If they could do it over again, the majority of Americans said they would have done a better job of managing their money before the recession hit, according to a TD Ameritrade survey released Tuesday.
More than half, or 56%, of Americans surveyed in the poll conducted for TD Ameritrade by independent researcher Harris Interactive said they would have managed their money differently if they could go back to the time before the 2008-9 recession.
Specifically, survey participants would have done the following:
• 71% would have spent less and saved more
• 65% would have lived within their means
• 60% would have taken more personal responsibility for managing their money
The poll results were based on an online survey of 1,088 U.S. adults between the ages of 22 and 80 that took place from Sept. 28 through Oct. 19, 2010.
"Americans seem to have been taken off-guard financially with the downturn of the economy. And while it has been a tough lesson to learn, it's a promising sign that we're acknowledging what went wrong, particularly as we approach a new year," said Stuart Rubinstein, managing director of client engagement at TD Ameritrade, in a statement. "The recession can be considered a teachable moment that served as an eye-opening catalyst for change in terms of financial preparedness."
Survey participants also admitted that they relied on credit cards frequently and allowed their debts to mount, with 60% saying they would have paid down debt if
