Don’t Let Financial Reality Bite: CFP Board Survey Uncovers Gen X's Biggest Financial Regrets and Advice for Today's Young Adults

Just 37% of Gen Xers satisfied with retirement savings as 3 in 5 urge younger Americans to start now

WASHINGTON--(BUSINESS WIRE)--Generation X Americans have a message for younger generations: Don't make the same financial mistakes we did. CFP Board’s latest research, Lessons Learned: A Survey of American Gen Xers, reveals that 95% of Gen Xers say their financial regrets have cost them real money. Their biggest regret? Not adequately planning for retirement, with only 37% satisfied with their retirement savings accumulation.

More than half (53%) of Gen X Americans wish they had planned for retirement earlier, while 43% believed they had "plenty of time" to plan when they were younger — a misconception that continues to impact their sense of financial security today.

“Gen X shows how early money choices echo for decades,” said CFP Board CEO Kevin R. Keller, CAE. “Young adults can learn from that history and shape a future of greater financial freedom with the right professional advice.”

The Real Cost of Financial Regrets

The financial impact of Gen X's regrets extends far beyond retirement accounts. Nearly half (48%) estimate their financial missteps have cost them at least $100,000 over their lifetimes, with over one in ten (13%) reporting losses of $500,000 or more.

While Gen Xers express high satisfaction with achievements like raising children (78%) and homeownership (71%), their confidence in retirement preparedness lags significantly behind. As a result of not achieving their financial goals, Gen Xers feel stressed (59%), anxious (40%) and regretful (40%). Ripple effects include delayed retirement (31%), reduced ability to save or invest (28%), and missed travel and leisure opportunities (23%).

Gen X Says Avoid These Money Myths

Gen X's regrets weren't just about timing; they stemmed from fundamental misconceptions that today’s young adults may also hold. Nearly a quarter thought credit cards were a good way to fund their lifestyle (23%), or that you need a high income to build wealth (22%). Just as many dismissed the need for an emergency fund (20%), while others assumed financial setbacks only happened to other people (20%), leaving them unprepared when challenges inevitably hit.

External pressures also took their toll. Nearly 3 in 5 pointed to rising housing costs (57%) and income lagging behind the cost of living (55%) as key factors shaping their financial choices. Beyond those pressures, nearly half (45%) said financial “FOMO” — fear of missing out — makes them wish they had started planning sooner.

“Misconceptions about money, such as credit cards looking convenient or retirement being far away, can have serious consequences,” said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. "We still see financial misinformation spreading today. The good news is that professional guidance is available for a wide range of financial situations, including for individuals with money regrets and those looking to break bad habits before they form."

Don’t Let Reality Bite: Wisdom for Younger Americans

Perhaps because of their missteps, Gen Xers are eager to share lessons learned. Nearly 3 in 5 (59%) recommend that younger Americans start saving for retirement now, even in small amounts. Other top advice includes creating an emergency fund (41%) and starting to invest as soon as possible (39%).

Early financial planning can make the difference between regret and confidence later in life. While their regrets have been costly, nearly one in five (16%) say those same financial mistakes motivated them to seek financial education and professional advice. In fact, 21% of Gen Xers recommend that young people work with a financial advisor, like a CFP^® professional, as soon as possible. CFP^® professionals are equipped to help Americans avoid the costly mistakes that have impacted Gen X, providing personalized guidance backed by rigorous training and high ethical standards.

To find a CFP^® professional who can help you build a secure financial future, visit LetsMakeAPlan.org.

Read the full Lessons Learned: A Survey of American Gen Xers report.

METHODOLOGY

On July 30 – August 1, 2025, CFP Board's Research team sent a 12-question survey to randomly selected Americans aged 46 to 64 nationwide with a household income of at least $25,000, as sourced by online survey provider Alchemer. The panel's design ensures that the data collected reflects a reliable demographic and geographic representation of the U.S. population. The survey generated 941 responses, the data from which serves as the basis of this report and is subject to a sampling error of +/- 3.0% at the 95% confidence interval.

ABOUT CFP BOARD

CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by more than 106,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.