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Paying bills on time, staying out of debt, and saving for retirement are the essential keys to a happy life according to older generations.
Skipton International have released the results of their survey that sees what words of wisdom the older generations would impart to the youth of today.
Other important words of advice include paying off your mortgage as early as possible, teaching your children how to budget, and striking the right balance between spending and saving.
A recent survey from Skipton International shows 51% of retirees polled have some regrets about their working years – of these, 19% wish they’d worked fewer hours and four in 10 wish they’d made more of an effort to pursue their dreams.
A further three in 10 people wished they’d created a better work life balance, while 45% would have put more of their earnings aside into savings if they could turn back time.
Now in retirement, 17% are struggling with money, while 28%t say their health is their biggest concern.
Jim Coupe, Managing Director of Skipton International, said: “Finance is an important part of everyone’s life, whatever your age. Older generations have a lot of good advice that they can pass on to the young, and this survey shows that looking after your money now is something that will serve younger people well when they eventually get to retirement age."
Pictured: Jim Coupe, Managing Director of Skipton International.
Mr Coupe added: “Taking savings seriously and ensuring you have the right kind of mortgage are just two ways young people can take active steps to set themselves up for a better retirement.”
The survey, of over 1,000 retired people in the UK, by Skipton Building Society, found 96% of respondents were happy with retirement, with nearly 28% saying they are the best years of their life.
The results of the survey seem to suggest that considering your finances and planning for the future should be one of the main concerns to the younger generation
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