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What would you tell your 20-year-old self about debt?

By Daniel Culpan

24 July2021

As the saying goes, hindsight can be a wonderful thing - and Bright Grey's Financial Safety Net Report has revealed some interesting things about what financial advice we'd give ourselves if we were 20 years old again.

The new study found that UK adults aged over 35 would be keen to give their younger self some tips and guidance about their money - and 30% said that if they could turn back the clock, they'd be sure to pay off debts quickly.

44% of the more than 1,000 British adults interviewed wish that they had started putting money into savings earlier, and 35% regret not starting a pension earlier.

Furthermore, just over a quarter (26%) of people would tell their 20-year-old selves to avoid getting a credit card - perhaps suggesting just how many of us wish we'd rather not got into debt in our younger years. And the fifth most popular piece of advice we'd give ourselves if we were 20 again would be to take more of an interest in our personal finances (25%).

Roger Edwards, managing director at Bright Grey, commented: "Clearly we all 'live and learn' and it is encouraging to see that many people see the importance of taking an interest in their financial situation and would have started it at an earlier age if they could have their time again."

Tags: debt, debt advice, debt help, financial advice, personal finance

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