Close to a third of UK adults have bought a lower quality item and then regretted not paying more for a product that would have lasted longer, a study by Sainsbury’s Bank Credit Cards has revealed.

This featured as the top financial regret of a sample of 2,018 adults who were polled by Opinium Research on behalf of Sainsbury’s.

Paying for insurance in monthly instalments rather than paying in a lump sum – a decision that  involves more cost – was the second most commonly cited financial regret by 29% of the sample.

This was followed by buying cheap plane ticket but then paying more for allocated seating – another false economy that was cited by 15% of the sample.

Here’s a table outlining Brits’ top five financial regrets:

Source: Sainsbury’s Bank Credit Cards

Paying for repairs

UK adults also admitted to paying for costly repairs to fix old or broken items, ultimately spending more money in the long run than if they had simply bought a new item upfront.

For example, the average Brit typically pays a professional to fix an expensive item, such as a car or boiler, twice before replacing it. What’s more, around 37% of the sample regretted fixing the item. Research also found that the average patch-up job for a car totalled £214 and £150 for a boiler.

Jerome Fernandez, head of credit cards at Sainsbury’s Bank, said: “If you are considering significant outlays this year on items that need fixing, it is worthwhile weighing up the initial cost versus any ongoing costs. You could save more money in the long run by investing in a new item upfront.”

Five ways to save money

Editor and founder of Moneymagpie Jasmine Birtles says it is important to take a step back and try to learn from any previous mistakes.

“We can’t get it right all the time but if we’re able to take a breath, step back for long enough to think it through – often learning from former mistakes – we can usually work out if it could be better value in the long-run to buy something new,” she explained.

Here are her top financial hacks: