Nearly all Gen Xers say financial missteps in their 20s and 30s have hurt them — emotionally and financially. A recent CFP Board survey found that these mistakes caused 49% of Gen X to have increased financial stress or anxiety, and 95% of Gen Xers lost money due to early money mistakes, with a median loss of $100,000.
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Here’s a look at the financial mistakes that this generation regrets the most.
Not Saving Enough for Retirement
According to the survey, 33% of Gen Xers regret not saving enough for retirement. While there’s no one-size-fits-all amount that this generation should have saved, there are some general guidelines to follow to calculate this.
“The only rule-of-thumb that will tell you how much you need to have saved to maintain or enhance your lifestyle in retirement is your unique thumbprint,” said Don Grant, CFP. “Work with your certified financial planner professional on a dynamic plan that will take a snapshot of your spending, savings and investments.”
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Starting To Save Too Late
Thirty percent of survey respondents wish they had not waited so long to start saving. This could be why the most common advice that Gen Xers have to share with younger generations is to start saving for retirement now (59%).
“Compound growth is the eighth Wonder of the World,” Grant said. “It’s all about time. Even the smallest contribution can grow geometrically as interest and growth breed upon past interest and growth.”
Even though Gen X has less time on their side than millennials and Gen Z, there are still steps they can take now to grow their savings. Grant offered the following tips:
- Trim unnecessary expenses. “It may take a bit of lifestyle sacrifice now, but that will pay off later.”
- Take full advantage of employer plans and their matching contributions.
- Utilize catch-up provisions offered by the IRS if you’re older than 50.
- Work a bit longer. “Each year you can delay retirement not only shortens the time you’ll need your own income but also grows your investments so that they can create even more income when you need it.”
- Consider a side gig to create income that is dedicated to retirement investments.
- Review your investment allocation with your financial advisor. “You may be missing growth or income because you’re not invested appropriately for your age, lifestyle, income and time horizon.”
Spending Beyond Their Means
Over one-quarter of Gen X (29%) admits to overspending — and they now regret it.
“If your spending exceeds your income, you’d better book that basement suite at Mom and Dad’s place because you will not have enough to continue your lifestyle in retirement,” Grant said.
Taking on Too Much Debt
Spending beyond your means often goes hand-in-hand with accumulating debt, so it’s no surprise that 27% of Gen X regrets taking on too much debt.
“Too much of Americans’ debt is consumer debt from overextending with credit cards,” Grant said. “That’s ‘bad debt,’ and it’s a brick wall in the middle of the freeway. Too much consumer debt puts the brakes on critical saving, investing and moving forward. It takes you backwards in a journey that can set your finances back decades.”
While Gen X can’t undo past mistakes, there’s still time to course correct. By taking action now, they can reduce future regret — and help younger generations avoid the same pitfalls.
“It’s never too early — or too late — to take control of your financial future,” said Kevin R. Keller, CEO of the CFP Board. “Gen Xers may carry regrets, young adults may not know where to start, and all of us are navigating economic uncertainty and financial misinformation. A CFP professional can cut through the noise, help you reach your goals and give you confidence knowing you’re on the right path.”
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This article originally appeared on GOBankingRates.com: Gen X’s Money Mistakes Have Cost Them $100K: 4 Missteps They Regret the Most
