Running up debt on credit and store cards is the number one regret for younger generations while one in seven (12%) of people under 25 wish they had spent less on nights out and saved more.
These are some of the key findings of an annual online survey from Standard Life by YouGov Plc.
According to the research, the top five biggest financial regrets for baby boomers are
I wish I had...
1. saved for retirement earlier (18%)
2. avoided running up debt on credit cards or store cards (16%)
3. set and stuck to a budget (6%)
4. spent less on nights out and saved more in general (5%)
5. invested in a Stocks and Shares Isa (5%)
Standard Life's Julie Hutchison said: "This new research should come as a wake-up call to the many people who aren't saving enough for when they retire.
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Standard Life says that with an estimated 30,000 small and medium sized businesses (SMEs) starting to automatically enrol their workforce into pension schemes this year more people will have an opportunity to start saving early, even if it just a small amount.
Ms Hutchison added: "Our research shows that people are becoming better at managing day to day money, but are less smart when it comes to saving for the future."
Encouragingly the research shows some Brits will be saving for their future this tax year, with one in ten (10%) saying they intend to invest into their personal pension and one in five (20%) planning to save into their workplace pension. Those in the 25-34 year old age group appear the keenest to invest for their future - one in six of them (15%) are planning to save more into their personal pension this year.
Total sample size for the 2014 survey was 2591 adults. Fieldwork was undertaken between 5 - 7 March 2014. The surveys were carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).