The average UK 70-something? How to you compare to the average UK 70-something? Nationwide has published some interesting research into ‘Today’s 70-something’ The generation born just after the end of the war into a far different Britain from the one we know today in what they describe as ‘the original austerity Britain’. The report focuses on managing finances and how spare time is utilised. According to our research, those aged 65-74 are twice as likely to use a smartphone compared with 2012, according to Ofcom. Age UK reports that 62% of Brits over 70 hold a driving license . And Nuffield Health claims that septuagenarians are more likely to go to the gym than any other age group. Some of the highlights from the report: Money matters The average income of a 70-something is £21,617, which mostly comes from State Pension and private pensions. 22% are still in full-time work, and 19% have income from investments. Most of their income goes on housing costs and bills – 74% said this was what they usually spent their money on. Food and groceries, insurance and household goods were also high on the list. With an average of £301 disposable income each month, few 70-somethings are big spenders, but when they do have some spare cash, they prefer to spend their money on travel (43%), eating out (51%) and groceries (44%). The average UK 70-something has £5,226 in savings, and 74% are debt-free . 30% wish they had saved more, listing it as one of their regrets about life so far. 34% worry about saving money, and 28% worry about paying the bills. Living situations Of the 70-somethings who own property, it took on average less than 2 years to save up for their first house. But 21% have never purchased a home at all. The average age of their first house purchase was 28. The majority – 57% – live with a partner, 9% live with their children and 25% live alone. Of those who have a spouse or partner, the average length of their current relationship is 30 years. OnePoll graphic Read our post on the Shawshank Redemption For the full report please follow this link: www.nationwide.co.uk Research conducted by OnePoll for Nationwide among 2,000 UK adults aged between 70 and 79 between 18 January and 1 February 2016. contact@the-boomers.com THE SMALL PRINT We hope you are enjoying the site, please note The –Boomers site has been prepared solely for information purposes. Users are advised to seek independent financial advice or in the case of health related content –consult your GP or medical professional. All information, opinions expressed on the The-Boomers are current as of the date of publication, but may become out of date over time. No liability and/or guarantee of performance is accepted or offered. The opinions expressed in The-Boomers do not constitute investment advice or health advice or any other form of advice; independent advice should be sought where appropriate. Articles are supplied strictly without accepting any liability, responsibility or duty of care for their services, content, or links to other subsequent related or unrelated material. The Site contains general information only and does not take into account the individual health issues /objectives or the individual financial situation/objectives or needs of a person or persons. Please see our Terms & Conditions for further information.
