The over 50s generation feel lucky to be in their situation as they approach retirement or have retired already with little debt, a new research study released by McCann Erickson Dublin shows. They feel they have had a better quality of life than their parents and there are much more opportunities now in retirement in terms of travel, education and hobbies.
They did not grow up with the expectations of the ‘Celtic cubs’ and their gains in later life were unexpected and all the more welcome. They are happy to be clear of work, debt and worry. As a group, they feel their more conservative approach to life now stands them in good stead. They didn’t behave excessively and incur great debt in the ‘Celtic Tiger’.
The ‘fear of debt’ culture has worked to their advantage. While they have sympathy for the younger generation they feel they deserve their hard earned financial position. They grew up with the mentality of ‘spend it when you have it’ and now they have it and are ready to spend.
Families play a vital role in the life of the over 50’s. They love to be involved and available to give a helping hand, while happy to have their own space. Many have had to help kids financially with property but this is preferable to seeing them emigrate or having them live at home.
The over 50s are quite open to shopping around and trying own brands. While there is strong brand loyalty to brands in some key categories, there is openness to considering own brands and retail outlets such as Lidl and Aldi. Irishness is a bonus but not a must.
Insurance is a key category for this group as it has now become the biggest overhead (health, house, car) and is a considered overhead. They have the time and interest to shop around and get a better deal.
Falling standards of service across the board is a major bone of contention for this group. They demand personal service and are happy to take their business elsewhere when they feel ignored or undervalued.
This group have the time and money to enjoy an active social life. They could be seen as the ‘new rich’ in that they are one of the few groups who can afford to be out during the week. They enjoy their freedom and embrace new experiences, whether in hobbies or travel.
There are extremes in terms of experience and use of technology but a surprisingly large number of this group enjoy technologies like Skype, mobile phones, internet and email.