Britons are being urged to rethink their retirement plans after new research revealed that almost half of respondents admitted they failed to prepare for old age. A study of 5,000 adults has found that 45 % of people say that not planning for retirement is the biggest financial mistake that they have ever made. According to the research, it is the most common regret nationwide, surpassing credit card debt and overspending.
The findings come as millions of Brits struggle with rising living costs and a growing uncertainty over their long-term finances. Some 46 % of adults say they feel more confident about money going into 2025, but the report shows that older people still have deep anxiety over their finances.
Research found that the 55+ age group is the most anxious about retirement, with 59 % citing it as their biggest worry. However, the concerns are not limited to older generations, with some 32 % of 21 to 24-year-olds saying they fear not having enough for later life.
Aqua, the credit card brand behind the study, stated that the results demonstrate the widespread prevalence of financial regret. Only 22 % of people surveyed claim they have never made a financial mistake.
Of those who have, 40 % say that accumulating credit card debt was their worst error, with 38 % saying they had spent outside their means. 37 % admitted they had not invested or had not invested enough, whilst 36 % confessed to impulse buying. More than a third, 34 %, said their biggest mistake was losing money on cryptocurrency or similar assets.
Other major regrets include only paying the minimum amount on their credit card balance, underestimating their expenses, not creating a budget, or not taking advantage of schemes like ISAs.
Financial stresses have also led to 3 in every 10 people saying that they feel negative about their money situation.
Aqua’s Commercial Director, Sharvan Selvam, said that improving a credit score can help people feel more secure. He said: “Improving your credit score might not always be top of mind, but it plays an important role in helping you reduce financial stress.”
He added that many people feel “more empowered and confident as a result of taking steps to boost their credit score”.