How to avoid Americans’ No. 1 financial regret

When asked their biggest financial regret in 2025, most Americans said it was not saving enough, according to a new Bankrate poll.

Altogether, 3 out of 4 respondents said they had a financial regret in the past year, with around 40% pointing to regrets tied to savings — whether for retirement, emergency expenses or children’s education — making it the most common theme in this year’s 2,078-person survey.

By comparison, 20% say their biggest regret was taking on too much debt from credit cards or student loans.

“One consistent takeaway from this study every year is the durability of ‘not saving enough for retirement’ as a regret. The percentage of people with this regret grows with age as retirement draws closer,” says Stephen Kates, financial analyst at Bankrate.

Among those with regrets, 43% say they haven’t made any progress toward addressing the issue over the past year. And when asked what would most improve their finances in the near term, Americans pointed to cheaper essentials such as gas and groceries, followed by better job opportunities, lower rent and a rising stock market.

How to get back on track with your savings

But, “starting late is better than never starting at all,” says Jake Martin, a certified financial planner in Ohio. Here are three steps to help you get on track.

1. Put out ‘financial fires’

Before focusing on long-term savings, prioritize putting out “financial fires,” Martin says. High-interest debt such as credit cards or payday loans should be paid down first. “These typically carry rates above 15%, making them a drag on your finances and your retirement goals,” he says.

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“Credit card debt should always be prioritized and paid down, but debt such as student loans and mortgages need to be thought out more strategically,” says Paul Gaudio, a CFP in Boston.

These loans often carry relatively low interest rates, which may make it smarter to stick with minimum payments and put extra cash into investments instead, he says.

2. Build an emergency fund

Once your debt is under control, work on building up emergency cash reserves worth three to six months of living expenses, so an unexpected job loss or medical bill doesn’t push you back into debt, Martin says.

An emergency fund is crucial because it helps you avoid relying on high-interest credit cards when the unexpected happens, he says.

3. Save for retirement

Next, focus on retirement. For late starters, that usually means saving more aggressively. “While most people shoot to save 5% to 10% of their income, someone who is trying to catch up should look for ways to boost this savings rate to 20% to 30%,” particularly if you’re starting in your 40s, says Martin.

You may also want to consider extending your retirement age if you need more runway for savings, he says.

The exact amount that will make sense for you to save will vary based on a number of factors, including your age and your ideal lifestyle in retirement. CNBC Make It’s savings calculator can help you determine how much you may want to aim for.

Another way to free up money is by cutting fixed expenses, a strategy South Carolina-based CFP Ashton Lawrence calls “controlling the controllables.”

“Identify where discretionary dollars are leaking, whether dining out, streaming sprawl, app subscriptions you forgot about, convenience delivery, impulse buys, and lifestyle creep,” he says. “Every dollar you don’t spend is a dollar you can assign for better use.”

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