Many plan borrowers took more than they needed, survey finds

While the people who took loans or withdrawals as a result of Covid-19 are in a better place financially, they feel behind in their saving.

Nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan, a traditional lender or their investments as a result of Covid-19 feel they withdrew more than they needed, according to a survey by Voya Financial.

Nevertheless, 68% of those who did borrow or take a withdrawal agree or strongly agree that they are now in a better place financially.

At the same time, 65% agreed that borrowing from their accounts has put them behind in saving for retirement, and 59% said they wish they had consulted a financial professional before taking a loan or withdrawal.

[More: 401(k) savings went up in 2020, but so did retirement worries]

According to Voya, many individuals have taken actions to get back on track financially, with 38% reducing their overall expenses and 29% reevaluating their monthly budget.

The results are based on a survey of more than 1,000 people 18 and older in the U.S. conducted between March 12 and March 15.

[More: Few use CARES Act to tap retirement savings]