Spending the children’s inheritance?

A new report which categorises the over-50s according to their spending habits has highlighted a clear divide between the (mainly younger) groups with cash to spend and those who are very cautious or struggling to pay the bills.

Unusually, the categories include a separate one for smokers, some 9% of the research group, with 62% under 65 years of age.   Some 15% of this group’s spending is on tobacco and alcohol, with an average of £28 per week on cigarettes.  

The largest group, called conservative consumers, are older and careful with their cash, with 56% saying their main source of income is welfare benefits.

By contrast, the socialites group – 12% of the research group - are spending on average £131 per week on eating out, holidays and recreation.

The research has been carried out by the International Longevity Centre-UK and the Personal Finance Research Centre at the University of Bristol.  It looks in detail at  issues such as patterns of spending, debt, financial satisfaction and quality of life in older age.


For more on this story, click here.