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Regrets can be costly in retirement

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Keeping on top of your finances pays dividends, an expert has stressed.

John Male, managing director of EFG Independent Financial Advisers, with offices in Birmingham, Wolverhampton and London, was commenting on a recent survey by insurer Partnership analysing people’s biggest regrets.

“They say that life is full of regrets,” he noted. “But financial mistakes and missed opportunities are up there near the top.

“As financial advisers, we are always urging people to save more, minimise tax, and so forth, but of course it can be hard to commit the level of discipline needed to keep your monetary affairs in full order. Now we have confirmation that people do wish they had done more.

“It should be an important lesson to generations to come.”

Partnership found that the vast majority wished they had made different choices when it came to their finances.

Over half (59 per cent) said their biggest error was not saving enough and in particular into their pension pot. A further 15 per cent bemoaned getting into debt.

Mr Male said: “We all have weaknesses – putting off until tomorrow things we should be doing today, allowing our heart to rule our head, ignoring rather than addressing stuff we would rather not confront.

“But it really pays off to get into the savings habit and develop a firm handle on your finances.

“Having a financial cushion in your old age is vital.”

 

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