Financial blunders and successes

Love may be a many-splendored thing, but for some people it is also their biggest financial blunder, according to money website Fool.co.uk.

Unlucky in Love

For one in 25 people (4%), getting together with the wrong person has been a costly goof. It ranks number four in Fool.co.uk's list of "Top Ten Financial Blunders".

The second biggest finance gaffe is getting into serious debt. One in 14 people (7%) say borrowing more than they can afford to repay is their main cause of financial heartache. Meanwhile, one in 17 people (6%) see credit cards as the third-biggest cause of financial pain.

But the number one financial howler is poorly-judged investments. One in eight people (13%) claim that investing in the wrong fund, stock or scheme has been the biggest cause of their financial woes.

Who Dares Wins

For some people, taking on risk has been key to their financial success. One in 50 people (2%) reckon that winning at gambling is their biggest financial achievement. That said, it is out-ranked by less luck-driven, hazardous activities such as saving for a rainy day and planning sensibly for retirement.

But self-employment isn't for everyone. One in 25 (4%) reckon that working for themselves has been financially lucrative. In contrast a regretful one in 50 (2%) feel it's their worst mistake.

Finding a mortgage also divides the population. While one in 50 people (2%) say picking the wrong mortgage has damaged their wealth, one in 25 people (4%) believe that finding the right one has been a significant boon to their finances.

David Kuo, Head of Personal Finance, at Fool.co.uk says: "Most of us will make money mistakes as we take greater control of our finances. The only people who never make mistakes are those who never make decisions.

"In an increasingly complex financial world it is good to know that help is only ever a mouse-click away. And if you don't ask, you will never learn.

"The important thing to remember is that making the right choices comes from knowledge, and knowledge comes from knowing why you and others made wrong decisions."