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`Party pensioners`living life to the full

Jan 2004

RESEARCH HIGHLIGHTS ‘PARTY PENSIONERS’ LIVING LIFE TO THE FULL 

Sainsbury’s Bank warns working population needs to save an extra 31 billion a year for retirement

According to new research* from Sainsbury’s Bank, 60% of retired people believe retirement is providing them with some of the best days of their lives. In fact, many of those approaching the end of their working lives are also planning to enjoy themselves once they retire. 83% of those aged 50 and over – around 15 million people - have no intention of holding back on their expenditure in retirement in order to leave an inheritance to their loved ones.   

Mairi Hutchison, Long Term Savings Manager, Sainsbury’s Bank said: “It is clear that these ‘party pensioners’ are having the time of their lives,  but the younger generation will generally have less generous company and State pensions to look forward to and unless they start saving more now, they could find retirement very difficult and be forced to work well beyond 65.  

“We estimate that collectively, the working population needs to save an extra 31 billion a year, but our research shows you can’t rely on your parents to become fall guys to help plug the gap.”

 

  Scot
land

N.East/

Yorks/

Humbs

N West

 

Midl
ands
S East/
EAnglia
Lon
don
Wales and
West

Percentage of people aged 50 and over not holding back/not  intending to hold back on expenditure in retirement in order to leave an inheritance/bigger inheritance  

 

76% 79% 86% 85% 83% 85% 83%

Percentage  of retired people who believe retirement is providing them with some of the best days of their  lives  

65% 48% 49% 66% 66% 60% 60%

 

  • The bank’s findings reveal that those aged 55 – 64 feel about 40 years old, at least 15 years younger than they actually are. For those aged 65 and over, the average age they feel is only 46, at least 19 years younger.

  • 40% of retired people have realised life long plans or ambitions since they stopped work. For 28%, this includes travelling to new places and nearly one in five has started new hobbies. Just over 350,000 have tried an adventure activity such as white water rafting since they stopped working.

  • Retired people spend millions on enjoying themselves: a monthly bill of 344 million on eating out; 535 million on travel; 332 million on presents for themselves or loved ones and 310 million on hobbies.

Sainsbury’s Bank offers a range of financial services products including savings accounts, ISAs, insurance, credit cards, loans and mortgages.  Independent research reveals that these offer some of the most competitive rates and widest range of benefits in the marketplace. For general Sainsbury’s Bank enquiries, customers can call the freephone number on 0500 40 50 60 which is open 24 hours a day, pick up leaflets in store or visit www.sainsburysbank.co.uk.  

Sainsbury's Bank has been named as the "Best Overall Provider" in the 2003 Your Money Direct Awards, selected by a panel of consumers and industry judges. The awarding panel noted that "Sainsbury's Bank excelled in every category it entered".

  • Sainsbury’s Bank opened for business on 19 February 1997 as a joint venture with Halifax Bank of Scotland (55% Sainsbury’s, 45% Halifax Bank of Scotland)

  • Sainsbury’s Bank is a national direct banking service 

  • The following products are currently available: 

-         Instant access savings account

-         Direct saver account

-         Visa credit cards

-         Personal loans

-         Flexipay base rate tracker mortgage

-         Flexipay discounted base rate tracker mortgage

-         Fixed rate mortgages

-         Income ISA

-         Tracker ISA

-         Drive, a car financing package

-         Car Insurance

-         Home Insurance

-         Travel Insurance

-         Petcare Insurance

        


 

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