The Biggest Regret of British Babyboomers

Posted by M ws On Friday, March 8, 2013 0 comments

Britain's baby boomer generation say their biggest financial regret was not staring saving for retirement earlier, according to a new study.

Nearly one in seven (15pc) of adults admitted wishing they had started a pension sooner, with the figure rising to one in five for those approaching retirement, research by Standard Life showed.

Regrets about pension saving narrowly beat remorse about running up credit card debts (see the top five below).

Independent financial advisers have long warned about the adverse affect of starting a pension later.

Those who start saving £100 a month at age 25 could receive an income of £3,570 a year by the time they are 65, according to Standard Life. Using the same assumptions – investment growth of 5pc and increasing saving each year by 3pc – someone saving the same amount from age 40 would have a pension income of only £2,000 a year by the same age.

More HERE.

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