Data & Research March 19, 2013

Inadequate Retirement Saving Tops Money Mistakes

Seventy-nine percent of Americans responding to an Edward Jones survey admitted they have committed a mistake with regard to their finances.
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Not saving enough for retirement topped the list of money mistakes (26%), followed by inadequate tracking of spending (20%) and taking on too much debt (13%).  

Thirty-eight percent of respondents ages 35 to 44 pointed to inadequate retirement saving as their top money mistake. Only 24% of individuals ages 65 or older and 15% ages 18 to 34 expressed concerns regarding retirement savings.  

Just 8% of respondents indicated that making “bad investments” was their biggest money mistake. Men and women differed, with 12% of males and 5% of females pointing to bad investments.  

Respondents in the 18- to 35-year-old bracket indicated they do not pay enough attention to their spending and overall finances (35%). However, just 10% of respondents ages 65 or older identified unaccounted spending habits as their top money mistake. In fact, nearly 20% of respondents in the oldest age group said they have not made any money mistakes.  

The survey was based on 1,008 phone interviews of U.S. adults conducted February 21 to 24.

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