Over-50s share the advice they wish their younger self could hear

16 April 2025

What financial advice would you give your younger self if you could go back in time?

In a survey conducted by Aviva, over-50s have shared what they would have done differently if they had their life all over again – especially when it comes to money.

While you can’t turn back time and change the past, reflecting on what you could have done differently (if you’re at retirement age) might help you bestow wisdom on the next generation. Or, if you are still mid-career and wish to take the sage advice of over-50s, you are in the right place.

One-quarter of over-50s would have taken their pensions more seriously at a young age

Understandably, young people often don’t consider their pension to be their highest priority. More immediate goals, such as saving for a home or travelling the world, take precedent. While this is normal, once a person reaches retirement age, they may realise that saving into a pension from an earlier age would have been very helpful.

Indeed, Aviva’s research reveals that 25% of over-50s wish they had taken their pensions more seriously when they were younger.

If you are of this age and feel you aren’t on track to meet your retirement goals, you could:

• Speak to a financial planner and obtain a cashflow model, giving you a data-driven view of your financial situation
• Review your wealth and re-prioritise retirement savings
• Discuss your strategy with your financial planner who can help to structure your wealth for your ideal retirement.

If you’re a young person with ways to go before you retire, consider:

• Increasing your pension contributions
• Self-assessing annually to make the most of higher- and additional-rate tax relief, if you can
• Starting to invest long-term outside of your pension too, such as in a Stocks and Shares ISA.

These tips may help you reach your retirement goals, no matter your age.

1 in 5 wish they had planned their finances and budgeted better

Budgeting basics sound simple, but the truth is, 1 in 5 over-50s feel they should have paid more attention to budgeting and planning from an early age.

While it’s important to spend money on things that matter to you – travel experiences, hobbies, or luxuries you have saved up for – there’s a balance to be struck between enjoying a relaxed lifestyle and planning for the future.

No matter your age or financial experience, remember that the basics matter. Forming a monthly budget that includes savings and investments, and sticking to it as rigorously as possible, may help to form a solid foundation for your future.

2 in 5 would have spent less on their wedding day

You might be surprised to learn that 40% of over-50s say that if they could do it again, they would spend less on their wedding day.

A wedding is a once-in-a-lifetime experience that should be enjoyed exactly as you wish it to be – but in recent years, the cost of nuptial celebrations has been climbing. Bridebook research reveals that the average couple now spends more than £20,000 on their wedding. This figure rises to more than £26,000 when including a honeymoon and engagement ring.

Although spending many thousands on a wedding is now considered the norm, these figures serve as a reminder that your financial plan is unique, and everyone’s priorities are different. This doesn’t just apply to weddings, but to all aspects of life.

Working with a professional can help you identify what your most treasured goals are and what you can afford to do, be it get married, buy a home, or retire at the age you want.

3 more top finance tips from over-50s

When asked for the three tips they would pass on to the next generation, survey participants said:

• Clear debts. Debt statistics, published by The Money Charity in March 2025, suggest that UK debt is rising. Average household debt in 2025 is £66,277, but by Q1 2030, this is predicted to increase by nearly one-third, to £98,190. So, being careful about the debt you take on, and prioritising paying off high-interest loans, may serve you well in future.
• Save into an emergency fund. An emergency fund should exist to bolster your financial stability if something goes wrong – your roof leaks, your car needs a new gearbox, or another unexpected event that might cost several thousands of pounds. Ideally, you might want to have between three- and six-months’ household expenditure saved in an easy access account in case you need it.
• Pay into a pension as soon as possible. As you read about earlier, paying into a pension sooner could be crucial to your financial stability later on. Nest has studied the benefits of doing so, and discovered that two people saving the same amount into a pension, but one making their savings 10 years before the other, could result in the early saver being nearly £50,000 better off in retirement.

So, it turns out that these tips aren’t just throwaway comments – they are grounded in reality, and people of all ages could benefit from following them.

Get in touch

Our experienced financial planners are here to support your long-term goals, whether you are already retired, on the cusp of this milestone, or still in your career heyday. Email info@depledgeswm.com or call 0161 8080200.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested..

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.