Survey looks at the life of the average 70 something

Posted on March 29, 2016 by Guest Writer
Mature Man Working on a Building Site

Research into over 70s conducted by a leading UK bank has revealed what the life of the average 70 something looks like.

The poll of 2,000 70-79 year olds was carried out by online market researchers, OnePoll.com, and took place in early 2016. As well as questions on travel, the study looked at financial status, employment and lifestyle.

Travel

The survey found that the average septuagenarian takes one trip overseas a year, not travelling more is their biggest regret while holidays is their second favourite thing to spend disposable income on.
While not travelling more was the biggest regret among the septuagenarians, one-in-seven lamented a failed romantic venture and others wished they’d had a more fulfilling career.

If you’re over 70 and considering a trip abroad, talk to one of Staysure’s travel insurance specialists.

Employment

The results of the survey show that, despite retirement, a higher proportion of septuagenarians have incomes above the £42,385 higher-rate tax threshold* than people in their 30s.
A third of the respondents were still employed while the same number lived off of a private pension. 25% of those surveyed stated that they still worked full-time.

Finances

The average 70-something still earns £21,617 annually, but had £31,504 of debt with just £5,227 in savings – £27,000 of the debt was in the form of a mortgage while credit cards accounted for just over £1,500.

Once bills and other necessary outcome is accounted for, the average participant was left with a monthly disposable income of £300. Eating out was voted the favoured spend for this leftover cash, followed closely by holidays abroad.

Not saving more was also listed as one of the biggest regrets in the results and a third of those surveyed said this still worry about saving money on a day-to-day basis.

Lifestyle

The average 70-year old was found to be most likely driving a Ford hatchback and undertaking five active things in a week, with the gym and long walks being the most likely.

The Shawshank Redemption was the most popular film, with Queen topping the list of favourite music acts and Only Fools and Horses coming out on top in the TV vote.

*Correct at the time of writing (22 March 2016).