As we age, we often think about our past choices, especially regarding money. For many people over 60 in the UK, their biggest regrets are not about expensive trips or big purchases. Instead, they regret not planning better, saving more, and making short-term decisions that now cause them worry. A recent survey by Nottingham Building Society found that many older Brits wish they had saved earlier, spent less on non-essentials, and put more into their pensions.
These financial regrets from those over 60 can teach younger generations how to avoid similar mistakes. Each statistic in the survey represents real people with genuine financial concerns and valuable lessons.
At Clarkwell & Co. Chartered Certified Accountants, we’ve helped many clients of all ages. We’ve seen how good planning, solid advice, and disciplined habits can improve someone’s financial future. This article focuses not just on regrets but also on how to prevent them.
1. “I Wish I Started Saving Sooner”
Time is your best tool for saving money. Yet, 33% of people over 60 and 41% of those in their 80s wish they had started saving earlier. Why? They missed out on the benefits of compound interest. The sooner you start saving, the more your money can grow. Even small, regular contributions can add up over time.
One key habit to develop early is setting aside money from each paycheck. You don’t need to save a lot, just create a consistent routine. Over time, this routine leads to financial stability.
If you need help getting started, our Budgeting and Forecasting service in London can create a savings plan based on your income, spending habits, and goals.
2. “I Should Have Contributed More to My Pension”
Over 35% of UK pensioners wish they had saved more for their pensions while working. Many did not realise how much money they would need in retirement, or they thought about it too late. Some believed the state pension would be enough, only to find out it barely covered basic needs.
This is a common mistake that can be avoided. Younger workers often think retirement is far away, but starting small, regular savings in your 20s or 30s can make a big difference later. Employer matching schemes are like a guaranteed return on your investment.
Self-employed people and small business owners need to plan even more. At Clarkwell & Co., we help everyone understand their pension choices and create a plan that maximises contributions and tax benefits.
3. “I Didn’t Build an Emergency Fund”
A rainy-day fund may not seem exciting, but it’s important. Many people have used credit cards for car repairs, medical bills, or during job loss. In fact, 22% of people over 60 wish they had saved money earlier. An emergency fund protects you from unexpected costs.
Financial surprises can happen anytime. Whether it’s a broken boiler or losing a job, not having cash ready can lead to borrowing, stress, and long-term debt. These regrets can be avoided with some planning.
Unfortunately, the Financial Conduct Authority (FCA) found that 21% of UK adults have less than £1,000 saved. At Clarkwell & Co., our bookkeeping services in London help you track your income and expenses and identify ways to save, helping you build that essential financial cushion.
4. “I Spent Too Much on Stuff I Didn’t Need”
Impulse buys, unused subscriptions, and lifestyle upgrades may seem harmless, but they can hurt your finances over time. About 26% of people over 60 wish they had spent less on non-essentials, and that number rises to 41% for those in their 80s.
This is a common savings mistake that UK households can fix. Being mindful about spending doesn’t mean saying “no” to everything; it means saying “yes” to your future. Budgeting apps, envelope systems, and spending trackers can help you stay on track. Practising self-control now leads to more freedom later.
At Clarkwell & Co., our team can help you sort your expenses, review your spending habits, and create realistic savings plans. We understand the challenge of balancing enjoyment with future needs, which is why we focus on long-term financial well-being.
5. “I Didn’t Think Long-Term”
Many people concentrate on the present: paying bills, planning vacations, or making big purchases. However, 14% of people over 60 regret not planning ahead. An additional 18% wish they had managed their budgets better. This shows that short-term thinking affects many.
Older Britons teach us that thinking long-term is beneficial. Investments, pensions, inheritance planning, and downsizing should all be part of your financial plan. As life expectancy rises, so does the need for long-term strategies.
If you’re in your 30s, 40s, or 50s, it’s not too late to start planning for retirement in the UK. This includes pensions, investments, tax planning, and estate management. At Clarkwell & Co., we focus on long-term financial strategies for individuals and businesses in London. Our Inheritance Tax Advice can help you prepare for the future and ease the burden on your loved ones.
6. “I Didn’t Budget Properly”
Budgeting is more than just using spreadsheets. It brings freedom, control, and peace of mind. Unfortunately, 18% of people over 60 wish they had budgeted better. Without a plan, money can easily be wasted, and even those with high incomes can face difficulties.
Creating a budget helps you find financial leaks and directs your money to where it’s needed most. It’s a key saving tip for young adults in the UK. By managing expenses like student loans and rent early on, you build lasting financial strength.
At Clarkwell & Co., we design custom budgets for families, individuals, and businesses through our Budgeting and Forecasting service in London. Whether you’re planning a wedding, buying a home, or trying to manage spending, we’re here to assist you.
7. “I Didn’t Prepare for Rising Living Costs”
The cost of living in the UK is going up, and 45% of people over 60 say they are using their savings more than they want. This issue isn’t just about inflation; it’s also about not managing money well and not planning for future costs.
Many retirees in the UK regret thinking their current income or savings will last for the next 20 years. However, costs for utilities, food, transport, and healthcare keep rising.
At Clarkwell & Co., we help clients update their forecasts every year, adjust investment plans, and keep their financial plans up to date. Don’t let old numbers threaten your future. Our personalised strategies change as you do.
8. “I Didn’t Get Help When I Needed It”
Many older Brits wish they had sought expert advice sooner. Handling taxes, investments, or debt on your own can be more expensive than hiring a professional.
To avoid financial regret, ask the right questions early and find the right guides. At Clarkwell & Co., our HMRC Investigation Service in London helps clients with complex tax issues.
Proactive financial advice can save you money and help you sleep better. Our experienced advisors provide support for retirement planning, tax planning, and small businesses.
9. “I Didn’t Think I’d Live This Long”
Many older Brits admit they didn’t save enough for their long lives. People are now living into their 80s and 90s, making a retirement of 20 years or more common. While living longer is great, it can make budgeting harder.
The fear of running out of money later in life is real. That’s why retirement savings should plan for longer retirements and include different income sources, like state pensions, private pensions, investments, or even part-time work.
Let Clarkwell & Co. help you create a retirement plan that fits your needs and goals. Our accountants will assist you with everything from estate planning to tax strategies for your retirement.
Let Their Regret Be Your Reminder
Older Brits agree: act now, pay attention, and avoid wasting money on unimportant things. Saving isn’t just for the wealthy; it’s about being prepared. Being ready gives you peace, and self-control leads to freedom.
At Clarkwell & Co. Chartered Certified Accountants in London, we help you make smart money choices for confidence and long-term control. Our services in Bookkeeping, Budgeting, Tax Advice, and HMRC Support are here to guide you.
Start today, not tomorrow. Learn from others’ regrets to build your financial success.
