New research reveals that many people have made huge mistakes in their personal financial planning.
KeyBank, the bank-based financial services companies, had surveyed 1,200 US consumers for the its 2020 Financial Wellness survey.
It highlighted that despite 75% of them believing that they were financially savvy and even 41% saying they were better than most people, 54% had made mistakes like giving into sudden spending flurries such as buying things that they did not really need.
The most common financial faux pas related to budgeting, which 47% admitted failing at one time or another. This was followed by savings, debt management, investing, and insuring.
“The path to financial wellness is rarely linear. Inevitably, there will be setbacks, which often present new opportunities to course correct,” said Chenna Cotla, behavioural economist in KeyBank’s financial wellness strategy group. “The important thing to remember is there are small steps you can take today – like checking your account balance – that will propel you forward to create a healthy, sustainable and resilient financial future.”
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