Financial tips the over 50s would give their younger selves

Retirement may seem distant for many, but a new survey from Aviva of more than 1,000 adults over the age of 50 in the UK¹, reveals some of the things they would do differently with the benefit of hindsight. A quarter (25%) would have taken their pension more seriously, and one in five (22%) would have invested more into their pension overall, if given another chance.

Reflecting on their broader finances, more than one in five (22%) wish they had saved more for unexpected expenses. A similar number (18%) would have budgeted better for retirement, and one in six (16%) say they would have created a more comprehensive retirement plan at a younger age.

Financial Choices for the Future

With numerous financial decisions impacting the future, it can be challenging to prioritise spending. When asked what they thought their younger selves should focus on, more than half of over 50s recommended clearing debts as soon as possible (54%). One in six of those surveyed, who are fully or semi-retired, mentioned that they carried undesirable credit card debt (16%) or mortgage debt (7%) into retirement.

Saving into an emergency fund (53%) and starting a pension early (52%) were seen as equally important priorities for the over 50s. Additionally, a third (34%) suggest maximising contributions into their workplace pension.

Regarding spending, nearly two-thirds (64%) of over 50s would advise against relying too much on credit cards or loans. More than half (54%) recommend avoiding extra expenses on designer labels, and over two in five (44%) suggest not overspending on cars.

A similar number (41%) advise against spending excessively on weddings, with women (50%) more likely than men (33%) to suggest cutting wedding costs.

Interestingly, over 50s favour investing in experiences and hobbies they enjoy. More than a third would prioritise lifetime experiences over expensive belongings (35%) and hobbies (34%).

Alistair McQueen, Head of Savings & Retirement at Aviva, says:

“With so many financial decisions to make in your twenties and thirties, 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.

"Thankfully, there are now many tools and technologies, like Aviva’s pension calculator, to help plan finances for various goals. Whether you're thinking about retirement or more immediate goals like buying a house, there's help available to achieve this.”

More information on the research about planning for retirement can be found here.

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Methodology:

_{¹ Research was conducted by Censuswide with 1,007 nationally representative UK nationals, aged over 50 from 13.09.2024 - 17.09.2024. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.}

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