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Over-35s would tell 20-year-old self to 'avoid credit card claims'

Over a quarter (26 per cent) of Brits over the age of 25 would tell their 20-year-old self to avoid taking out a credit card, a study has found.

As well as preventing credit card charges, other financial recommendations people would like to give to their younger self highlighted by Bright Grey's Financial Safety Net report include paying off debts quickly, with 30 per cent of respondents wishing to avoid these long-term loan claims.

The most popular suggestion was going into a savings scheme at an earlier time, recommended by 44 per cent of over-35s, followed by saving for a pension while younger, which was highlighted by 35 per cent of respondents.

"It is encouraging to see that many people see the importance of taking an interest in their financial situation," Bright Grey managing director Roger Edwards said.

He added: "It is vital to think about putting financial provisions in place."

Occupational psychologist Kim Stephenson recently argued it would be a good idea for financial education to be implemented in lessons at school.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801413789-ADNFCR

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