Millennials’ finances are often scrutinized, and they have faced an uphill battle as a generation. But what do they think has been their biggest financial mistake?
Millennials’ uphill financial battles have been well-documented. According to reporting by Politico, they’re “behind in almost every economic dimension,” and the ratio of how much they have invested in assets like 401(k) plans to their income is below Gen X and Boomers and is projected to remain that way. Of course, their massive student loan debt is partly to blame. When we looked at their biggest financial priorities last year, paying off their debt or student loans was at the top of their lists, followed by paying for or saving for college or graduate school. These top two priorities feed off one another and have pushed other goals, like buying a house, purchasing a car, and starting a family, further down the list. Graduating into the recession has also made them an incredibly cautious generation, with a risk-averse attitude that has held many back from investing. It’s a perfect cocktail of financial regrets.
Even those who have made the “right” moves are feeling anxious. According to Bank of the West, nearly 70% of Millennial homeowners regret buying their house, with about 40% saying they made the wrong financial choices when buying their house. What else does the generation wish they had done differently when it comes to money matters? In our recent survey on their personal finances, we asked 18-36-year-olds, “What is the biggest mistake you've made or regret you have regarding your finances?” Here are their 13 most common responses:
*This was an open-end response question to allow us to capture the full range of Millennials’ financial regrets right now—without our preconceived ideas shaping their responses. As…