Feelings of guilt over not investing enough this year outpace common year-end regrets such as poor eating and drinking choices, not sharing enough time with loved ones or spending too much money on oneself.

A Merrill Edge survey finds that just 23% of mass affluent Americans feel “proud” of how they handled their money this year, and only half of respondents said they are “content” with the financial decisions they made in 2014.

The biannual survey conducted among 1,046 mass affluent Americans (individuals with US$50,000 to US$250,000 in investable assets) finds 51% of respondents did not save for retirement at all in 2014.

However, a majority of this group plans to take action in 2015, with 59% making retirement savings and investing a goal for the upcoming year. This is a more popular goal than losing weight, which was cited by 42% of the people.

In comparison to older generations, the survey also finds that millennials are the most focused on their investments. One-third report that among a number of other common tasks, they spend the most time each week on their investments.

Just 20% of gen Xers and 17% of baby boomers report the same. Instead, gen Xers place budgeting (40%) on the top of this list of common activities, while grocery lists (40%) are most popular among seniors.

The survey also indicates that 52% of millennials currently seek investment advice online, and 43% have a financial advisor they consult.

Millennials, however, are affected the most by debt, the survey found.

Seventy-five percent have student debt, and 46% are putting off retirement saving and investing until they have paid off outstanding student loans. The group does seem determined to break the debt cycle though, as 51% of millennials were able to pay down their debt in 2014.

Related articles:

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required