Over 50s defy credit crunch
A new generation of fun-loving and fancy-free over 50s - dubbed Generation Flex - is emerging, flying in the face of the credit crunch, according to new research by Lloyds TSB Insurance.
In a survey of how different generations across the UK are approaching their lives in today's uncertain climate, the over 50s shone as being the happiest, refusing to let the economic gloom get to them. In comparison to other generations, they were found to be the most satisfied with their lives, the most financially savvy and least concerned about the credit crunch.
Top of the agenda for the over 50s generation was ‘freedom and flexibility to do what I want', compared to other generations who were more focused on working hard and keeping their finances in check.
The golden qualities of Generation Flex, according to Lloyds TSB Insurance:
Carefree attitude: 43 per cent of over 50s rated their current quality of life as very high compared to just 27 per cent of people in their 40s and 36 per cent of under 24s. Other generations are most envious of the over 50s rating them, more than any other generation, as currently enjoying the best quality of life, in terms of financial security, freedom to do what they please and health standards.
Freedom to be flexible: Half (50 per cent) of over 50s said they were living their life exactly how they wanted to, compared to just 30 per cent of people in their 40s and 36 per cent of the under 24s. When asked what three things are most important to you, only 8 per cent of over 50s said work was still important to them. Having the freedom to spend time with friends and families (82 per cent), keeping fit (42 per cent) and travel (40 per cent) all scored highly.
Financially savvy: One quarter (27 per cent) of the over 50s said they were not at all concerned about the credit crunch and a further 42 per cent said it only slightly concerned them. In contrast, only 18 per cent of people in their 40s said the credit crunch did not worry them at all. Other generations rated the over 50s as the most financially savvy generation with 56 per cent of respondents believing this generation were the best with their money.
Stands up to be heard: The over 50s were most likely to stand up and make themselves heard when they disagreed with something; more so than younger generations. Almost half (45 per cent) of over 50s said they would protest against the closure of local facilities such as their Post Office, compared to only one quarter (26 per cent) of the under 24s.
Demands fairness: The one sticking point for the over 50s age group, who feel they've worked hard for their status, is that they believed they were penalised for other generations' more slap-dash approach to life. Over two thirds (69 per cent) of over 50s said they have spent too much of their life paying over the odds and subsidising other, less conscientious, people.
Gladeana McMahon, leading life coach said, "When you reach your 50s, you finally become comfortable in your own skin, it is the decade of your life when you can truly become an individual and do all the things that you have wanted to do.
"People in their 50s tend to know their own mind and, as a result of their life experience, they can enjoy more fun and freedom than people much younger than them. It is this down-to-earth and flexible attitude that gives this generation the golden qualities which means they're unphased by most of the challenges that life throws at them."
The research is published as Lloyds TSB Insurance launches the Personal Home Plan, revolutionary new home insurance ideal for the over 50's varied lifestyle. The pick and mix insurance lets the financially savvy customer who, typically aged over 50, wants to take control of their cover without paying for elements of cover they don't need. For more information visit covered.co.uk, a website dedicated to the over 50s, to download a free guide.