Over-50s' biggest financial regrets and money mistakes revealed

People aged 50 and over around the world were asked about their biggest financial regrets. Here's what they said and what you can do to combat them.

Love Money
Last updated: 6 April 2018 - 3.27pm

In an international survey of over-50s around the world by the deVere group, not saving enough for retirement was the number one money mistake people said they had made.

Over a third of respondents said they wished they'd save more.

In second place, 27% felt that it was a mistake to manage their finances without professional advice.

Just under a fifth of respondents felt their biggest money mistake was letting emotions rule their investment decisions, while 11% pointed out a lack of diversification in their investment portfolios. Just 7% said they had failed to ensure they were adequately protected by insurance.

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Every penny counts

Starting your pension saving early – even if you’re only putting a small amount aside – can make a big difference to the size of your pension pot when you come to retire.

To put that into context, the table below breaks down the final pension pot for a man earning £30,000 a year, saving 4% a month, depending on when he starts that saving habit. In this instance, 4% works out at just £100 a month, but as you can see, the final pension pot difference is significant.

Age of starting pension

Final pension pot

Tax-free cash

Income per year

25

£120,000

£30,000

£4,970

30

£103,000

£25,800

£4,330

35

£87,100

£21,800

£3,710

40

£71,800

£18,000

£3,100

45

£57,200

£14,300

£2,500

50

£43,200

£10,800

£1,910

Source: Hargreaves Lansdown pension calculator. Assumes average 5% annual growth and 1.5% management charge

Again, the earlier you start saving, the more you'll have.

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