Recently, the Certified Financial Board of Standards polled 1,000 people and found that two thirds had less than $100,000 saved. What they heard instead was that financial shocks — caused by things like losing a job, having a serious illness or getting a divorce — were the chief culprit. Hurd said he and his colleagues expected their survey respondents to say that, looking back, they remembered they’d promised themselves to save and wished they’d followed through. Instead, financial shocks produced a strong correlation with savings regret. “Financial shocks leave a mark on financial outcomes such as your ability to retire,” said Hurd.

Source: Forbes December 11, 2018 18:45 UTC