Top 10 regrets Brits have when it comes to money - like not saving when younger

22 February 2024 , 15:52

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Nearly half of Brits have financial regrets - like not saving more then they were younger (Image: SWNS)

Some of the top things Brits wish they had done differently when it comes to their money include saving more when they were younger – and making a budget and sticking to it, a study has found.

Nearly three in 10 (28%) wish they had better educated themselves on financial matters over the years, and a quarter feel that it was a mistake not to invest money.

Meanwhile, one in three regret that they did not start saving earlier in life for a comfortable retirement – rising to more than half of those aged 55 and over.

The poll of 4,000 adults also found that 23% wish they could turn back the clock on times when they lived beyond their means. And similarly, 27% bemoan the fact that they focused so much on short-term needs and wants, rather than looking ahead to their future finances.

In fact, almost half of those polled claim to have money-related regrets – with 27% saying these have negatively impacted their mental health.

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And 41% believe they are not yet financially comfortable as a result of these money missteps – and 37% feel they have missed out on opportunities to grow their money and build wealth.

And one in three wish they had started saving earlier towards a comfortable retirement (Peter Dazeley/Getty Images)

Brian Byrnes, head of personal finance at saving and investing app, Moneybox, which commissioned the research, said: “The fact that most people never received any financial education, and have been left to figure out how to manage their money and plan for the future through trial and error, is just not right.

“And with this in mind, it's no surprise that so many of us only realise our missed opportunities after the fact. Whatever financial missteps you might have taken, this research shows you’re probably not alone in having made them.

“It's important to look at these realisations as lessons and a wake-up call. Try to remember it is always possible to improve your financial situation, with the right guidance and support.”

The study also found 53% of those who have made a past financial faux-pas put it down to simply being young at the time, and not considering their future properly.

However, the research, conducted by OnePoll, also found 34% feel their issues arose simply because they never received financial education.

And a similar number (32%) said they just didn’t have a good understanding of how to manage finances or improve their financial situation.

Meanwhile, a quarter believe a lack of financial confidence resulted in them making decisions they now regret. As a result, one in five feel they would have been better off if they knew who to ask for better advice or guidance.

Brian Byrnes, from Moneybox, added: “The financial services industry has evolved a lot in recent years, and there is now much more information freely available to help people who want to learn how to manage their finances, and build wealth for the future.

“As a former financial adviser, I firmly believe that knowledge is power when it comes to your finances, and it's so important to spend some time every month getting to grips with your financial situation.

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“The most notable difference between those who are financially confident, and those who are not, is time spent learning about financial matters.

“So, setting aside at least 30 minutes every week, to review your budget or research the best financial products for your needs, or make a plan to help you achieve an important financial goal, will make a huge difference to your confidence, and your financial position over time.”

TOP 10 FINANCIAL REGRETS:

1. Not prioritising saving more when they were younger
   
2. Not starting to save for a comfortable retirement earlier in life
3. Not educating themselves more on financial matters
4. Not taking time to plan for their future finances, instead only focusing on short-term needs and wants
5. Not making and sticking to a budget
6. Not investing
7. Taking on more debt than they could afford
8. Living beyond their means for too long
9. Not buying a house earlier in life
10. Burying their head in the sand when it came to finances

Sarah Lumley