Pensioners enjoying the high life

Last Modified: 14 Sep 2007
Source: PA News

Many pensioners are living the high life, enjoying incomes that are higher than average earnings, a report shows.

Nearly a quarter of retired people have more than £20,000 a year coming in, while 21% of pensioners say they have the same spending habits now as when they were working.

One in six retirees even admit they spend more money now they are retired than they did previously, according to research commissioned by insurer Friends Provident.

The report, which was carried out by the Social Issues Research Centre, said today's retirees are in a unique position compared with previous generations, having lived through a period of economic prosperity and strong property price gains.

House prices have soared by 722% during the past 25 years, rising from an average of just £23,644 to £194,362 today.

With nearly three-quarters of pensioners owning their homes outright, many people have high levels of assets to tap into if they want to.

Today's pensioners are high spenders on technology, with those aged over 71 the most likely of all age groups to own both a computer and a digital radio.

One in five pensioners has an iPod, with many also owning digital cameras, mobile phones and plasma televisions.

Those aged between 64 and 75 are also high spenders on food, according to the report.

The picture is even better for the generation approaching retirement, the baby boomers, who are currently the biggest spenders of all age groups. Their weekly spend rose by 8% during 2006 to stand at an average of £477.

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