Pensioners regret not saving earlier

Pensioners admit that they wish they'd started saving at a younger age, according to recent research conducted by The Share Centre. Over a quarter (26 per cent) of those aged 65-74 stated that they regret not putting away more money for retirement while they still could. This is despite many having extremely generous pension schemes in place.

As life expectancy grows, so too do long-term care costs. This can often leave a substantial gap between the amount that is needed for retirement, and what pensioners have actually saved over the years. 

The research, which looked at over 1,500 19 to 87-year-olds, highlighted that with the benefit of hindsight, older generations now know better. Almost one in five (19 per cent) of those over the age of 75 also admitted that they should have started saving for retirement much sooner. The consensus was that it's only now that they are in their retirement that people are realising quite how early in life they should have started putting money away.

Even those who do have savings admit they don't necessarily have enough for the lives they would like during retirement. Of those over the age of 65, 21 per cent haven't met their target for retirement income, and 22 per cent of over-75s wish they'd put more money aside. 

As well as general savings, many now wish that they'd had the insight to look for good investment opportunities at a younger age. Seven per cent of over-65s regret not investing in certain stocks that would have enabled them to grow their money. Of those aged 55-64, 11 per cent also wish they'd taken advantage of certain stocks earlier in life.