'One In Four Regret Not Saving'

• News
• Published: 25 Feb 2010 in Money and Savings

A new survey has revealed that one in four people regret not having set aside more funds over the past 18 months to help cope with the recession.

Research by TNS said 24% wished they had saved more money during that time, while 32% said they ought to have begun saving earlier in life.

On average, people do not start saving money seriously until they turn 25. The research also suggested that 22% of people are 30 when they start setting aside money consistently.

As many as 13% of people wait until they are 40 to save regularly, and 15% have never saved any money at all.

Women are most likely to set aside cash for short-term plans such as vacations, and see planning for the future as a secondary consideration.

Men, on the other hand, are more likely to save funds for longer-term events, such as getting married, buying a house or starting a family.

The poll also showed that a third of people said they began saving after reading about those who did not have any funds to depend on in an emergency, while 31% said a personal financial shock triggered their saving behaviour.