In a survey of how different generations across the UK are approaching
their lives in today's uncertain climate, the over 50s shone as being the happiest,
refusing to let the economic gloom get to them. In comparison to other generations,
they were found to be the most satisfied with their lives, the most financially
savvy and least concerned about the credit crunch.
Top of the agenda for the over 50s generation was 'freedom and
flexibility to do what I want', compared to other generations who were more
focused on working hard and keeping their finances in check.
The golden qualities of Generation Flex, according to Lloyds
TSB Insurance:
Carefree attitude: 43 per cent of over 50s rated their current
quality of life as very high compared to just 27 per cent of people in their
40s and 36 per cent of under 24s. Other generations are most envious of the
over 50s rating them, more than any other generation, as currently enjoying
the best quality of life, in terms of financial security, freedom to do what
they please and health standards.
Freedom to be flexible: Half (50 per cent) of over 50s said
they were living their life exactly how they wanted to, compared to just 30
per cent of people in their 40s and 36 per cent of the under 24s. When asked
what three things are most important to you, only 8 per cent of over 50s said
work was still important to them. Having the freedom to spend time with friends
and families (82 per cent), keeping fit (42 per cent) and travel (40 per cent)
all scored highly.
Financially savvy: One quarter (27 per cent) of the over 50s
said they were not at all concerned about the credit crunch and a further 42
per cent said it only slightly concerned them. In contrast, only 18 per cent
of people in their 40s said the credit crunch did not worry them at all. Other
generations rated the over 50s as the most financially savvy generation with
56 per cent of respondents believing this generation were the best with their
money.
Stands up to be heard: The over 50s were most likely to stand
up and make themselves heard when they disagreed with something; more so than
younger generations. Almost half (45 per cent) of over 50s said they would protest
against the closure of local facilities such as their Post Office, compared
to only one quarter (26 per cent) of the under 24s.
Demands fairness: The one sticking point for the over 50s age
group, who feel they've worked hard for their status, is that they believed
they were penalised for other generations' more slap-dash approach to life.
Over two thirds (69 per cent) of over 50s said they have spent too much of their
life paying over the odds and subsidising other, less conscientious, people.
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