Niche insurance and travel provider Staysure has found that newly retired Brits do not go ahead and plunge right into a life of luxury – no exotic trips until they’ve passed the age of 70.
Coining the term ‘pre-tirement’, Staysure cited the period wherein retirees adjust to their new financial standing before they begin spending on luxuries.
Based on statistics from the firm – including a luxury lifestyle survey it commissioned involving 2,000 people aged 50-85 – it’s at the 71-80 age that retirees spend more, particularly on holidays.
The over-50s specialist insurer said this is where “the most extravagant annual spending” goes, with 71-80 year olds shelling out an average of £1,125 per year – £375 more compared to what their younger counterparts spend.
In fact, retirees aged between 71 and 75 take out 243% more travel insurance policies annually than the 51-55 bracket. Staysure said travel insurance policies noticeably drop off after the age of 80.
“While many of us look forward to retirement, it’s important to remember that it is a big milestone in life. Just as we had to adapt when we first started working, so too do we, when we retire,” said Staysure chairman Ryan Howsam.
He continued: “Understandably, it takes a while for people to adjust to not working and having the comfort of a monthly salary and while big purchases like holidays might be put on hold for a few years we see that they increase again after some financial adjustments.”
Related stories:
Cash-rich retirees driving business for Just Travel Cover
Get travel insurance, says ABI
