Home > All articles UK : The generation gap shows, as concerns of the over 50s diverge Research from Abbey's Lifestyle Report shows 50-65 year olds worry most about their finances and government policy Personal health and crime is of greater concern for the over 65s Research shows a massive difference in lifestyle concerns between pre and post retirement Abbey launches new 50+ Saver account offering market-leading rate of up to 5.8 per cent There is a growing division between the concerns of the older generations in the 50 plus population, according to research from Abbey. Abbey surveyed the over 50s as part of its ‘Abbey Lifestyle Report - a new report that looks at leisure spending and working trends across the UK - and asked what they believed was currently the greatest threat to their quality of life. The results show a clear difference between concerns of the 50 to 65 year-olds - which includes the baby boomers and 1950s children - and those of the 65 plus generation. 50-65 year-olds believe their personal finances (18 per cent) and Government policy – which includes health, transport and taxes (20 per cent) - are the greatest threat to their quality of life. This contrasts with people over 65 - where only 11 per cent cited Government policy as a threat, and 12 per cited cent their finances(1). People over 65 are most concerned with their own health (27 per cent) and crime (20 per cent) - issues that are less important to the 50-65 year old generation. Leisure Money It is not just concerns where the generations diverge. The 50-65 generation flex their purchasing power, spending nearly ten times as much a week on home improvements as the 65 plus generation, and more than any other generation in the UK(2). The 50-65 year-olds also spend the most on travel out of any generation, and three times as much as the 65 plus generation. Reza Attar-Zadeh, Head of at Savings at Abbey, said: "There is a clear division in the perceptions, habits and mentality of the 50-65 generation compared to that of the 65 plus generation. "This is the generation of the baby-boomers. They are more affluent than their predecessors, are lifestyle oriented and place great value on their leisure time. They enjoy the money they've earned by travelling extensively, improving their homes and eating out. "The 50 plus market is transforming UK society. They are the only growing segment of the population, hold 60 per cent of all savings and are responsible for over 40 per cent of all consumer demand(3). "However, both the 50-65s and the over 65s can benefit from Abbey's 50 plus Saver account, which is designed to reward the over 50s with a market leading interest rate on their savings." New 50 plus savings account launched Abbey is launching a new account designed exclusively for people aged 50 or over. The Abbey 50+ Saver account offers up to 5.80 per cent interest, and guarantees to move in line with any changes in the Bank of England base rate until April 2008. Customers receive a cashcard with the account and can bank via telephone, internet, post or via one of Abbey’s 2,500 ATMs. The Abbey 50 plus Saver has been designed following consultation with Abbey customers and offers: Up to 5.80 per cent AER(4), including bonus of 0.50 per cent until 1 April 2008 Interest rate (AER) guaranteed to move in line with any changes in the Bank of England Base Rate until 1 April 2008 A minimum opening balance of £1, maximum deposit of £2m Account is accessible by telephone, post, internet and cash machine Interest can be credited monthly to any other Abbey account(5) Abbey has savings specialists in every one of its 712 branches. Customers can apply for the 50+ Saver Account by telephoning the customer help line on 0800 234 6065 or online at www.abbey.com Notes 1. ICM. Survey of 1052 individuals, November 2006. Results weighted to be representative of UK population. 2. ICM. Survey of 1052 individuals, November 2006. Results weighted to be representative of UK population. 50-65 65+ Gadgets/ DVDs £ 3.59 £ 2.03 Home Improvements £ 63.25 £ 7.66 Travel £ 33.35 £ 11.87 Eating and Socialising £ 19.74 £ 10.90 Sports and Hobbies £ 5.80 £ 4.73 Cinema/Theatre/Events £ 5.66 £ 3.57 Make up/Toiletries/Treatment £ 9.07 £ 3.12 Fashion £ 16.24 £ 10.04 Total £ 156.70 £ 53.92 3. Sources: Mori, Jupiter, Datamonitor. 4. Tiered rates, with bonus of 0.5 per cent, are as follows:- £1+: 5.25% £50k+: 5.50% £100k+: 5.70% £200k+: 5.80% Bonus runs until 1st April 2008. 5. Interest can be paid monthly into an Abbey account. Interest can also be paid into any non-Abbey UK bank or building society account, but only annually. Abbey and Santander Abbey is a wholly owned subsidiary of Banco Santander Central Hispano, S.A. (" Santander" ) (SAN.MC, STD.N). Santander is the largest bank in the Euro Zone by market capitalisation and one of the largest worldwide. Founded in 1857, Santander has €818,100 million in assets and €976,500 million in managed funds, 67 million customers, 10,300 offices and a presence in 40 countries. It is the largest financial group in Spain and Latin America, and is a major player elsewhere in Europe, including the United Kingdom (through Abbey) and Portugal, where it is the third largest banking group. Through Santander Consumer Finance, it also operates a leading consumer finance franchise in Germany, Italy, Spain and nine other European countries. As of the first half of 2006, Santander recorded €3,216 million in net attributable profits, 26 per cent more than in the same period of the previous year.   By K.S. Date 04-08-2007 Print this article | Send to a friend | React to this article