New research reveals that 37% of adults wish they had listened more to their parents or grandparents about saving money for the future. Among those who regret not heeding their elders' advice, 39% have less money saved up than expected. The survey, conducted in September 2023 with over 2,100 participants across the UK, was part of the Pension Attention campaign to raise awareness about financial planning. People in Northern Ireland and Scotland particularly regret not taking advice on saving from older generations.
Children don’t always take older generations’ advice on board, but new research suggests more than a third of adults wish they had listened more to their parents or grandparents about saving money for the future.
The pensions industry-funded campaign is co-ordinated by the Association of British Insurers and the Pensions and Lifetime Savings Association , with the aim of raising awareness of the importance of people understanding their finances for their future. Alison Nicolson, head of client relationships, workplace savings, Scottish Widows, says that when she left university: "I did listen to my parents on not overstretching myself, but it was years before I got into a position where I was saving enough to aim for any kind of comfortable retirement."
"For longer-term savings then a stocks and shares ISA or a Lifetime ISA might be a good investment, especially if you want to use the money for a house deposit," she adds. "It’s always worth looking at your monthly budget too. Are there any regular payments for things that you actually don’t need? Can that money be used for your future?
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