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Brits highlight biggest financial blunders

Brits highlight biggest financial blunders

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Video transcript

New research from specialist insurer Partnership has revealed the most common financial mistakes and regrets that Britons have made.

According to the company`s poll of 2,000 adults, many people have made one or two financial blunders throughout their life and the body hopes that by highlighting these mistakes, it could help many more to avoid these issues themselves.

Things like failing to save effectively for retirement and borrowing too much and getting into excessive debt were common complaints by respondents to the survey, while less commonplace problems included failed marriages and divorce - and the cost that this invariably brings.

Overall, the results of the poll showed that the top mistake highlighted by respondents of all ages was not saving enough when they had the opportunity to do so - this was a regret highlighted by 40 per cent of those that took part in the research.

Meanwhile, 19 per cent cited not investing into their pensions when they were younger and 11 per cent regretted not pursuing their career as much as they would have liked to, subsequently leading to them earning less than they believe they could have.

Making poor financial choices linked to friends and family - such as lending money or acting on improper advice - was a problem for ten per cent of respondents, while delays in purchasing a first home were shown to have been a financial regret for seven per cent.

Responding to the results, head of product development at Partnership Mark Stopard said that, while hindsight is invariably 20:20, a lot of the common complaints made by Britons when it comes to regrets surrounding their finances largely boil down to failing to effectively plan for the future.

Indeed, putting funds aside for a rainy day is always good advice for anyone that can afford to do so, and whenever possible, people should be prudent with their income to ensure they are not living beyond their means and have a nest egg that can make all the difference in times of emergency.

Making minor financial errors is something that everyone will do from time to time, but it is these big mistakes that can lead to a lifetime of regret and they are something that everyone should strive to avoid.

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