Americans are living longer than ever are you financially prepared
Finances are notoriously fickle. Although some claim to have financial expertise, it is difficult to know with absolute certainty that you will be financially prepared for the future. After all, none of us knows what the future will bring.
Holding more than a few decades of experience in this matter are centenarians, or those individuals who are at least 100 years old. Recently, Holiday Retirement conducted a survey of 68 centenarians to capture their thoughts, experience, and perspectives on personal finance and understand what advice they would share on the topic.
Living decades longer than today’s average lifespan, it is not surprising that 1 in 4 surveyed centenarians said they were not financially prepared to live as long as they have. And even after 100 years of observation, more than half of surveyed centenarians were unable to pinpoint its biggest financial regret. However, of those who could identify their biggest regret, survey results included:
- 23 percent said they should have started saving at an earlier age.
- 9 percent said they would have worked with a financial advisor.
- 9 percent said they wished they had learned to sacrifice and go without.
- 4 percent said they should have stuck to more of a budget.
So many of our conversations with our grandparents and great-grandparents start off with “Back in my day,” and though it may make you roll your eyes, you cannot deny that these wise individuals have seen it all—from the Great Depression to the Great Recession. So what do they think today’s adults will regret when it comes to finances? Fifteen percent caution young adults to not spend too much money, closely followed by 13 percent of surveyed centenarians warning today’s adults to save more. Other financial regrets centenarians think today’s adults will have included:
- Not saving money.
- Not spending the money to enjoy life more.
- Spending their money as fast as they get it.
- The amount of life savings put away.
View the report, “100 Years of Wisdom: Perspective of Centenarians,” and accompanying infographics in their entirety at 100yearsofwisdom.com.