Not saving enough has replaced not paying off enough debt as the biggest financial regret for Brits, according to a survey by First Direct.
Overall the study found that more Brits were unhappy with their financial situation in 2011 (48%) than 2010 (36%). In 2011 ‘Not paying off more debts’ became the second biggest regret, with ‘Not saving enough’ taking the top spot and ‘paying into a pension’ becoming less of a priority than in 2010.
Fifty-two per cent of UK adults stated that their greatest financial misstep in 2011 was not saving enough, while a third (33%) identified not paying off debt as their biggest financial woe, compared to just over half in 2010 (53%).
Paying into a pension was one of the biggest changes with 14% per cent say they regret not paying enough into their pension last year compared to 37% the year before.
Property continues to be seen as a valuable investment as 12% regret staying in a rented property too long and not buying a house and only 4% regretted buying or investing in property. However, compared to 2010 just 6% regret spending money on an expensive holiday and when it comes to love, it seems that money is no object as just 2% regret spending money on an expensive wedding, a 2% reduction on 2010.
The research also revealed a sharp division in financial happiness between the generations. Over 55s have the fewest financial regrets with fifty-seven per cent saying they did not have any financial regrets in 2011. Whilst their biggest financial regret was not saving enough (20%) this is considerably lower when compared to the 18-24 year olds (69%).
Over 55s are also happiest about their financial situation, although this has decreased slightly since 2010. 44% of over 55s were happy with their general spending compared to 57% who were happy last year.
