Over 50s are big spenders on home and lifestyle

21 Feb, 2017

Aspirations for dream homes and cars are not just for the young, many of us live this dream after we turn 50 by carrying out major spending on homes, cars and holidays*. Part of this could well be driven by retirement as almost half of people say they notice more repairs that need to be done to their home since retiring. Two thirds have bought a new kitchen, the same number have bought a new bathroom and two thirds say they have carried out major work to their home.

According to the research by Saga Personal Loans amongst over 8,000 over 50s, these home projects do not come cheap; typically people said they spent around £17,000 on renovations, they spend around £5,000 on a new bathroom and £13,000 on a new kitchen.  People seem keen to continually revamp their homes, with one in eight typically refitting the bathroom twice and carrying out three-six major home improvements.

And the spending does not just stop at home – people over 50 account for almost half of the UK’s spend on motoring. Having a reliable car is a key concern whether they need it for commuting, shopping or for leisure, which could explain why a people in their 70s say they have bought three new cars since turning 50.

Wanderlust also kicks in once the children have left home or people stop working.  People are keen to spend their extra time travelling the world, typically taking 7 foreign holidays in their 50s, whilst people in their 70s said they had had 22 foreign holidays since turning 50.

When it comes to paying to achieve their dreams, much of this is achieved by diligent saving throughout their working lives, others use income by continuing to work for longer either full or part time, some use the equity they have built up in their homes and many use loans to pay for maintaining their lifestyle.