Aviva survey shows personal concerns now more of an issue for over-55s
Aviva’s quarterly survey suggests Britain’s over-55s are doing better financially… and starting to turn their thoughts to their longer term future.
Our consumer tracker survey is designed to paint a picture of the financial situation – and attitudes – of people aged 55 or more in the UK. The latest results show that their views on what could pose a threat to their lifestyle have certainly changed since the darker days of the economic downturn.
In the third quarter of 2011, 73% of the over-55s surveyed said that the rising cost of living was the biggest threat to their standard of living. But this had fallen to 52% when we asked the same question this year. On the other hand, 30% now say that serious illness is the biggest threat – compared to 11% in 2011 – and concern about the need to pay for care has gone up from 3% to 19%.
Monthly spending on luxuries increasing
It’s only natural to start thinking about longer term issues once you’re no longer as worried about your finances in this month or the next. And there are indeed signs of steady improvement in the financial outlook for many over-55s. The survey shows average monthly spending on luxuries such as entertainment, recreation and holidays edging up from £57 in 2011 to £70 now, with the amount spent on reducing debt down from £42 a month to £31 in the third quarter of this year.
Clive Bolton, Aviva’s managing director of retirement solutions said:
“There is an enormous difference between life in recession-hit 2011 and the improving conditions of 2014. It’s interesting that as the economy and people’s finances have improved, we’ve seen mounting personal concerns over illness, losing loved ones or going into care.”
Statistics from Aviva’s quarterly Consumer Tracker surveys, 2011-2014