How old do you feel?
I’ve been confronting that question recently as I celebrated hitting the big milestone of 30. I kept being asked if I felt ‘older’ now I’m beginning my 4th decade, and truthfully, I do. However, I don’t have the same milestones ticked off as previous generations might have done, when reaching 30 meant a decade or so of marriage under their belts, a mortgage, and an established career. I have none of those things in my life so far, but the ticking over of the calendar cannot help but evoke a sense of change, of old chapters closing and new ones beginning.
It’s not just my generation that have seen changes to what is expected of them given their age. Many over 50s feel much younger than their actual age according to a new survey from the British Seniors Insurance Agency. As many as 71% of over 50s surveyed feel younger than their actual age, and younger by a considerable margin – on average over 50s feel 10 years younger. (Source: British Seniors Insurance Agency 15th – 21st July 2016)
Society has changed considerably in recent years, with healthier lifestyles, fewer workers in manual jobs, and many other factors all contributing and influencing longevity and what age people feel. This current generation of over 50s is more active than ever before with nearly half (47%) taking up hiking, and almost a fifth (17%) of 56-60 year olds joining a gym since turning 50! Perhaps the development of hip and knee replacement technology is having a material impact on how active retirees can be in their golden years.
Dave Sutherland, Managing Director of British Seniors Insurance Agency commented: “As the population keeps growing, there are more older people in the UK and the average lifestyle of someone over 50 is very different to what it used to be. It’s clear that being over 50 no longer means being ‘over the hill’, and as our research reveals, the over 50s certainly do feel young at heart.
The research also highlighted the spending habits of the over 50s, who are not just spending money on themselves. Research findings show the pennies are flowing towards the respondent’s children and grandchildren – with an estimated £380 million spent a month on treating their children and £262 million treating their grandchildren.
On average the over 50s spend nearly £40 a month treating their children and almost £30 on grandchildren. When not spoiling the younger generations, over 50s also contribute an average of £104.90 a month helping family with their day-to- day finances, which totals an estimated £675 million for every month.
With older people seeing a need to support their families financially, many are taking out, or continuing to have some form of life insurance in place to provide peace of mind that when they pass on, they can continue to help their loved ones financially.
C
ertainly life insurance isn’t essential if you have built up considerable assets, but for those without a large nest-egg, insurance can provide peace of mind cheaply and easily to leave a legacy and help with fund funeral arrangements.
Time’s relentless march continues on, but with a bit of planning and consideration for the future, the next chapter will be brighter than the last.
For more information about British Seniors Insurance Agency’s flexible Over 50s life cover with a new Lifetime Payback Guarantee™ visit https://www.britishseniors.co.uk/over-50-insurance/
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