For months leading up to the Budget announcement, many were anxious about potential tax hikes and reduced allowances.

Among the concerns was the anticipated reduction of the cash Isa allowance, which indeed came to pass, while fears surrounding cuts to pension lump sum allowances thankfully did not.

According to exclusive data from St James’s Place, nearly 25% of individuals made financial decisions in anticipation of the Budget, driven by rumors that Rachel Reeves did not address.

Financial experts had cautioned against making irreversible choices that might negatively impact long-term financial health, but the concerns persisted.

Claire Trott, head of advice at St James’s Place, commented, “The speculation surrounding the Budget had tangible effects on people’s financial strategies, especially concerning pensions and long-term savings.”

“The months of uncertainty leading up to the Autumn Budget created an urgency that led many to act preemptively, and our recent research indicates that some individuals now regret those decisions,” she added.

Those who regret the decisions that they made are more likely to be those that took long-term action or action that they now can’t reverse

As many as a fifth of those who did take action now regret what they did with their money, St James’s Place said.

One of the most common actions ahead of the budget was to alter pension arrangements, with almost a third, 30 per cent, of people doing so.

For some, SJP said, this included taking their pension lump sum early without a plan of how to use it.

As a result, 19 per cent of those who did so now regret making pension changes without waiting to see what changes Rachel Reeves would introduce.

There was a 33 per cent increase in withdrawal requests on the Bestinvest platform in September, the firm said, before a pension lump sum raid was ruled out just ahead of the Budget. The size of pension income withdrawals grew by 146 per cent over the same period.

Reeves chose not to cut the pension lump sum allowance from the 25 per cent that pensioners are allowed to take up to £268,275, once they reach the age of 55. 

The Chancellor refused to rule this out for months, despite investment firms warning savers were making the same mistake as they did before the 2024 Budget and rushing to pull cash.

Trott said: ‘Pension changes, especially those connected to the tax-free lump sum, can be irreversible, and acting prematurely can be detrimental for those who had made plans over the longer term.’

‘Greater clarity and stability around tax and pension policy would go a long way in helping individuals make informed choices.’

Those who regret the decisions that they made are more likely to be those that took long-term action or action that they now can’t reverse.

Still, with rumours of cash Isa changes swirling, one in five made Isa adjustments ahead of the Budget.

Half of these people had adjusted their investment portfolios, including moving money into cash or investing in safe-haven assets like gold, as well as delaying making new investments.

Pre-budget action also included making gifts to children or grandchildren amid concerns over future inheritance tax liabilities. Some 12 per cent did so, SJP said.

Some 7 per cent regret making gifts to family over fears of a lifetime gifting cap or new changes to inheritance tax rules, neither of which came to fruition.

However, some 15 per cent regretted changes to their investments, while a tenth of those who altered their Isas wish they hadn’t done so.

This is despite Reeves actually cutting the cash Isa allowance in the Budget from £20,000 to £12,000 for those under the age of 65.

Trott added: ‘For individuals, the most important thing during periods of uncertainty is to stay calm and avoid making reactive decisions based on short-term noise. Waiting for clarity before taking action puts people in a far stronger position.’