Quality of life for people over 50 has declined in the past three months according to the latest Saga Quarterly Report*, the second comprehensive quarterly analysis from Saga investigating the lives of Britain's 21 million over 50s.
The Saga Q2 Report, published today, reveals a decline in quality of life as a result of the notable drop in living standards, with people in their 50s the worst affected. The Report shows the over 50s are considerably cutting back on their discretionary spending, with nearly half of those surveyed saying they eat out less (41%), use the car less (40%) and buy less takeaway meals (47%) than a year ago. People are treating themselves far less than they used to with more than a third (38%) spending less on clothes and more than a quarter (28%) cutting back on beauty products and hairdressing.
Double pressures of high inflation and low interest rates have led to the notable erosion of spending power among the age group. The report shows how the over 50s are increasingly worried about the cost of living with over half (56%) listing it as their number one concern this quarter, well above their health (27%), their family's health (21%) or levels of crime (17%).
While living standards are notably worse this quarter, resilience amongst the over 50s is demonstrated by the fact that, despite financial hardships, their happiness has not worsened in the past three months.
Commenting on the findings, Dr Ros Altmann, Director General, Saga said: "Financial burdens for the over 50s have worsened in the past three months with living costs soaring. We are witnessing a significant decline in discretionary spending. This has worrying implications for the whole economy and could mean less consumer demand and less job creation for the young.
"Despite these hardships, the over 50s are trying to remain positive and stoical as proved by the stability in their overall happiness since January."
The only group which has seen a small improvement in overall quality of life are those in their late 60s. This may be partly a result of more over 65s now staying on in work and receiving additional income.
The Q2 report highlights that the gap in quality of life between the highest and lowest socio-economic groups has widened since last quarter's Report, with the fall in standard of living, health and happiness being significantly worse for lowest socio-economic groups. The 'DEs' are struggling twice as much financially as those in the 'AB' group and are also feeling less healthy and happy than their counterparts in higher economic groups. There is also an age-group divide, with those in their fifties suffering more than people in their sixties.
Dr Ros Altmann continues: "It is often assumed that older people have fewer problems than the younger ones, yet our report highlights a continued struggle, especially for those in their 50s and those from lower socio-economic groups that have witnessed another rapid decline in their standard of living since January.
"With standards of living continuing to fall, it is essential that the Government take serious note of the quality of life for this important and growing generation, as their financial struggles will impact on the country as a whole and weaken economic growth in coming quarters."
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