More than half (51%) of people have financial regrets – including some who wish they had married someone with more money, a survey has found.
Among the people who said they had financial regrets, these include people not putting money into a savings account each month (46%), wishing they had not spent money on pointless things (43%), wishing they had learned about finances at a younger age (34%) and choosing a better-paid job or career (29%).
Other regrets include not paying enough into a pension each month (24%) and people wishing they had started a pension at an earlier age (24%).
One in eight (12%) people who said they had financial regrets wish they had married someone with more money, rising to 19% among people aged in their 70s, the survey indicated.
The research was commissioned by savings and investment specialist Unity Mutual, a trading name of the Independent Order of Oddfellows Manchester Unity Friendly Society.
Focus on habits, rather than grand gestures
The financial advice people would give to their younger selves included to live within their means (41%), not overspend (39%), not get into debt (38%) and to save a set amount each month (36%).
The data, from 2,000 people across the UK, was collected by Savanta, with Perspectus Global assisting with questions.
Jane Nelson, chief executive of the Oddfellows, which operates Unity Mutual, 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.”
Money expert Clare Seal, creator of the My Frugal Year Instagram account, suggested: “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.”
