NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, September 15, 2017

Common Cents Lab, a financial research lab at Duke University supported by MetLife Foundation, today unveiled its first ever Millennial Regret Spending Report.

“While it’s common to regret the last thing we ate, it may be equally common to regret the last thing we bought,” said Dan Ariely, Professor and behavioral economist. “The feeling of regret, while not pleasant, may serve as a teaching moment to help us understand what we enjoy and what we don’t enjoy. By systematically understanding the things people regret, we can design systems that encourage us to spend our money on things that make us happier.

Conducted in partnership with Qapital, a fintech app focused on helping people save and spend better, the new study surveyed 1,000 Americans between the ages of 20 and 36-years old to identify which purchases they regarded as either most regretful or most satisfying. Through this effort, the team of behavioral economists isolated four positive personal financial habits that others may emulate to improve financial wellness and fulfillment.

Photo courtesy of John Twohig.