What would you tell your younger self about money?

Regret is often a powerful motivator, particularly when it comes to finances, which is why we conducted a survey of over 1,100 people exploring the question, “If you could go back in time, what would you tell your younger self about your money and finances?” The responses painted a vivid picture of the financial challenges people face and possible missed opportunities. Although many were pleased with decisions they had made, it did highlight that no matter what, hindsight is a wonderful thing, so planning can be the key to achieving the financial future you want.  

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The survey revealed that 35% of respondents wished they had put more into their pensions, and 31.3% regretted not saving earlier or saving more. These sentiments underscore a widespread concern about securing financial stability for retirement. At the same time, nearly 20% wished they had spent more on their bucket list, and over 12% regretted not giving more to their loved ones sooner. The latter likely a common dilemma: how to balance enjoying life today with preparing for the future and potentially leaving a meaningful legacy to loved ones, before the taxman gets it!  

Funding your bucket list & supporting loved ones

A significant portion of respondents (1 in 5 people) expressed that they wished they had spent more on their bucket list which likely includes life experiences such as traveling or pursuing hobbies. With just over 1 in 10 respondents wishing they hadn’t been so frivolous with their cash, these regrets point to the importance for the need to create space for things you truly enjoy, whilst maintaining financial security.

Another striking insight was the 12% of respondents that wished they had given more to their loved ones earlier in life. A missed opportunity to potentially help family members during crucial moments — whether to support a child or grandchild buy a home, fund a grandchild’s education, or assist a loved one in a time of need.

Gifting wealth during your lifetime not only allows you to witness your hard-earned money helping your loved ones, which can be deeply rewarding, but it’s also a great way to reduce the size of your estate for inheritance tax purposes. Concerns about affordability over your lifetime, often holds people back from making such gifts.  

Through thoughtful planning, budgeting and saving, you can enjoy today’s pleasures, whether that’s gifting or ticking off your bucket list, and still build a secure tomorrow.

No regrets

Encouragingly, the survey also revealed a heartening statistic: 41.8% of respondents felt their finances were exactly where they wanted them to be. Likely down to intentional financial planning rather than just plain luck, you would like to think that those who took the time to create and follow a comprehensive financial plan were more likely to achieve their goals and avoid regrets.

At the same time, the regrets expressed by other respondents serve as reminders of the importance of early action. Whether it’s building a robust retirement fund, funding life’s special moments, or sharing wealth with loved ones, thoughtful planning is the key to financial well-being.  

The role of a Financial Adviser and Professional Advice

Professional financial advice can bridge the gap between your plans and actually making them happen. Many regrets stem from decisions made without enough information or guidance, and advisers can provide the expertise needed to make informed choices.

At TPO we specialise in creating personalised financial plans that reflect your unique goals and priorities. Whether you want to fund your bucket list, support your loved ones, or build a legacy for the future, we’re here to help. Contact us today for a free initial consultation.

Note: Survey conducted by The Private Office to the Savings Champion subscriber base with 1,132 respondents. Conduct on 28/09/24.

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.

Investment returns are not guaranteed, and you may get back less than you originally invested. The Financial Conduct Authority (FCA) does not regulate Savings Champion and their associated services, cash or tax advice.