26 February 2024 , 09:21
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A survey has found that more than half of people have money regrets with some even saying they wish they had chosen a wealthier partner.
The biggest regrets include not saving money each month (46%), spending money on pointless things (43%), not learning about money when they were younger (34%) and not choosing a job or career that pays more (29%). Other regrets are not putting enough money into a pension each month (24%) and wishing they had started a pension earlier (24%).
Interestingly, one in eight (12%) people who said they had money regrets wish they had married someone with more money. This number goes up to 19% for people in their 70s.
The research was done by Unity Mutual, which is part of the Independent Order of Oddfellows Manchester Unity Friendly Society. People also shared the money advice they would give to their younger selves. This included living within their means (41%), not spending too much (39%), not getting into debt (38%) and saving a set amount each month (36%).
The information came from 2,000 people across the UK. It was collected by Savanta, with Perspectus Global helping compile the survey. Jane Nelson, chief executive of Oddfellows, said: "The rising cost of living means more people are struggling to put money aside each month as they're having to spend it on covering day-to-day living costs instead."
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Clare Seal, the creator of My Frugal Year Instagram, said: "If you're hoping to turn your financial situation around, it can feel like a big, daunting task so try to break it down into smaller, more manageable tasks.
"Focus on habits, rather than grand gestures, because these small, consistent acts are what will make a big difference over time. Even if you don't feel you can afford to save enough at the moment to make significant progress towards your goals, start saving anyway."
"Once the saving habit is established, you'll find it easier to contribute more once your income increases or your outgoings ease off. The same goes for paying off debt, contributing to a pension, or pretty much any other positive financial habit that you want to start. Make new habits easier to stick to by automating them or finding an 'accountability partner' perhaps a friend with similar goals."