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11 Mar 2013

Failure To Start Saving Earlier Is Baby Boomers´ Biggest Money Regret

Failure to start saving for retirement earlier is the thing that British baby boomers regret most when it comes to finances, a survey from Standard Life revealed.

As much as 15% of Britons regret not starting a pension when they were younger, with the proportion going up to 20% among those aged over 55, Standard Life´s definition of the baby boomer generation. Other financial regrets cited by UK adults include running up debt on credit cards or store cards (14%), failure to define and follow a budget (10%), spending too much on nights out (9%) and keeping things no longer needed instead of selling them (5%), the Telegraph reported.

According to Standard Life, beginning to put aside just £100 each month after turning 25 can ensure an additional income of £3,570 a year to people when they reach 65. By comparison, starting to save the same sum at the age of 40 would result in an annual pension income of only £2,000 by the age of 65.

Julie Russel of Standard Life is advising those who feel that it´s already too late to start saving not to panic and to begin putting aside money now. Britons who have already joined a workplace pension scheme or will be enrolled automatically into one soon need to learn more about personal pensions to make sure that they won´t have any financial regrets, as many current personal pension savers do, Russel said.

Britons, however, are broadly shunning workplace pension schemes as figures from the Office for Nationals Statistics (ONS) show. In 2012, just 46% of UK adults were found to be in a workplace scheme, which was the lowest level measured by the ONS since 1997, the year when it started recording such data.

Copyright © M2 Bespoke 2013

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