation cooled, stocks rallied and the Fed promised to start cutting interest rates. And yet, at the start of 2024, many Americans looked back on their finances with regret.
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It's an emotion that many financial advisers have seen firsthand, especially from new clients.
"When we meet with clients for the first time … they feel regret on so many levels," said Marianela Collado, CEO of
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Respondents told Forbes Advisor about a wide range of regrets. At the top of the list, lamented by nearly one-fifth of Americans, was not saving more for retirement.
"This is typically the biggest regret I see," said Brandon Gregg, a certified financial planner at
Others rued paths not taken — for example, not getting a high-yield savings account — and straight-up mistakes — e.g., buying more property than they could afford. Of course, there's nothing an employee — or their adviser or employer — can do to change the past. Instead, shift gears from lamenting the past to preparing for the future.
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"I tell them hindsight is 20/20, but since we can't go back in time, we just have to make do with what we have now and look forward," said Collado.
Here are Americans' top five financial regrets of 2023: