Why many of us wish we'd taken our parents' saving advice

IGNORING MUM AND DAD CAN PROVE A COSTLY ERROR...BUT IT'S NEVER TOO LATE TO CHANGE OUR WAYS 

CHILDREN don't always take older generations' advice on board, but new research suggests more than a third (37%) of adults wish they had listened more to their parents' or grandparents' financial tips.

Among those who regret not heeding their elders' views on saving, two-fifths (39%) don't have as much money saved up as they thought they would.

A quarter (25%) say they got into debt by spending too much money when they were young, while a similar proportion (24%) didn't travel or go on holiday as much as they had imagined they would.

More than 2,100 people across the UK were quizzed in September 2023 for the survey, on behalf of the Pension Attention campaign. This pensions industry-funded campaign is coordinated by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA), with the aim of raising awareness of the importance of people understanding finances for their future.

The research suggests people have other financial regrets, with just over a fifth (22%) wishing they had taken the advice from parents or grandparents to not spend all their pay at once, and one in six (16%) wishing they had taken advice to get on the property ladder as soon as they could.