This second Saga Quarterly Report once again combines Saga survey data (a nationwide Survey of 11,800 over 50s) with economic analysis and interpretation of official statistics to produce as accurate a picture of life for the over 50s in the UK as we can. As well as examining issues such as income, unemployment and inflation affecting the Saga age groups, it features the Saga Quality of Life Index which measures perceptions of happiness, standards of living and health. All survey comparisons are made with one year previously unless stated otherwise.
The survey data shows many over 50s cutting back on small pleasures compared to a year ago, in response to a squeeze on their incomes. Over 60% say they have reduced their non-essential spending. They are spending less on eating out, holidays, entertainment and hair and beauty. Worryingly, 15% have even had to reduce essential spending, including heating. These spending cutbacks have worrying implications for the whole nation - if older consumers rein in their discretionary spending this will lead to fewer jobs for younger people.
Source: The Saga Group
Download full pdf report | Link to online introduction