Older consumers are also saving more. The research has found that from around age 60 onwards, the proportion of people who save increases with age, as does the average amount saved. While 61% of people aged 60-64 save, this increases to 85% for people aged 80 and over, who are saving an average of £5,870 per year.
ILC sought answers as to why older people are saving more and their report identifies that 72% of people said they weren’t spending their time and money in the way they’d like to, suggesting significant barriers to spending in later life.
Making money last due to financial concerns was the most important barrier to spending, with around 1 in 3 people citing worries about needing money in the future as a reason for not spending today. 56% felt that rising energy bills and the cost of living made them more cautious about their spending today, while concerns about running out of money or having to pay for future care and healthcare costs were also important factors for more than 1 in 4 people.
Of those surveyed, 52% said they have difficulties getting to and around places due to inaccessible design and this increases to 63% for those aged 80 and over. The main problem related to expensive, unreliable or a lack of public transport.
Not having enough people to do things with was another important barrier to participating in more social and leisure activities for 20% of survey respondents.
Only 50% felt they shopped online as much as they’d like, with the leading reason given being a preference for shopping in person. Other obstacles to online shopping included concerns about scams and fraud and not wanting to share card numbers and personal details online.
Source: The International Longevity Centre (ILC)