- 71 percent report they would have spent less and saved more
- 65 percent report they would have lived within their means
- 60 percent report they would have taken more personal responsibility for managing their money
Survey participants also admitted they relied on credit cards frequently and allowed their debts to mount, with 60 percent reporting if they could go back in time they would have paid down debt and 50 percent reporting they would have paid for purchases in cash instead of credit cards.
“Americans seem to have been taken off-guard financially with the downturn of the economy. And while it has been a tough lesson to learn, it’s a promising sign that we’re acknowledging what went wrong, particularly as we approach a new year,” said Stuart Rubinstein, managing director of client engagement at TD Ameritrade. “The recession can be considered a teachable moment that served as an eye-opening catalyst for change in terms of financial preparedness, and the research suggests it’s turning out to be just that.”
The overall lifestyle for families also took a hit in recent years, as the survey found many were forced to delay big ticket expenditures and alter their savings habits. Among those surveyed:
- 36 percent delayed travel
- 25 percent delayed purchasing a car
- 25 percent delayed paying down debt
- 21 percent delayed saving and investing in general
- 17 percent delayed saving and investing for retirement
And it doesn’t seem these items will be a priority for some time, as 44 percent of those surveyed reported it would likely be one to three years before they could pursue the things they put off during the recession.
“While delaying larger discretionary expenditures, such as travel or a new car, may make financial sense during challenging times, long-term savings should remain a priority,” said Rubinstein. “Even if you are saving smaller amounts, that’s better than not saving at all. The key is to stay focused on your goals and continue to act on that which is still within your control.”
