You are here: Home - Investing - Experienced Investor - News -

Over-50s reveal their biggest financial mistakes

0
Written by:
11/11/2014
Clients of deVere Group answered a simple but loaded question: “What is the most impactful financial mistake you’ve ever made?”
Over-50s reveal their biggest financial mistakes

Some 34 per cent of respondents said that they had not put enough aside for retirement, making a failure to save the most common financial error. A further 27 per cent regretted not seeking professional financial advice.

According to Nigel Green, founder and CEO of deVere Group, these results were “a depressing predictability”.

He said: “The harsh reality is that unless there’s a seismic cultural shift in attitudes towards savings, many more people will reach the age of retirement and realise that there is just not enough in their pension pots to last throughout retirement, or enough to enable them to enjoy the retirement they had envisaged.

“The survey also highlights that too many people have previously believed that they could ‘go it alone’ managing their wealth and have committed costly blunders along the way.”

The third biggest mistake, cited by 19 per cent of respondents, was allowing their emotions to govern investment decisions.

Green continued: “If your primary aim is to secure the best returns, investment decisions should be rational and dispassionate.”

Eleven per cent cited a failure to diversify their investment portfolio as their biggest financial mistake, while seven per cent regretted their own failure to buy insurance coverage.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week