Brits saving for retirement but wish they had house deposit earlier

Ryan Fowler

August 14, 2019

Over half (58%) of Brits wish they had invested in their future and retirement at an earlier age, according to research from Nottingham Building Society.

The survey of 2,000 UK adults  found that only 29% of respondents admitting to actively saving towards their future.

However, when it comes to what Brits are actually saving for, the most common goal was a ‘rainy day’ fund, with over a third (34%) currently saving towards this.

Interestingly, more than double are saving towards a holiday (29%) than a house deposit (13%), despite a house deposit being ranked by respondents as a higher priority overall.

Jenna McKenzie-Day, senior savings Manager at The Nottingham, said: “Our research found that on average, homeowners wish they had begun planning to buy their first home three years earlier than they started, with a similar picture being painted for those saving for their future.

“Interestingly, it found that Brits wish they had started their retirement fund a staggering eight years before they actually began saving.

“Whether you are saving for your first home or starting your retirement plans, products such as the LISA, which is available for those looking to plan for their future, offer a 25% government backed bonus on annual savings up to £4,000, those extra eight years of savings could have increased their future savings by a potential £8,000 – making it the perfect product to start your saving journey.”


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