‘With so many financial decisions to make in your 20s and 30s, and retirement feeling far off, it can be tough to know where to prioritise spending, particularly if you are on a tight budget’
A significant number of over-50s would tell their younger selves to spend less on weddings, more on experiences, and dedicate more time to planning for later life, according to a survey.
Reflecting on what they would have done differently, 16% of this age group said they would have made a more detailed retirement plan at a younger age. A quarter (25%) would have taken their pension more seriously, while one in five (22%) would have invested more into their pension overall if they had the chance again, the research for Aviva found.
More than a fifth (22%) wished they had saved more for unexpected expenses, while 18% would have budgeted better for retirement. When asked what they thought their younger selves should concentrate on, over half (54%) of over-50s recommended clearing debts as soon as possible.
A significant number of those surveyed admitted they had carried debts related to credit cards (16%) or mortgages (7%) into retirement. A third (34%) believed maximising contributions into a workplace pension should be a key focus and nearly two-thirds (64%) said they would advise against relying too much on credit cards or loans.
Two-fifths (41%) would advise against spending excessively on weddings – with women (50%) more likely than men (33%) to suggest cutting wedding costs, according to the survey of more than 1,000 over-50s by Censuswide across the UK in September 2024.
Some 35% of those over 50 would advise their younger selves to value life experiences more than splashing out on pricey possessions. Alistair McQueen, head of savings and retirement at Aviva, said: “With so many financial decisions to make in your 20s and 30s, and retirement feeling far off, it can be tough to know where to prioritise spending, particularly if you are on a tight budget.
“Hearing what the over-50s would advise their younger selves to do can give some helpful hints based on their greater financial experience. Most emphasise the importance of planning and saving for the future as early as possible.”
