Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
More than a third of savers who responded to a survey said they regretted not saving enough into their pension.
The survey by Shepherds Friendly revealed that 38 per cent regretted not saving enough into their pension, while 39 per cent regretted not saving into a pension at all.
Meanwhile, 56 per cent expressed regrets over not saving more when they were younger, while other regrets included not investing money sooner (47 per cent) and not teaching themselves more about money topics (43 per cent).
In addition to this, 29 per cent of young adults aged between 18 and 24 felt the strain of financial pressures, indicating a link between financial well-being and mental health.
The research also explored financial literacy across the UK, finding that 60 per cent of Brits believe financial education should be a mandatory part of the school curriculum.
Yet, over half (51 per cent) of people in the UK failed the financial literacy test, despite 87 per cent saying they felt confident in their financial knowledge, suggesting substantial gaps in Britain’s financial literacy.
The survey pointed out that age played a crucial role in financial understanding, with 14 per cent of those aged 18–24 passing the test, compared to 67 per cent of those aged 65 and over.
Gender differences were also highlighted, with 54 per cent of men passing the test compared to 46 per cent of women.
Commenting on this, Shepherds Friendly’s head of communications, Graham Drummond, said: “Our survey showed that many people are unsure about things like budgeting, investing, and understanding financial products that can help them prepare for the future, such as ISAs and investing.
“It's not just about knowing the terms, but really feeling confident in making decisions that affect our financial well-being.
“To close these knowledge gaps, we believe it's crucial to start teaching financial literacy in schools and continue promoting it throughout our lives.
“By boosting our financial knowledge, we can all make smarter choices, feel more secure, and build a better future for ourselves and our families.”
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909. This website is for information purposes only and is not personal advice.
We are committed to providing products and service of the very highest standards. If you feel that we haven't lived up to your expectations in any way, however, we would like to know so we can put things right for you. If you have a complaint, make sure you contact us directly. Accordingly, we will do all we can to resolve your complaint by the end of the next business day. However, if we can't do this, we will write to you within five working days to tell you what we have done to resolve the problem, or acknowledge your complaint and let you know when you can expect a full response. Furthermore, if we haven't issued our response within eight weeks from the date you first raised your complaint, or if you're dissatisfied with our response, you can ask the Financial Ombudsman Service - www.financial-ombudsman.org.uk - for an independent review. The Financial Ombudsman Service will only consider your complaint once you've tried to resolve it with us, so please take up your concerns with us first and we'll do all we can to help.
Wealth of Advice Ltd is a company registered in England and Wales, company number 07709624.
VAT Number: GB131946515