From debts to divorce, Brits’ biggest financial regrets have been revealed in new research released today.
Specialist insurer Partnership asked 2,000 Britons what they felt they biggest financial mistakes were, revealing people’s most regretful money moments.
A lucky 5% of people said they hadn’t made any mistakes.
But they were in the minority. More than half (59%) said they hadn’t saved enough – generally or into a pension – while 15% said getting into debt was their biggest error.
Not saving enough (40%), not putting enough in a pension (19%), getting into debt (15%), being unable to earn more (11%) were among the biggest financial mistakes people said they had made.
10% cited making poor financial choices linked to family/friends and 7% highlighted getting married and subsequently divorced as being their largest blunders.
The research also showed that those aged 18-39 had different regrets to those aged 40 or older.
Over 40s were more likely to regret not saving enough into their pension (22% vs 14%) but were less likely to feel they hadn’t saved enough generally (34% vs 50%).
They were also twice as likely to have put money into an investment that hadn’t performed (12% vs 5%).
The proportion that gave a failed marriage as their biggest financial mistake also rose to one in ten people over the age of 40.
Mark Stopard, head of product development at Partnership, said: “Not saving enough, especially into a pension, was the main regret for all age groups – a problem which implies that either they do not earn enough or that they don’t have a firm handle on their finances.”
He said while it is relatively easy to make minor financial errors, the fact that one in ten people said their regrets were linked to issues around salary and employment levels was worrying as it suggested that for some ‘mistakes’ were almost unavoidable.
“Interestingly, making poor financial choices linked to family/friends and getting married and subsequently divorced are also relatively high up on the list which suggests that sometimes the heart overrules the head when it comes to finances,” he added.
“It also serves as a stark warning to those who may be considering lending money or listening to advice from loved ones.
“While hindsight is 20:20, this list does highlight mistakes that other people can learn from.
“Indeed, no one cited saving too much as a problem, which certainly implies that, whenever possible, people should look to be as prudent as they can with their income and put aside what they can afford for later life or a rainy day.”