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Older Americans share their biggest financial regrets from their parenting years
- Dozens of US parents have shared their financial regrets with Business Insider in a recent survey.
- Many responded saying they had children when they were too young and financially unstable, delayed their careers to raise a family, or spent too little or too much on their kids.
- Parents wished they'd waited longer before having children to become more established in their careers and finances.
- Several of the respondents said being divorced and being a single parent affected their retirement plans.
- Some parents regretted being stay-at-home parents since it meant they had less income to build savings and lower Social Security checks.
- A few dozen parents regretted spoiling their children materially.
- Despite having some financial regrets, all of the respondents stressed that they had few regrets about how they raised their children and they love their kids.
- Proactivity in saving for retirement was advised to every individual regardless of their status as parents.
- Financial planners recommend that families build financial plans with goals for education, tax planning, investments, estates, charity and cash-flow management.
- Open, ongoing discussions about money were highly recommended for parents to reinforce responsibilities and financial literacy.
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