Brits aren’t saving enough

40 per cent of Brits consider not saving enough to be their biggest financial mistake, according to research conducted by Partnership.

Furthermore,…

40 per cent of Brits consider not saving enough to be their biggest financial mistake, according to research conducted by Partnership.

Furthermore, 19 per cent are dissatisfied with the amount they've saved into a pension, 15 per cent regret getting into debt, 11 per cent wish they'd been able to earn more and ten per cent feel they have made poor financial choices linked to family or friends.

While five per cent stated that they had not made any financial mistakes, the vast majority of people wish that they had made different choices.

Interestingly, seven per cent highlighted getting married and subsequently divorced as being their largest blunder.  This proportion increases to one in ten people over the age of 40, which highlights the potentially devastating financial impact of divorce.

In addition, 22 per cent of over-40s regret not saving more into a pension, compared to just 14 per cent of those younger. However, 34 per cent of them feel they have not saved enough in general, while 50 per cent of those under the age of 40 feel this way.

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. While it is relatively easy to make minor financial errors, that one in ten people cite issues around salary and employment levels adds weight to the first argument and is worrying as it suggests that for some, mistakes are almost unavoidable."

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