Adventurous, entrepreneurial and growing old disgracefully

Over 6.3 million Britons over 50, equivalent to one third (30%) of this generation, are planning to follow in the footsteps of Jack Nicholson, Ronnie Wood, Vivienne Westwood and Amanda Redman by ‘growing old disgracefully', according to new research, compared with just one sixth (14%) who feel they've become more conservative as they've grown older.

Four out of ten (38%) of over 50s say they are more adventurous now than in their youth, and one in five (18%) claim they have become more liberal as they've got older, according to the ‘Still Giving at 50' report from specialist insurance provider RIAS.

The research found that today's baby-boomer generation is a far cry from any miserable or grumpy stereotypes. Nearly two thirds (64%) say they've become more satisfied with life since they turned 50 years old, and many put this ‘joie de vivre' down to having more time to do the things they want, feeling more relaxed and having paid off their mortgage.

However, they are far from smug stay-at-homes, with many displaying an entrepreneurial spirit at work. Over 1.7 million currently own their own businesses and 860,000 are planning on starting a new venture in the near future. With many people working well into their 70s, over one quarter (26%) have retrained over the age of 50 and explored a new career direction. In addition, 147,000 have broken a record, either a Guinness, World or UK record, since they turned 50.

Janet Connor, Managing Director at RIAS, comments: "Our latest research report shows that the over 50s should be celebrated for their outlook, life experience and the knowledge they can pass on to other generations. From their entrepreneurial spirit, through to their record-breaking achievements, today's over 50s are diverse, complex and aspirational - one size really doesn't fit all"

The Still Giving at 50 report also dispels the myth that the over 50s are a drain on society and shows that the 21m people over the age of 50 made a net fiscal contribution of £6.6 billion to the UK public finances in 2008. Each individual over 50 made a positive fiscal impact of £313 last year.

Other interesting findings include:

Far from being thrifty at 50, the older generation spends £179 a week.

The over 50s out-spent the younger generation in 2008 by almost 13% each week, equivalent to £21.

Only one fifth of their income (£62) is made up of state benefits such as a pension: over half of the income of this age group comes from paid employment as people choose to work for longer.

The over 50s spend the majority of their money spent on food, drink, eating out, entertainment and hobbies.

Over eight out of ten (81%) strongly disagree with the sentiment that they are a ‘drain' on society.

Janet Connor, continues: "The public stereotype has long been that the over 50s are a drain on society with an expected life path, taking more out of the public purse than they put in. In reality, the complete opposite is true. People over 50 make a positive contribution financially, and feel much more satisfied with their lives, because they feel more relaxed and have more time to do the things they want."