Over 50s shrug off credit crunch

12 August 2008 / by Daniela Gieseler
The generation of the over 50s is best positioned to weather the storm during the credit crunch, new research by Lloyds TSB Insurance has found.

Compared to other generations Brits over 50 generally seem to be happier and more satisfied with their current lifestyle, refusing to let the doom and gloom of the economic crisis get to them.

While other generations said their priorities were to keep working hard and to get to grips with their finances, for the over 50s 'freedom and flexibility to do what I want' was on top of the list.

43 percent of over 50s rated their current quality of life as very high, and about half of all respondents over 50 said they were living their life exactly as they wanted to, having enough time to spend time with friends and family and to go travelling.

Younger generations are not quite as lucky, with only 27 per cent of Brits in their 40s and 36 per cent of under 24s stating their quality of life in terms of financial security and means to do what they want most was as high as they wanted it to be.

A quarter of over 50s said they were not at all worried about the credit crunch, and a further 42 per cent said they were worried only a little. By contrast, only 18 per cent of people in their 40s said they were not concerned at all about the impact of the credit crunch.

The older generation is perceived as financially most savvy by their fellow citizens, as 56 per cent of respondents believed the over 50s were best at financial planning when it comes to sorting out insurance or finding the best interest savings accounts.

Gladeana McMahon, leading life coach said, "When you reach your 50s, you finally become comfortable in your own skin, it is the decade of your life when you can truly become an individual and do all the things that you have wanted to do.

"People in their 50s tend to know their own mind and, as a result of their life experience, they can enjoy more fun and freedom than people much younger than them," Ms McMahon added.

"It is this down-to-earth and flexible attitude that gives this generation the golden qualities which means they're unphased by most of the challenges that life throws at them."

© Fair Investment Company Ltd