As we grow older, we gain not just wrinkles and grey hair but knowledge and wisdom with the benefit of hindsight.

But if you could write a letter to yourself in the past, what would you tell yourself to do differently? That was the question posed to pensioners in a survey, which revealed it is the events of the past - or the events that didn’t happen - that cause them the biggest regret in life. 

These findings, published by Nationwide Building Society Savings, were polled from a group of male and female septuagenarians who are both retired and working. 

Here are the three major things they wished they could go back in time to amend:

I wish I had travelled more

Money and responsibility are often the key factors for us not acting on our wanderlust urges, but for people in their 70s not having travelled enough was the most common heartache of all.

A whopping 33 per cent of those questioned admitted to regretting not having seen more of the world while they were young enough to do so. Clearly, travel has been difficult in the last few years and it seems that many have lost the confidence to travel outside of the UK due to the complications of Covid. However, if travel is important to you then get it back on the “to do” list.  Allocate a budget and make it happen! 

I wish I had saved more money

It’s easier said than done, but just under a third of 70-somethings - 31 per cent - said they wished they had saved more money ahead of retiring.

The survey revealed that people in this age bracket were still saddled with an average of £31,504 worth of debt, including mortgages, credit cards, overdrafts and personal loans.

It also found people in their 70s had an average income of £21,617, only slightly less than the average 30-year-old, who earns around £24,763.

Sometimes, making the commitment to saving and understanding exactly why you are making these changes is the hardest part.  Identify what’s really important to you and why you are saving.  Is it to facilitate luxury travel, provide peace of mind or help family members? Focus on the reason and get saving!

I wish I hadn’t lost touch with a friend or family member

As we go through life, we never stop making new acquaintances, but it’s old friends and family members that people in their 70s wish they’d stayed in touch with the most.

A total of 17 per cent of respondents said they lamented losing touch with someone close to them due to inattention or neglect. 

The pandemic has taught us that family and friends are incredibly important to us when times are challenging.  All those Zoom calls allowed us to see our loved ones when we couldn’t physically be with them, and for many they were invaluable.

If you regret losing contact with someone why not get in touch?

With the right Financial Plan, it’s very likely at least the first two of these regrets can be avoided.  Dreams to travel can be factored into your plan along with any other goals and aspirations you may have.  Nobody knows what is just around the corner and the last few years have certainly taught us that!  However, by having your finances in order you are able to plan to avoid some of those regrets!