These are the biggest financial mistakes everyone makes

Are you about to make one of these mistakes?

Not saving enough is the biggest financial mistake people make, according to a survey.

Insurer Partnership asked 2,000 people about their biggest financial mistakes. Setting aside the 5% who said they had not made any financial mistakes (yeah, right), most people cited not saving enough and not saving into a pension as their biggest mistakes.

Here’s the list:

  • I did not save enough    40%
  • I did not save enough into my pension   19%
  • I got myself into debt by borrowing too much/due to circumstances       15%
  • I was not able to work more or earn more in my chosen occupation         11%
  • I made poor financial choices linked to family/ friends - e.g. lent money or took advice   10%
  • I put money into an investment that did not perform     9%
  • I delayed buying a house              7%
  • I got married and subsequently divorced              7%

Mark Stopard, head of product development at Partnership, said: “While it is relatively easy to make minor financial errors, that one in 10 people cite issues around salary and employment levels adds weight to the first argument and is worrying as it suggests that for some ‘mistakes’ are almost unavoidable.

“Interestingly, making poor financial choices linked to family/friends and getting married and subsequently divorced are also relatively high up on the list which suggests that sometimes the heart overrules the head when it comes to finances. It also serves as a stark warning to those who may be considering lending money or listening to advice from loved ones.

“While hindsight is 20:20, this list does highlight mistakes that other people can learn from!  Indeed, no one cited saving too much as a problem, which certainly implies that, whenever possible, people should look to be as prudent as they can with their income and put aside what they can afford for later life or a rainy day.” 

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