Spenders, not savers
And far from being thrifty at 50, the older generation spends £179 a week. They out-spent the younger generation in 2008 by almost 13% each week, equivalent to £21, with the majority of their money spent on food, drink, eating out, entertainment and hobbies.
Janet Connor, Managing Director at RIAS, comments: “The public stereotype has long been that the over 50s are a drain on society with an expected life path, taking more out of the public purse than they put in. In reality, the complete opposite is true. People over 50 make a positive contribution financially, and feel much more satisfied with their lives, because they feel more relaxed and have more time to do the things they want.”
“Our latest research report shows that the over 50s should be celebrated for their outlook, life experience and the knowledge they can pass on to other generations. From their entrepreneurial spirit, through to their record-breaking achievements, today’s over 50s are diverse, complex and aspirational – one size really doesn’t fit all!”
One fascinating statistic from the report states that 147,000 have broken a record, either a Guinness, World or UK record, since they turned 50.