Debts Were Britons’ Main Financial Regrets In 2010

Not paying off debts more quickly was the biggest financial regret for Britons’ in 2010, closely followed by not saving enough for retirement.

Paying off debtsNot taking a longer term view of their personal finance was a big regret for many UK adults last year.

According to a survey by first direct, some 53% felt that not paying off debts quicker was their biggest regret.

Perhaps why high on the list of new year resolutions for many is to sort out their finances – alongside lose weight and get fit of course.

Worryingly, nearly 20% felt regret over spending too much in the run up to Christmas – perhaps adding to their debt problems?

When considering which areas of their finances they were most unhappy with, 82% said it was the level of debt on their credit cards and loans.

Other financial worries stem from

  • Pension provision
  • Not taking advantage of tax free investments
  • Savinsg pot
  • General savings habits
  • General spending habits

Richard Brown, Senior Savings Product Manager at first direct commented: “Ensuring that you plan ahead with your finances is extremely important, and starting to save for retirement as early as possible allows a better standard of living later on.

The earlier you can begin to save for retirement, the more your money will work for you and acquire interest. Likewise, paying off debts quickly where possible prevents interest charges from rising and rising.

The New Year is the ideal time to reflect on your financial habits and change these for the better. The earlier people start to plan their finances and look to the future, the easier they will find their long term financial position.”

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