Half of 60-something parents admit they love spending money on themselves now that the financial commitments of having children are behind them.
According to a new report from Warner Leisure, the sixties are the best stage for parents’ finances as they swap demands for pocket money, new clothes and gadgets, for spa treatments, holidays and theatre trips.
With life appearing to start at 60, not 40, some four in 10, 60-somethings spend most of their discretionary income on their own lifestyle, compared to less than one in 7 40-something parents. Likewise, while 20% of 60-somethings say their biggest expense is socializing, 20% of 40-something mums and dads spend most of their spare cash on their kids’ allowance and mobile phone bills.
It is no surprise then that when they were asked what they would like to spend more money on, a third of 40-something parents said holidays without the kids while almost as many wanted to enjoy more fine dining. A fifth of frazzled mums craved luxury spa treatments.
Cut the cost of enjoying life with our guide to retirement hobbies on the cheap.
Susan Chitayi, aged 60 from Hemel Hempstead and mum to three, says: “Now I'm older I love the fact that I can spend any spare money on myself instead of always putting the children first. As much as I love my children, I really enjoy being able to do the things that I want to do, not what I have to do. This has been the best stage of life so far and life really does begin at 60 – what more evidence do you need?”
Read Moneywise’s article How will you live in retirement? for tips on adjusting to this new way of life.
The report should hopefully provide a light at the end of the tunnel for cash-strapped younger parents. Marc Caulfield, spokesman from Warner Leisure Hotels, comments: “We hope the 40 something parents can see the light at the end of the tunnel with our report findings. It is reassuring to hear that once the purse strings have been cut, this could be the best stage of life not only for your income, but also for socialising with friends and your partner and trying a new activity.”