Not saving enough for retirement is the biggest financial regret among those aged 55 or over (today’s baby boomers), according to the findings of an annual online survey from Standard Life by YouGov Plc. Nearly one in five (18%) baby boomers said they wish they’d started saving for their retirement when they were younger.
The top five biggest financial regrets for baby boomers – they wished they had:
1. Saved for retirement earlier (18%)
2. Avoided running up debt on credit cards or store cards (16%)
3. Set and stuck to a budget (6%)
4. Spent less on nights out and saved more in general (5%)
5. Invested in a Stocks & Shares ISA (5%)
Approaching retirement
But while the biggest regret for those approaching retirement is their lack of savings, the biggest regret for all other generations is running up debt on credit and store cards. Those aged 35–44 are most likely to have this as their number one financial regret (21%), while just 12% of 18–24-year-olds had it as number one, alongside wishing they had spent less on nights out and saved more.
Wake-up call
This research will be a wake-up call to the many people who aren’t saving enough for when they retire. The value in starting to save early is clear in terms of increased potential for growth. We also know from previous research that parents often find they need to de-prioritise their own saving when they are older, to help support their adult children with large expenditure such as university fees and deposits for their first homes. So trying to close up a savings gap later on in life can be really tricky.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size for the 2014 survey was 2,591 adults. Fieldwork was undertaken between 5–7 March 2014. The surveys were carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
A PENSION IS A LONG TERM INVESTMENT THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.
