Saving Regret in the Wake of the COVID-19 Pandemic

Published: 2023
Project ID: UM23-16


Prior to the COVID-19 pandemic, saving regret — defined as the wish to have saved more and spent less earlier in life — was reported by 58% of the older U.S. population. And, the reports were strongly related to the experience of shocks, such as unemployment or health limiting the ability to work. We will use data from a fresh longitudinal wave of older Americans, which we designed and is about to be fielded in the RAND American Life Panel, to find how shocks experienced since the onset of COVID-19 have impacted saving regret and other indicators of financial preparation for retirement, including the new shock of inflation. This project would be a follow-on to UM20-17, which studied saving regret in the U.S. and Singapore.