Americans regret not saving before the pandemic hit

If you regret not having more saved when the pandemic started, you're not alone. A Bankrate survey finds nearly a quarter of Americans say it's their biggest regret.

Bankrate's Greg McBride says most of us don't have enough.

"The ultimate destination for emergency savings is to have enough to cover at least six months’ worth of expenses; if you're a sole breadwinner or in business for yourself it's more than that, it'll be nine or even 12 months."

A recent Bankrate survey found most Americans weren't prepared.

"Only 41% of Americans could cover an unplanned $1,000 expense out of their savings."

McBride says since we're not spending money on ball games and concerts, that money can be put into savings.

"The money that's not being spent on concerts or ball games or the refunds you're getting from concerts or ball games that got cancelled, that's money that can all be funneled into savings and can pad that much needed emergency savings."

In the survey, not enough emergency savings was the top financial regret for millennials and Generation X. For baby boomers not enough retirement savings was the top regret.

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