Generation gap shows as concerns of over 50s diverge

There is a growing division between the concerns of older generations in the 50 plus population, according to new research from Abbey. Abbey surveyed the over 50's as to what they believed was currently the greatest threat to their quality of life.

The results show a clear difference between concerns of the 50 to 65’s, which includes the baby boomers and fifties children, and those of the 65 plus generation.

50-65 year-olds believe finances (18 per cent) and Government policy including taxes (20 per cent) are the greatest threat to their quality of life. This contrasts with people over 65 – where only 11 per cent cited Government policy is a threat, and 12 per cited cent finances.

People over 65 are most concerned with their health (27 per cent) and crime (20 per cent) - issues that are less important to the 50-65 year old generation.

Leisure Money

It is not just concerns where the generations diverge. The 50-65 generation flex their purchasing power, spending nearly ten times as much a week on home improvements as the 65 plus generation and more than any other generation in the UK.

The 50-65’s also spend the most on travel out of any generation, spending three times as much as the 65 plus generation.

Reza Attar-Zadeh, Head of at Savings at Abbey, said: “There is a clear division in the perceptions, habits and mentality of the 50-65 generation compared to that of the 65 plus generation.

“This is the generation of the baby-boomers. They are more affluent than their predecessors, are lifestyle oriented and place great value on their leisure time. They enjoy the money they’ve earned by travelling extensively, improving their homes and eating out.

“The 50 plus market is transforming UK society. They are the only growing segment of the population, hold 60 per cent of all savings and are responsible for over 40 per cent of all consumer demand.

“However, both the 50-65s and the over 65's can benefit from Abbey’s 50+ Saver account, which is designed to reward the over 50's with a market leading interest rate on their savings.”

The Abbey 50+ Saver has been designed following consultation with Abbey customers and offers:-

Up to 5.80% AER including a bonus of 0.5%

Interest rate (AER) guaranteed to match the Bank of England Base Rate until 1 April 2008

A minimum opening balance of £1. Maximum deposit of £2m.

Account accessible by telephone, post or internet

Interest can be credited monthly to an Abbey account