The biggest regret for most pensioners is that they failed to start saving or make the right decisions about their retirement savings early enough, according to new research.
One in four pensioners regret not starting to save earlier in life, while one in five now realise they should have saved more.
The research by The Share Centre revealed that pensioners would have made wiser saving decisions if they had the benefit of knowing how important their pensions and investments were in retirement.
Many pensioners feel they should have invested in share opportunities to grow their retirement savings.
The report also disclosed that many found out too late about the gap between their savings and the amount of money they needed to fund a comfortable retirement.
Sensible financial decisions
Besides day-to-day living costs, many pensioners worry about how they will pay for long-term care if their health deteriorates.
Richard Stone, chief executive of The Share Centre, explained that younger generations should benefit from the advice of their elders and start saving more money as early as they can.
“They should realise that if their elders had the advantage of gold-plated pensions and still feel they do not have enough retirement cash, then they should pay attention to what they are saying,” said Stone.
“The stock market has delivered a return of more than 600% since1990, while savings accounts have delivered just under 70% on cash in the bank or building society.
“It’s not only about saving enough for long enough, but about making sensible decisions about where to put your money as well.”
10 saving tips from the government
The government also wants to encourage more people to invest from an earlier age and has put together 10 tips for saving.
Financial experts at The Treasury compiled the tips and look at ways to pay less for banking, mortgages and how to gain more from tax allowances.
“The government wants to help young savers make the most of their money, especially if they are saving for a home or retirement,” said a Treasury spokesman.
“To let them know about some financial tools and products that could help them along the way, we’ve put some of the most helpful together in our list.”