What do UK adults wish they"d done when they were younger?

By

Adam Uren

|

One in five British adults harbour serious regrets over past financial decisions, saying they would tell their younger selves to be smarter with their money if they had the chance.

A study by Legal and General found that 19 per cent of adults wish they had been better with their money when they were younger; the same amount said they regret not working harder at school.

Such financial and career concerns takes precedence even over health related regrets, with 15 per cent saying they’d tell their younger selves to stop smoking, and just nine per cent saying they’d take better care of themselves.

Any regrets: One in five adults wish they’d been more careful with their money when they were younger.

A similar survey last year by Standard Life found that 15 per cent of baby boomers were approaching retirement wishing they’d started their pension saving earlier.

This latest research shows that this savings regret is not just limited to baby boomers but to UK adults in general, though hopefully, at least where pensions are concerned, this will be mitigated for the next generation of young people by the introduction of automatic pension saving.

Paula Llewellyn, of Legal General, said that while some may have regrets about how they spent their money, it’s never too late to improve their situations.

She said: ‘Looking back it’s all too easy to think about what you could have or should have done differently in life. We hope to help people realise that making the right decisions today could help make life better.

‘Nobody can predict what’s going to happen, but small steps can be taken to safeguard your and your family’s future.’

Just behind making smarter financial decisions and working harder at school in the table was not having the courage to do things that would make you happy, which 18 per cent of respondents cited as a regret.

Others said they wished they’d spent more time with their loved ones, not have worried about trivial matters, and pay more attention to their parents’ advice.

I’M AMONG THOSE WITH FINANCIAL REGRETS

Adam Uren, of This is Money, says: I’m only 29 so I dare say I’m still at an age where I shouldn’t really have many regrets, but that doesn’t stop me.

For five years after I left university I failed to haul myself into the black, some of which can be attributed to debts I’d built up as a student, some down to a relatively low income, but also because I didn’t know how to manage my money properly.

I was living well into my overdraft, didn’t have a food budget, bought things I didn’t need, didn’t shop around for better deals on loans to buy my car, didn’t know my credit score, and lived on my own rather than in shared accommodation.

Two years ago I got my act together and managed to wipe out my debts, helped in part by selling virtually everything I owned before moving to London – suggesting I had way too much to begin with – and have since become significantly more disciplined in my spending, allowing me to save a reasonable amount each month.

I know you learn from your mistakes, but I can’t help regret I didn’t learn more about personal finance when I first entered the working world. I didn’t do research on websites like (shameless plug) This is Money, and I didn’t sit down with my parents and ask them basic questions about household bills, getting loans, managing a budget etc.

Considering I’d just exited 22 years of a fairly coddled life it would surely have been the prudent thing to do. The only sensible thing I did was join my company pension at 24 and I can’t tell you how glad I am I did.

I’ve got to the point in my life where I should be looking to get on the property ladder, but because of earlier mistakes I’m still some way off the money I would need for a deposit. It also meant that for much of those early working years, luxuries such as holidays were confined to trips back home.

Even more frustrating is that now I can actually save properly, it’s at a time when we get naff all interest from the banks – talk about bad timing!

So for any students out there reading this: don’t go nuts when you get your first pay-cheque (it’s got to last you a month), pay off your debts as soon as possible, then start saving. It’ll save you the frequent use of the phrases starting ‘I wish I had’ in the decades to come.

Comments (9)

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Vampire,

London,

31 minutes ago

Regret is one thing and ruminating is another. Life happens and, there is nothing to be done for the past, so best to move on and alter the future. I have big regrets, like deciding to take a large payout for voluntary redundancy and then job hoping for the next five years depleating any benefit gained. Big, big mistake. I also lost about £3.5k in share value on 9/11 day. I remember not caring at the time considering what happened to others that day. I can balance this with the gains like joining a final Salary pension at 18 which has been the same as winning the lottery in my eyes. Life is all a game of swings and roundabouts.

macbun11,

Norwich, United Kingdom,

36 minutes ago

“You go through life regretting your mistakes, until at the end you realize that your mistakes are the only things you don’t regret” (Oscar Wilde).

gerry egan,

derby,

1 hour ago

by the time young people retire they will be to old to enjoy themselves have a good time while you can. join a trade union and fight for better pay and conditions and don’t through away your hard won right like people are doing now get together with your friends and fight and don’t let the government or big companys pit worker against worker

Busy Bee,

A UKIP County, United Kingdom,

1 hour ago

I have learned not to have negative thoughts about the mistakes I made/ make in life, WE ALL MAKE MISTAKES ! Its all part of the learning curve of life and better late than never to turn things around. Awareness is the key to moving forward.

gus,

balbeggie,

2 hours ago

Why did I save, not smoke, not go on lots of holidays, froze in my home, stop drinking, never out of work, never a drain on the system. had standards’ In return I am classed as a well off pensioner who dares to have a bus pass and winter fuel allowance. How dare I?.

cwjones,

london,

moments ago

Well said. Everything that you say is true. You and others like you are seen as nice people but people to be taken advantage of.

Hadenough,

South Coast., United Kingdom,

3 hours ago

I wish I worked less, saved nothing and lived off the state that sums up the mistakes I have made in life as I now know that by hard work and being independent you only end up being penalised.

Working Man,

London, United Kingdom,

2 hours ago

Your comment is both sad and true. Wasters are rewarded, whilst grafters are punished.

Roy,

Birmingham, United Kingdom,

4 hours ago

I wish i hadn’t started smoking.It was the biggest mistake of my life.42 years smoking cost me about £60000 that’s more than the value of my pension pot.

Roy,

Birmingham, United Kingdom,

4 hours ago

I have now stopped thou for the last 2 years.

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What do UK adults wish they"d done when they were younger?