LEEDS, UNITED KINGDOM -- (Marketwired) -- 04/10/13 -- With happiness and wellbeing levels soaring for the over 50s compared to the start of last year, Asda Money looks at some of the factors that may be helping to stave off a crisis in mid-life.
Spending power boosted
According to recent figures from the Office for National Statistics (ONS) Britain's over 50s have seen their spending power lifted by 25%(2) over the last four years, compared to a rise of just 2% for those aged under 50.
This increase means that the over 50s have a total of almost GBP 290 billion(3) in annual disposable after expenditure on essentials including housing, fuel, power, food, non-alcoholic drinks, clothing and footwear.
Improved employment prospects
Employment opportunities have also expanded for those aged over 65 rising by 15%(2) (124,000 people) in 2012 in a year-on-year comparison. This has also been reflected by a 15% (184,000 people) rise in the number of self-employed workers aged 50 to 64, with this figure a higher 54% (121,000 people) for those aged over 65(3).
Over 50s in their prime
Far from feeling over the hill, more than half of over 50s (62%) reported feeling better than ever, arguing that they are as strong physically and mentally to work as they were in their 20s and 30s(5).
ONS figures have also shown that improved lifestyles and healthcare has meant that the number of healthy years in retirement have increased from 11.00 to 11.8 for women and from 9.9 to 10.3 for men(6).
The nation's over 50s can also ensure their finances are in good shape by taking out over 50s life insurance.
Asda Over 50s Life Cover starts with payments of as little as GBP 5 and guarantees full cover after just 1 year.
Notes to Editors
1. Saga research: http://www.saga.co.uk/newsroom/saga/media/Content%20Editors%20Library/Newsroom/quarterly%20reports/SagaQ32012_WEBDOWNLOAD.pdf
2. Saga research: http://www.saga.co.uk/newsroom/saga/media/Content%20Editors%20Library/Newsroom/quarterly%20reports/SagaQ4_2012_WEB%20PDF.pdf
3. ONS data - 2008 and 2012 ONS family expenditure survey: http://www.owlmarketingsolutions.com/spending-boost-for-over-50s-%E2%80%93-disposable-income-up-25-in-4-years/
4. ONS data: http://www.thisismoney.co.uk/money/news/article-2239633/Over-50s-job-fuel-self-employment-boom--millions-believe-forced-work-past-pension-age.html
5. The over 50s, the new work generation: The equality and human rights commission http://www.equalityhumanrights.com/uploaded_files/publications/workingbetter_over_50s.pdf
6. ONS data between 2005-07 and 2008-10: http://www.telegraph.co.uk/health/healthnews/9506531/Pensioners-enjoying-more-healthy-years-in-retirement-than-ever-before.html
About Asda Over 50s Life Cover
-- From just GBP 5 a month, that's about 17p a day-- Guaranteed acceptance-- For 50 to 80 year olds living in the UK-- Guaranteed cash lump sum-- Pays out after just 1 year-- Fixed payments that never go up
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Liverpool Victoria Friendly Society Limited: County Gates, Bournemouth BH1 2NF.
Asda Financial Services Limited and Asda Stores Limited act as an introducer appointed representatives to Liverpool Victoria Friendly Society Limited (LVFS) for Asda Over 50s Life Cover. Asda is a trademark of Asda Stores Limited. LV= is a registered trade mark of LVFS and is a trading style of the Liverpool Victoria group of companies. LVFS is authorised and regulated by the Financial Services Authority, register number 110035. LVFS is a member of the ABI, AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.
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