Brits wish they had started saving earlier

Around one in four Britons wish they had started putting money away earlier in life, new research has found.

With millions still struggling financially as a result of the economic downturn, a study carried out by National Savings & Investments NS&I has revealed that around 22 per cent of people wait until they are 30 until they start topping up their savings accounts on a regular basis, while 13 per cent wait until they hit 40.

However, such a lack of financial foresight is likely to come back and haunt many, with the research finding that 24 per cent of UK adults regret not having saved more over the past 18 months in order to deal with the recession, while 32 per cent rue not having started putting money to one side earlier on in life.

On a more positive note, the research into savings habits also found that the average Briton is likely to start saving seriously at the age of 25, with men found to be more likely to plan ahead and boost their savings accounts in preparation for major life events such as buying a house or starting a family.

Publishing the findings, John Prout, NS&I's savings spokesperson, said: "It's great to see that most Britons started to save seriously in their mid-twenties. And for those who have not yet developed the habit it is not too late to start."

A separate study recently carried out by the F&C also revealed that one in four women between the ages of 35 and 45 have no savings in the bank, with many feeling they have no control over their finances.

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2010-02-26 10:14:20 © Moneyextra.com