The biggest financial regret among the overall British public in
2011 was ‘not saving enough’ as compared to ‘not paying off more
debts’, according to a survey carried out by first direct, HSBC’s
direct banking subsidiary.

first direct surveyed adults in the UK asking for their biggest
financial regrets. This is the second year that first direct
has carried out this survey.

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More than half the survey respondents (52%) said their greatest
financial misstep in 2011 was not saving enough, while a third
(33%) identified not paying off debt as their biggest financial
woe, compared to just over half in 2010 (53%). 

The survey also revealed that overall the British public was
less happy with their finances in 2011 than 2010, as 77%
respondents reported that they were unhappy with their general
saving, compared to 74% in 2010.

There was a sharp rise of 8% when it came to unhappiness in
general spending habits from 60% in 2010 to 68% in 2011.

The number of Britons who said they were not happy with their
credit card and loan debt only increased by 2% since 2010 to, the
same increase seen amongst those who were unhappy with their
pension provision. 

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Head of savings at first direct, Bruno Genovese, said,
“Ensuring that you plan your long term spending is extremely
important as good organisation can help you pay off debts more
quickly, increasing disposable income for saving and allowing your
money to work for you more effectively.

The research also revealed a sharp division in financial
happiness between the generations. Over 55 years have the fewest
financial regrets with 57% saying they did not have any financial
regrets in 2011. 

While their biggest financial regret was ‘not saving enough’ in
the over 55 years age bracket (20%), this is considerably lower
when compared to the same response among the 18-24 year olds
(69%). 

The survey was conducted between the 23 and 27
November, 2011, for first direct, and 1,260 adults over the
age of 18 years were surveyed.