Over 60? Most Regret This Money Mistake—Don’t Let It Be Too Late For You!

As people age, financial concerns often become more pressing. Medical expenses rise, income diminishes with retirement, and prices continue to climb. As a result, many seniors find themselves having to make tough choices. Dining out, weekend family getaways, or small gifts for grandchildren may no longer be feasible. Some even struggle to make ends meet and fear becoming a financial burden to their loved ones. This ongoing stress can mar what should be the golden years of their lives.

This reality hits especially hard when retirement pensions prove inadequate to sustain the lifestyle one had hoped for. A study conducted by Nottingham Building Society with over 2,500 Britons shows alarming figures: 42% of those over 60 worry about their savings running out, nearly twice the rate of those aged 18-24. More concerning still, 45% are dipping into their savings more than they would like due to rising living costs—a situation that French seniors are also experiencing, grappling with inflation and stagnant pension rates.

Among those over 60, one regret stands out: 33% of those in their sixties wish they had started saving earlier, and this percentage increases to 41% among those in their eighties. “The message from those in the later stages of life is clear: start saving early, consistently set aside money, and be disciplined with spending to make a real difference,” says Harriet Guevara, head of savings at Nottingham Building Society.

The benefit of starting young lies in a powerful financial mechanism: interest. “Even small, regular contributions can accumulate over time and make a significant impact,” the expert emphasizes. Indeed, 1,000 euros invested in a savings plan or the stock market at age 25 will have forty years to grow and multiply, whereas the same amount saved at age 50 will only have fifteen years. This time difference can mean thousands of euros in disparity by the time one retires. Harriet Guevara aptly reminds us: “For young savers, this research is a reminder that habits formed now will bear fruit in the future. Building a regular saving habit, even a modest one, can reduce stress, improve sleep, and give people greater control over their finances.” It’s wise advice to follow before it’s too late to fully reap the benefits!