Almost two-fifths (39%) of British employees regret not saving into a pension, according to research by Shepherds Friendly.
The financial services firm’s survey of 2,000 Brits on their knowledge of individual savings accounts (Isas), life insurance and general personal finance, also found that 38% of respondents regretted not saving enough into their pension.
More than one-third (37%) regretted not saving for an emergency fund, while 32% wished they had saved more for an emergency fund.
Not saving enough when younger was the most frequently cited regret, expressed by 56%, while 47% wished they had invested money sooner and 43% regretted not teaching themselves more about money topics.
Almost one-third (30%) have used buy-now-pay-later schemes at some point in their lives, increasing to 40% among 35-44 year olds. However, almost one-quarter (22%) went on to regret it, with this felt most strongly by Gen-Z employees (36%).
More than one in six reported that financial concerns and worries have negatively affected their mental state. This is particularly pronounced among respondents aged 18 to 24, with 29% of this group feeling the strain of financial pressures.
More than half (51%) did not pass the financial literacy test, while 60% believe that financial education should be a mandatory part of the school curriculum and 45% think young people lack adequate opportunities to learn about personal finance.
Graham Drummond, head of communications at Shepherds Friendly, 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 wellbeing.
“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 financial knowledge, we can all make smarter choices, feel more secure, and build a better future for ourselves and our families.”
