Over the age of 50 and spending more??

Are you over the age of 50 and find yourself spending more on holidays? I assumed I would be when that time comes, I’m hoping by then I will be on less of a budget and not paying for 2 children to come with me as well. I must admit, I’m quite looking forward to a bit of hard earned luxury in the years to come. In the news this week, we have been told that people over the age of 50 are spending more and more on holidays – including cruises – while younger people are travelling less, according to research.

Earlier this year, the Institute for Fiscal Studies (IFS) said that younger people had suffered a fall in income since the financial crisis, while those over 60 had enjoyed a higher standard of living. Last year, the over-50s spent £39bn on travel, including £2.1bn on cruises.

Over the past five years, the older age group has increased spending on travel by 23%, says a study. Those under 50 have cut spending on tourism by 5% during the same time.  As a result, the older generation is now responsible for well over half the UK’s total spending on holidays.

I know when the time comes, I want to spend my retirement exploring the world and discovering new and exciting destinations – I want to enjoy my life while seeing the big wide world. At this time in life , I would hope that I would have less financial commitments, access to pensions, as well as increased leisure time. None of this is a huge surprise to me, what are your thoughts? 

Funnily enough only today one of my regular customers booked a Cunard cruise with me for next year and his words were when we discussed a higher grade cabin, ‘what the hell, go for it……..i’ll take it out of the kids inheritance!’

If you’ve got the same idea and are looking to spend some of your hard earned cash, give me a call as i’ll be more than happy to help!!!!

Take care all, speak soon hopefully.

Haydn