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Survey reveals regret among the over-40s in Leeds at failure to get saving earlier

Richard Fearon.
Richard Fearon.

A third of Leeds residents aged over 40 say their biggest regret is not putting more money aside for a rainy day in their younger years, according to a new survey carried out for Leeds Building Society.

But nearly half of the over-40s questioned also said they were now saving for a comfortable retirement, with 23 per cent saying they were getting a nest egg together with the intention of travelling the world.

Leeds Building Society chief commercial officer Richard Fearon said: “It’s completely understandable that many respondents have concerns about the future but it’s really positive to see that once people do retire, they worry a lot less.

“We’ve spoken with a number of inspiring people in their 50s, 60s and 70s who have shown how savings can help them carry on enjoying their life and do the things they perhaps didn’t have time to do when they were younger.

“As a building society we encourage saving so our members can have the future they hope for and we work hard to develop products to meet their needs and offer them long-term good value.

“We’d say it’s never too late to open a savings account and start planning for your future.”

The findings come as Leeds Building Society launches new interest-only mortgages designed to offer older homeowners more borrowing options.