A new survey by Unity Mutual reveals that more than half of the UK population has financial regrets, with inadequate savings and poor spending habits topping the list. Experts offer advice on how to achieve financial stability amidst rising living costs.
A recent survey conducted by Unity Mutual, involving 2,000 participants from across the UK, has revealed that more than half of the population harbors financial regrets. Key regrets include not saving money regularly, excessive spending on unnecessary items, and not initiating a pension plan early enough. Notably, 12% of respondents, a figure that rises to 19% among those in their 70s, expressed regret over not marrying a partner with greater wealth.
Financial expert Clare Seal emphasized the significance of cultivating positive financial habits such as living within one’s means, steering clear of debt, and consistently saving a portion of monthly income. She underscored the impact of small, sustained actions towards achieving long-term financial security. Seal also suggested practical steps towards financial betterment, like starting with manageable saving and debt repayment goals, automating savings, or seeking an accountability partner to help maintain these habits.
Jane Nelson, Chief Executive of Oddfellows, highlighted the strain the rising cost of living places on individuals’ ability to save amidst increasing everyday expenses. The survey underscored the different financial concerns and goals people have, alongside the advice they would impart to their younger selves, emphasizing the importance of financial prudence from an early age.
In summary, the findings from the Unity Mutual survey shed light on common financial regrets among the UK populace and offer insights on avenues to foster financial stability, highlighting the challenges posed by the current economic climate.
