What would you say to your 20-year old self?
Over one in four people in the UK aged over 35 years old say they would take more of an interest in their personal finances if they could be 20 again, according to Bright Grey's Financial Safety Net report.
The new study, which aims to analyse the state of UK adults' finances revealed that over 35s would be keen to provide financial advice to give their younger self - from saving earlier to dealing with debt. Nearly half (44%) wished that they had started saving earlier. Nearly a third (30%) said they would be sure to pay off debts quickly, while slightly less (26%) would not get a credit card.
Top ten pieces of financial advice we'd tell our 20 year old self:
1 Start a savings scheme earlier (44%)
2 Start a pension earlier (35%)
3 Be sure to pay off debts quickly (30%)
4 Don't get credit cards (26%)
5 Take more of an interest in my personal finances (25%)
6 Shop around more for the best deals (21%)
7 Pay more into pension (19%)
8 Forego short term treats for long term gain (such as a house deposit) 19%
9 Establish what you can afford to lose and invest it (11%)
10 Other (8%)
In terms of more general advice, nearly three in five (56 per cent) said that ‘just believe in yourself' was the key mantra for living and that would be the main thing they would tell their 20 year old self. 48 per cent of people said their key advice would be to travel more, while 36 per cent said they would get more qualifications. Interestingly 13 per cent said they would tell their 20 year old self not to get married, while a further 11 per cent of respondents said they would not get the tattoo that they decided to get around that age!
Roger Edwards, managing director at Bright Grey, said: "Clearly we all ‘live and learn' and it is encouraging to see that many people see the importance of taking an interest in their financial situation and would have started it at an earlier age if they could have their time again. It's important for today's 20-somethings to believe in themselves, but we do not know what the future holds and it is vital to think about putting financial provisions in place."