A recent research poll conducted by Mortar, in partnership with KP Nuts, found that we spend an average of 110 hours each year thinking about what might have been. Eighty per cent of the 2,000 UK-based people questioned believed their lives could have been better if they had taken more risks. Twenty-five per cent regretted not taking the plunge in a romance.
The top five regrets identified in the survey were:
- Not keeping in touch with old friends
- Not taking the plunge in a romance
- Not travelling more when they had fewer responsibilities
- Not pursuing a better paid job
And, interestingly: Not saving more when younger.
Regret can be argued to be a wasted emotion. Things that have happened in the past, decisions we have made and paths we have chosen cannot generally be changed. However, we do have the power to change what happens in the future.
In response to the survey, psychologist Linda Blair offered her advice on how to tackle these common regrets. For example, she suggested contacting the old friends we miss with a nostalgic picture or other memento and an invitation to meet up, or to think positively about the career choices still available to us rather than those we’ve missed.
Her advice with regard to not having saved more when younger was simply: “You can’t go back to when you were younger, but you can start saving. You may need to seek professional advice but the way I work with regret is to say: ‘This is a lesson. Act on it instead of dwelling upon it.’”
We couldn’t agree more. At Brunsdon Financial, we’ve always argued that it’s never too late to start planning for the future by investing wisely now. Although we may not be able to help you with the other top regrets, we can help you to manage your money more effectively. Please do contact us for help and advice.
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