New research from over-50s specialist insurer Staysure analyses the holiday and insurance habits of those in their 70s.
This data is comprised of a combination of Staysure’s own statistics and figures from a Luxury Lifestyle Survey of 2,000 50 to 85-year-olds undertaken earlier this year. It found that British retirees aged between 71 and 80 spend an average of £663 more per year on luxuries – including holidays – than those aged between 51 and 60. Those between 60 and 70 are reportedly in a state of ‘pre-tirement’, a period in which they are still adjusting to their new status as retirees and have not yet started to reap the full benefits.
Staysure found that those aged between 71 and 75 take out 48,076 more repeat travel insurance policies annually than those aged between 51 and 55; the insurer believes that by the time retirees have moved from the ‘pre-tirement’ stage to their ‘golden years’, anxiety surrounding spending has worn off and people are still in good enough health to splash out and head off on ambitious trips. This trend carries on until around 80, at which age the number of policies purchased drops off significantly.
“While many of us look forward to retirement, it’s important to remember that it is a big milestone in life,” said Ryan Howsam, chairman of Staysure. “Just as we had to adapt when we first started working, so too do we, when we retire. Understandably, it takes a while for people to adjust to not working and having the comfort of a monthly salary. Understandably, big purchases like holidays might be put on hold for a few years while we re-budget – but we see that they increase again after some financial adjustments.”