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THROUGH THE AGES

The average 50-something loves Queen, Only Fools and Horses and worries about saving money and paying the bills, new research reveals

Research carried out by Nationwide Savings also found that the average 50-something has been in a relationship for over 23 years

THE average fifty-something prefers Queen over The Rolling Stones, Grease over Ghostbusters and loves a repeat of Only Fools and Horses, according to new findings.

Research carried out by Nationwide Savings studied 2,000 adults aged 50 to 59 and found that the average has been in a relationship for over 23 years and earns just over £19,000 a year for working 21 hours a week.

A fifth of those polled do not have a penny to their name in savings
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A fifth of those polled do not have a penny to their name in savingsCredit: Getty Images

The average 50-something also has a number of things to still tick off their bucket list - including seeing the Northern Lights, visiting a dream destination and swimming with dolphins.

But, despite big plans for the future, the average adult over 50 has just £4,511.36 in savings, and only £297.29 disposable income each month.

A fifth of those polled do not have a penny to their name in savings, and top worries for this age group revolve around money and lack of plans in place for the future.

The research discovered that 28 per cent of 50-somethings had paid off their mortgage
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The research discovered that 28 per cent of 50-somethings had paid off their mortgageCredit: SWNS:South West News Service

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Larry Banda, Nationwide’s Director of Financial Planning, comments: “Hitting the half century in terms of years really is middle of the road. Often we are squeezed from both sides – supporting both our grown-up children but also our parents as they get older.

“Our research reveals a mixed bag of experiences. While money tends to be tight for the average fifty-something, with debt narrowly outweighing savings, they are an aspirational group, intent on enjoying the good times.”

The study indicates four in 10 people over 50 have paid off their mortgage in full - while 28 per cent are still paying off their property-related debt.

The average 50-something had an annual income of £19,165 - for working 21 hours a week
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The average 50-something had an annual income of £19,165 - for working 21 hours a weekCredit: SWNS:South West News Service

Health tops the list of worries for 58 per cent of people studied, 46 per cent are concerned about saving money and 38 per cent worry about financial security.

Having a decent pension to retire on and being able to support the children and grandchildren financially also appear among the top 10 worries.

But despite concerns about money it seems that those aged 50 plus are pretty content with life – the average month will see at least one night down the pub, an evening in a nice restaurant and two days out with the family.

When it comes to retirement – which for some asked is less than 10 years away – 29 per cent of people say they have no plans whatsoever.

Despite concerns about money it seems that those aged 50 plus are pretty content with life
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Despite concerns about money it seems that those aged 50 plus are pretty content with lifeCredit: Getty Images

However, 24 per cent would like to use the time to embark on new hobbies and interests.

A further 15 per cent would like to spend more time with the grandchildren and 13 per cent intend to downsize their property.

Larry Banda for Nationwide continues: “Planning ahead for life events – whether retirement, helping the kids get on the housing ladder or building a nest egg that will enable you to enjoy life – is a worthwhile habit to get into.

“And with around half of those in their fifties either renting or still paying off their mortgage, it could prove the difference between going on that fantastic holiday of a lifetime or staying in windowsill bay.

“Even saving a little over a period of time can make a real difference”.

Most over 50s had been in a relationship for an average of 24 year
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Most over 50s had been in a relationship for an average of 24 yearCredit: SWNS:South West News Service

Heather Small, 52, singer from classic 90s house band M People said: “The research shows how hitting your fifties is a real balancing act, with responsibilities on all sides – putting in the hours at work, looking after grown-up children but also ensuring you take care of your own parents.

“It’s no wonder that money is tight in this age bracket, although what is good to see is that we are an aspirational bunch.

“Despite pressures, we keep our dreams in our back pockets – from dream holidays to learning a new language”.

TOP 10 WORRIES

  1. My health
  2. Saving money overall
  3. Financial security
  4. Partner’s health
  5. Whether I’ll have a decent pension
  6. Paying the bills
  7. Retirement
  8. Changes in my body
  9. Helping children / grandchildren financially
  10. Children’s health

TOP 10 MUSIC

  1. Queen
  2. David Bowie
  3. Fleetwood Mac
  4. ABBA
  5. Eagles
  6. Electric Light Orchestra
  7. The Beatles
  8. Bee Gees
  9. Blondie
  10. Carpenters

TOP 10 TV SHOWS

Only Fools And Horses came out on top when it came to TV shows
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Only Fools And Horses came out on top when it came to TV showsCredit: BBC
  1. Only Fools and Horses
  2. Fawlty Towers
  3. Blackadder
  4. Dad’s Army
  5. The Vicar of Dibley
  6. Star Trek
  7. The Two Ronnies
  8. Doctor Who
  9. Emmerdale
  10. Steptoe and Son

TOP 10 MOVIES

  1. Grease
  2. Indiana Jones
  3. E.T. The Extra Terrestrial
  4. Monty Python’s Life of Brian
  5. Star Wars
  6. One Flew over the Cuckoo’s Nest
  7. Back to the Future
  8. Saturday Night Fever
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