A survey has revealed some of the biggest financial regrets held by individuals, with not saving enough found to be the most common concern.
The research by Interactive Investor into the habits of those in and approaching retirement found that nearly a third (32 per cent) of non-retirees regretted not saving enough, with poor investment decisions cited as the top financial regret for 17 per cent of individuals. The survey also found that not starting to save for a pension sooner was the biggest financial regret for 17 per cent of people, while 12 per cent said they sat on too much cash which they should have invested in the stock market.
The results of the survey go to show that paying more attention to savings and making a greater effort to build up a savings pot to take into later life is something people generally need to prioritise more. The research also demonstrates the tendency of people to put off retirement planning running the risk of leaving it too late to make a meaningful difference to their retirement pot.
Early on in adult life, it can be difficult to think too far ahead into the future, focussing instead on more immediate goals, such as large purchases including cars, holidays and saving up the deposit for a property. However, these finding show that failing to think about the future and putting a plan in place to ensure you have enough savings is something that many people live to regret. The good news is that nowadays, there are so many accessible ways to save; from ISAs, regular savings accounts and even apps that help you save and invest, any of which can be set up online within a matter of minutes.
Interestingly, the Interactive Investor survey also revealed that less than a quarter of savers use an adviser when looking for retirement planning, indicating that the trend of failing to plan effectively follows through into later life.
Whilst no-one is immune to the odd financial faux-pas, the cumulative effect of having a well-considered plan in place and following it has been proven to yield benefits in the long-term.
To discuss your financial planning needs with a view to putting a long-term savings and retirement plan in place, contact Gresham Wealth Management to arrange a chat with one of our Chartered Financial Planners.