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Credit card debt biggest financial regret among south-east baby-boomers
Updated 2:57pm Sunday 1st June 2014 in News
New research suggests running up debt on credit cards is the biggest financial regret of baby-boomers in London and Kent.
The survey by savings and investment specialist Standard Life found 19 per cent of people aged over 55 wish they have paid for less on credit cards.
Meanwhile 12 per cent wished they saved for their retirement earlier and seven per cent wish they had spent less on nights out.
I wish I had…
1. Avoided running up debt on credit cards or store cards (19%)
2. Saved for retirement earlier (12%)
3. Spent less on nights out and saved more in general (7%)
4. Set and stuck to a budget (7%)
5. Invested in a Stocks and Shares ISA (6%)
Standard Life’s Julie Hutchison said: “This new research should come as a wake-up call to the many people who aren’t saving enough for when they retire.
“The value in starting to save early is clear in terms of increased potential for growth.
“We also know from previous research that parents often find they need to de-prioritise their own saving when they are older, to help support their adult children with large expenditure such as university fees and deposits for their first homes.
“So trying to close up a savings gap later on in life can be really tricky.
“We should all learn from the experience of babyboomers and start saving as soon as we’re able to, so we don’t share the same regret when we’re older.”
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