For the third year in a row, market research agency Critical Research has assisted SunLife in the publication of the “Life Well Spent” 2024 report – an annual, in-depth, look at the relationship between happiness and major spending decisions in later life.
We spoke to over 2,000 people aged 50+ in the UK to find out how their perceptions changed when they spent money in various ways – such as on holidays, spending on home improvements, gifting money for family, servicing debt, and treating themselves with one-off purchases.
We found that around 4 in 10 over 50s consider themselves happy at the moment, and many would even choose to keep working instead of retiring, showing that having a purpose really boosts mental health in later life.
Homeownership also matters a lot to the over 50s, and many feel very attached to their homes as a source of valuable memories from their family life. The average person over 50 has lived in their home for at least 20 years, and our research indicates that taking the time to add those “little touches” to a home over the years really does pay off in the end, with many who did so now considerably happier as a result.
Travel also plays a big role in the happiness of the over 50s, with the happiest over 50s making time for multiple holidays each year – both in the UK and abroad. Sunshine and a little R&R are top of the list for over 50s when they jet overseas; but value for money is a big factor when deciding on their UK-based breaks.
However, the research did find that the majority of over 50s think soberly when it comes to their “dream” holiday, and are realistic that they may not be able to afford it in the coming years. Nearly half of over 50s still have some degree of outstanding debt – such as mortgages, loans and credit cards – and the cost of living is still considered a big worry for nearly two-thirds of over 50s as we approach 2025. Financial concerns may have eased slightly, overall, since the height of the crisis last year – but fewer over 50s are now expecting the next 5 years to be straightforward – reflecting the wider national mood.
Despite this, our research clearly showed that one of the greatest sources of happiness for over 50s is the joy that they get from helping others with cash gifts when they can. It may be as simple as gifting a Christmas present to a loved one, or helping a child to get on the property ladder, or simply easing the money worries of a struggling family member from time to time – but the UK’s older generation are continuing to seek out and find ways to make a difference to people in their personal lives, and in doing so are finding their own wellbeing is improving in the process.
In the end, our findings continue to highlight the truth in ancient wisdom – investing in the things that truly matter to us – like our family, our home, and our experiences – are a great way for us all to age gracefully!
Read the full report here.
Contact Phil Reilly for more information.
