Failing to make the most of tax-free investments was one of the biggest regrets for savers in 2011, according to a consumer survey for first direct.

When asked what areas of their finances they were most and least happy with, 87% said they were most unhappy with not taking advantage of tax free investments, an 8% increase on 2010, but the number of Britons who said they were not happy with their credit card and loan debt only increased by 2%, the same increase seen amongst those who were unhappy with their pension provision.

In fact, the survey showed that overall the British public was less happy with their finances in 2011 than 2010 and that the majority of Britons are unhappy with most aspects of their financial situation, as 77% reported that they were unhappy with their general saving and 68% were unhappy with their general spending.

For the second year running first direct has surveyed UK adults asking for their biggest financial regrets. Results show that overall the British public was more unhappy with their finances in 2011 (48%) than 2010 (36%). In 2011 'Not paying off more debts' moved to second place with 'Not saving enough' taking the top spot and paying into a pension was less of a priority than in 2010.

Fifty-two per cent of UK adults stated that their greatest financial misstep in 2011 was not saving enough; while a third (33%) identified not paying off debt as their biggest financial woe, compared to just over half in 2010 (53%). Fourteen per cent regret not paying enough into their pension, a massive drop of 23% on 2010 (37%) and it seems people still felt they made a mistake by staying in rented property too long and not buying a house (12%).

Property continues to be seen as a valuable investment as 12% regret staying in a rented property too long and not buying a house and only 4% regretted buying or investing in property. However, compared to 2010 just 6% regret spending money on an expensive holiday and when it comes to love, it seems that money is no object as just 2% regret spending money on an expensive wedding, a 2% reduction on 2010.

The research also revealed a sharp division in financial happiness between the generations. Over 55s have the fewest financial regrets with fifty-seven per cent saying they did not have any financial regrets in 2011. Whilst their biggest financial regret was not saving enough (20%) this is considerably lower when compared to the 18-24 year olds (69%).
Over 55s are also happiest about their financial situation, although this has decreased slightly since 2010. 44% of over 55s were happy with their general spending compared to 57% who were happy last year.

The Online Opinions survey was carried out between the 23rd and 27th November 2011 for first direct and questioned 1260 adults over 18. Full survey results are available on request.
A higher percentage of people selected that they were unhappy with all of their finances in 2011 (48%) than 2010 (36%)