Handelsbanken survey reveals Brits’ financial regrets

Independent research conducted for Handelsbanken Wealth & Asset Management has revealed what Brits see as their biggest financial regrets and accomplishments.

Over a third (36%) of UK adults cite not saving consistently from a young age as their biggest financial regret, reveals the survey, and is true for people across all age brackets. 35% of 18–34-year-olds, 42% of 35-54-year-olds, and 33% of those over the age of 55 all selected it as their top financial regret, with the sentiment particularly felt by women (40% vs 32% of men).

Alongside not starting saving earlier, not starting a pension at a young age secured second spot for individuals (24%), followed by incurring too much too debt (19%), not getting on the property ladder when they had the chance to, and missing out on high-interest savings accounts – both selected by 13% of respondents.

A quarter of respondents reported no financial regrets whatsoever, rising to 39% for those aged 60+, suggesting people feel more secure in their finances as they age.

On the flipside, taking the chance to get on the property ladder was seen as the biggest financial accomplishment for people – again across all age groups – with 35% of individuals naming it their biggest achievement. This demonstrates the continued importance placed on homeownership in the UK amid high house prices – be that in terms of the stability it provides, or the returns it can offer.

Home ownership was followed by paying off debts (18%), saving consistently from a young age (18%) and buying a car (17%).

Alasdair Wild, Area Manager at Handelsbanken Wealth & Asset Management:

“From wishing we’d saved for retirement earlier in life, to worrying about the higher cost of living, or the extent of our debts, there are plenty of financial concerns keeping us up at night. While younger generations may shy away from thinking long term, building a solid, tailored financial roadmap at an early age can give people a real sense of security and purpose, and get people further along on their journey to achieving their financial goals.”