Royal London has claimed that the 55+ generation are focused on making the most of their retirement, with 72% people valuing experiences such as travel, new hobbies and days out over material possessions.
The insurer’s research found that the over 55+ age group have a clear focus on experientialism in retirement with 72% choosing this over purchasing material possessions.
40% of respondents said they most valued material possessions in their 20s, versus 15% feeling the same at 55+. Males were revealed to be more materialistic than women, 17% versus 13% respectively.
When asked about life goals, the next generation of retirees is focused on creating lasting memories with family and living a healthy lifestyle, Royal London said. Spending time with family was the most important aim in retirement (52%), closely followed by relaxing (47%) and maintaining health and fitness (45%). Women place a higher importance on spending time with family than men (59% vs. 43%) while men placed an emphasis on relaxing as their highest priority.
Staying healthy is the biggest concern as people head into retirement. The research revealed that 52% of respondents were concerned with their health, followed by being able to afford to live the lifestyle they want (39%) and having enough money to get by (38%). Another significant concern is loneliness, with 12% worried about staying in touch with friends and family.
While joining new clubs, volunteering and staying active are all positive steps to addressing wellness concerns in retirement, there are options to overcoming financial barriers to achieve life goals. One option would be to release equity in your home with the research showing that 22% would consider doing this to fund new experiences and, in turn, achieve their life goals.
Taking on part-time work to fund new experiences is also an option with 58% saying they would consider working in retirement and 40% saying they would work if it enabled them to do more things they enjoyed.
Gary Beyer, protection product lead from Royal London, said: “It is clear to see that those aged 55 and over value experiences more than anything else, including material possessions. Being able to lead an active, healthy lifestyle, try new things and travel to new places, combined with spending more time with family is the key to retirement happiness.
“After a tough few years following the pandemic and now with the added pressures of the cost-of-living crisis, being able to achieve these life goals might seem more difficult, but there are options out there for people who want to make their dreams a reality.”