Nearly a Third of Britons Regret Not Saving Sooner, Tesco Bank Data Shows

Nearly three in 10 people say they regret not starting to save money earlier in life, according to new data from Tesco Bank shared exclusively with This is Money.

Tesco Bank's survey found 29% of respondents expressed regret about delaying saving. The feeling was stronger among people in their 30s and 40s, where 36% said they wished they had begun saving sooner. The data also showed 10% of respondents are concerned they have not built an emergency fund, commonly advised as three to six months' worth of salary to cover unforeseen expenses.

Chris Henderson, save and pay director at Tesco Bank, said hindsight can sharpen financial regrets. "Hindsight is a wonderful thing, and when it comes to your hard-earned money, feeling like you've missed out on a chance to maximise your savings can be a tough pill to swallow," he said.

The research includes generational differences on financial education and goal setting. Among respondents in their 20s, 17% said they regret not learning more about building a savings pot and the same proportion regretted not setting financial goals earlier.

The survey report was accompanied by personal testimony from 54-year-old Giovanna Smith, who described the consequences of not saving during a marriage and then facing financial pressure after a divorce while raising four children and studying at university. Smith, who runs a matchmaking business, said she had relied on her then-husband to save and was left with little personal savings or pension after the marriage ended.

"The biggest mistake I made was not to save myself, instead of relying on somebody else that they were going to do it… at the time, I thought it was going to be forever," Smith said. She described having to rebuild her life, relying on government help to finish a degree and funding her current business through continuing social work.

Smith said she owns her home but that 40% of its equity is held by her ex-husband, limiting her ability to move. With limited pension provision and little savings, she said she is relying on her business to provide for her in later life and is teaching her children to start saving early.

Financial advisers often point to the value of time in growing savings through compound interest. Tesco Bank provided an illustrative example showing how a £10,000 lump sum earning 2% interest annually would grow to about £11,000 in five years, just over £12,000 in 10 years, roughly £18,212 over 30 years and about £22,241 over 40 years.

The findings underscore common personal finance themes: starting saving early, building an emergency buffer and gaining basic financial education. Experts and lenders frequently recommend establishing three to six months' worth of living expenses in an accessible account to protect against job loss or unexpected costs.

Tesco Bank's data adds to a wider picture of household preparedness for long-term costs, including retirement, that has concerned policymakers and consumer groups. Low savings rates and gaps in pension provision have been cited in recent years as pressures on many households, particularly those who experience life changes such as divorce, illness or job shifts.

The survey was reported by This is Money and presented as exclusive data from Tesco Bank. The bank's save and pay director framed the results as a prompt for people to consider current saving habits and financial planning. Respondents' reflections on missed opportunities echo broader financial literacy discussions, especially among younger adults who report regret over not learning how to build savings or set financial goals.

Smith said she now stresses saving to her children and encourages them to plan for the future, describing the change as both practical and protective. "I've taught them about finances," she said. "I've taught them about saving, and doing it as soon as they can, before they have families."