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Poll: Consumers point to spending, investments as their biggest blunders

Posted On Fri, March 22, 2013

While consumers today may do their best to ensure that they making smart decisions when it comes to investing, spending and dealing with other financial obligations, they freely admit that they're far from perfect.

According to a new poll conducted by Opinion Research, eight in 10 consumers say they have been known to commit their fair share of money mistakes, particularly in regards to investing.

When asked about some of the specific gaffes they have made, most said that they involved saving and investing for retirement, poorly keeping track of spending and assuming too much debt.

Age appeared to play a role in the mistakes respondents have made most frequently, however. The poll found that approximately four in every 10 people between the ages of 35 and 44 said retirement savings was their biggest problem. Meanwhile, less than one-fourth of all seniors - specifically those older than 65 - said that retirement savings was their biggest miscalculation.

Those in their younger years pointed to poor spending habits as the top area in which they could improve. Nearly two-thirds of respondents 18-to-35-years-old said that the most common error they made was not paying attention to their overall spending and financial handling.

In regards to investments, men and women differed in how likely they were to admit to this as a mistake. About 5 percent of females said their most significant mistakes were with respect to bad investments versus 12 percent of men.

One of the most important investments people of all ages can make is by looking into life insurance rates so they can purchase a policy. However, a recent study conducted by LIMRA found that few were able to answer basic questions about life insurance basics, such as what the differences between a whole and term policy.

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