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Turning 50 marks the most expensive period in our lives

16th February 2012

Latest research from leading health & wellbeing mutual, Benenden Healthcare, shows that turning 50 marks the most expensive period in our lives.

Experts calculated that those in their 50s can still expect to be lumbered with hefty mortgage payments while also trying to support teenage children.

Increased costs of holidaying as four adults, rather than a family with two children, coupled with helping the kids with motoring costs as well as a house deposit costs means a deep pot is needed.

The study also went as far as to calculate how much the average 50-something will need a month to keep the family's head above water – a grand total of £1,560.

Marc Bell, Marketing & Business Strategy Director at Benenden Healthcare, said: ‘Reaching 50 is traditionally supposed to be the start of a new lease on life as kids grow older and couples find more time to themselves. The stark reality will prove an eye-opener as 50-somethings realise the truth is not so rose-tinted.

‘Debt rarely goes away as we get older and the rising costs of mortgages, motoring and raising children will paint a pessimistic outlook on life.

‘On entering our 50s, more of us are paying for our children’s education and taking on more of their day-to-day costs such as mobile phone bills and going out – indicating that we’re letting our children become more financially dependent on us.

‘We’re also more like to provide financial help for our loved ones and family members - suggesting that whilst it’s the most expensive time of life, it’s also the time when we might be most giving and generous.’

The study quizzed 2,000 home-owning Brits with at least one child who were in their 20s, 30s, 40s and 50s and it found hitting the big 5-0 will result in you parting with the most cash.  

In summary:

Marc Bell added: ‘Life is getting tougher for the over 50s. The increased costs places extras pressures on the wallet, but it can also put greater pressure on mental wellbeing and the strength of relationships.

‘In the midst of this greater expense, we should not forget to prioritise our personal health. It is perhaps the time of life when maintaining good health is most vital - therefore ensuring a secure future for our family.

‘Whilst being in your 50s can be the most expensive time of life, not having safeguards such as life cover could end up leaving loved ones to pick up the pieces and to try and deal with huge financial burdens.

‘You can visit www.benenden.co.uk to find out more about products such as personal healthcare and over 50s life cover.’

BREAKDOWN OF COSTS PER MONTH (in £):

 

20s

30s

40s

50s

Food Shop

189

256

284

292

Utilities 

164

173

191

186

Entertainment

83

79

77

61

Driving Lessons

0

38

68

69

Children's Rent

58

50

102

95

Children's Social Life

35

58

94

97

Other Pocket Money/Lending Cash

56

37

76

77

Other Financial Support (e.g. education, insurance)

149

152

136

189

Supporting Older Relatives (food, healthcare, travel)

113

130

180

140

Mortgage Repayments 

198

202

388

354

Total Cost Of Looking After Family (per month)

1045

1175 

1596

1560

Holiday Spends Per Year

789 

935

789

1254

Lump Sum For Kids (e.g. house deposit, car) within last year

1290

11481

11176

24302

 

 

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