Saga Services, which specialises in insurance and financial services for the over-50s, senior citizens are having a huge impact economically, as they have the means and the will to spend.
Phil Loney of Saga said: "More people are now retiring with either a private or occupational pension and there is also a cascade of wealth coming down through the generations as property is passed down. The post- war trend for owning your own property means much of this property is now being inherited by people aged 50 and over."
The survey showed that 75 per cent were spending significant sums of money on holidays each year. The second most popular area of expenditure was motoring, followed by home improvements.
Mr Loney added: "As far as finances go, 88 per cent of over-50s were planning their financial futures themselves. Most of them have been saving for the past 30 or 40 years. They are a group of people who have lived through a financial revolution with the introduction of Peps, Tessas and pensions. They are quite familiar with these and happy to make their own decisions."Reuse content