According to a recent survey, the biggest regret by the baby boomer generation is to not have planned for and saved for their retirement earlier. With this group of over 55’s now in or nearing retirement it will be a relevant reality.
The top 5 regrets from baby boomers
Standard Life’s survey of over 2,500 over 55 year olds showed these top 5 regrets when talking about their finances:
- Wished they had saved for retirement earlier – 18%
- Avoided high levels of credit card debt over the years – 16%
- Kept within a set financial budget – 6%
- Spent less on parties and generally saved more – 5%
- Invested in a Stocks and Shares ISA – 5%
Biggest regret: No retirement planning
The more in advance retirement planning begins, typically, the more effective results can be achieved.
Many over 55’s are now on the brink of retirement and having to consider their options as they haven’t sufficiently prepared.
Common of this age group as well is the fact that not only did they not start to save for retirement early enough but also, in later life, excess income has been used to support children with things like university fees and house deposits, as there has been significant changes to both property and education within their lifetimes.
Other regrets
Accumulation of debt was also high on the list of regrets for baby boomers. This was actually the number one regret from 35-44 year olds (21%) and a good proportion of 18-24 year olds as well (12%).