The generation gap shows, as concerns of the over 50s diverge

There is a growing division between the concerns of the older generations in the 50 plus population, according to new research from Abbey. Abbey surveyed the over 50s as part of its ‘Abbey Lifestyle Report - a new report that looks at leisure spending and working trends across the UK - and asked 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 year-olds - which includes the baby boomers and 1950s children - and those of the 65 plus generation.

50-65 year-olds believe their personal finances (18 per cent) and Government policy – which includes health, transport and 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 as a threat, and 12 per cited cent their finances.

People over 65 are most concerned with their own 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 year-olds also spend the most on travel out of any generation, and 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 65s can benefit from Abbey's 50 plus Saver account, which is designed to reward the over 50s with a market leading interest rate on their savings."

New 50 plus savings account launched

Abbey is launching a new account designed exclusively for people aged 50 or over. The Abbey 50+ Saver account offers up to 5.80 per cent interest, and guarantees to move in line with any changes in the Bank of England base rate until April 2008. Customers receive a cashcard with the account and can bank via telephone, internet, post or via one of Abbey’s 2,500 ATMs.

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

Up to 5.80 per cent AER, including bonus of 0.50 per cent until 1 April 2008
Interest rate (AER) guaranteed to move in line with any changes in the Bank of England Base Rate until 1 April 2008
A minimum opening balance of £1, maximum deposit of £2m
Account is accessible by telephone, post, internet and cash machine
Interest can be credited monthly to any other Abbey account

Abbey has savings specialists in every one of its 712 branches. Customers can apply for the 50+ Saver Account by telephoning the customer help line on 0800 234 6065 or online at abbey.com.