Budget & Saving

Debt is number one financial regret

The majority of people quizzed about how they have handled their finances during the 2010 wish they had paid off more of their borrowings, research has suggested.

About 53% polled by internet and telephone bank first direct are sorry they did not reduce their debt more in the period.

A total of 37% regretted not having started to save for their retirement earlier.

A further 14% rued the amount of time they have lived in a rented property and the same amount of people felt they had spent too much money on their partner.

Around 12% of those questioned wished they had not splashed out so much on an expensive holiday, just over one in 10 regretted buying a car and 9% said they wished they had not bought a house.

But only 4% of those questioned said they regretted spending money on an expensive wedding during the past year.

Debt also topped the list of financial things people were most unhappy about, with 82% saying they wished they did not owe so much on credit cards and loans, while 80% of people were unhappy with their pension provision and 79% were cross with themselves for not taking advantage of tax-free investments, such as Isas.

Three-quarters of people wished they had saved more and 60% said they were unhappy with their general spending habits.

Sam Jackson

Money Dashboard