It appears that the spending habits of the over 55s are significantly different to other age groups. With Christmas on the horizon, our spending habits are revealed below!
Keeping a firm grip on your finances can be a tricky task. As the days get shorter and seasonal adverts start to rotate on the telly, it’s likely you’re already thinking about budgeting for Christmas. But you really don’t need to overspend!
Don’t Over-Spend At Christmas
Christmas is much more about quality time with your loved ones than it is about buying the most expensive gifts and laying on the finest spread. However, if you’re anything like us you’ll still be determined to push the boat out and make it as memorable for the whole family as possible.
Before you can start putting money aside for presents and food, there’s all those monthly and weekly expenses to think about. Paying the bills, filling up the car, shopping for groceries – even adding into the pension pot. It can be a delicate balancing act when you want to treat your loved ones but need to take care of the essentials.
It helps to know that you’re not alone when it comes to this dilemma, though. A survey by Norton Finance shows the positive and selfless attitude that over-55s have when it comes to how they want to spend their cash, and what could be done to make life easier.
Spending Habits of The Over 55s
From the survey we learned that 32% of over-55s try and spend as little money as possible on luxuries for themselves. While they don’t mind the occasional small treat, they’re not usually eyeing up a new high-price pair of shoes or visiting the travel agent to book an expensive exotic escape.
When asked about spending money on treats, 68% of over-55s surveyed said they enjoy making purchases for their partners, children and grandchildren. That’s higher than any other age group – which shows that, despite our occasional worries over money, family always comes first. Something to think about the next time the little ones try to drag you into every toy shop on the high street!
On average, over-55s spend £94 a month on these treats and luxuries – enough for the occasional meal out with friends or tickets to a show. This average amount is higher than any of the other age groups who answered the questions – proving that even when we’re careful not to spend too much on spoiling ourselves, we can’t help but spoil our loved ones on a monthly basis.
Internet Access Should Be Free
Utility bills are one of the things we think about more when the heating tends to stay on longer in the Winter. According to the survey, 15% of over-55s are reluctant to spend on gas and electric. But think of it like this – because so many of us aren’t extravagant, there’s nothing wrong with getting cosy on a cold night. It’s nice to enjoy some me-time with a good book or catch up on TV.
Speaking of utilities, according to the survey, 18% of over 55s think that internet access and broadband should be free. It may not be an essential like the other utilities are, but it’s still a wonderful thing to have. The next time you’re looking at family holiday snaps on Facebook or browsing the online sales in search of Christmas presents, think about how valuable it is to have instant access to a world of information – whatever the cost might be.
So as we wave goodbye to a scorcher of a summer and think about Christmas, don’t feel the need to make everything as lavish as possible. Judging by the responses, our generation is already one step ahead of the rest when it comes to making sure we care for our loved ones. And as the survey reveals, having a positive mind-set about your spending habits is just the start.