Life Well Spent Report 2024 summary

Over 50s are still worried about the rising cost of living – but financial concerns are easing overall

The UK’s cost of living is still high, with 63% naming it as their biggest financial concern – although this is 10% less than in 2023. But the good news is, 17% of over 50s report being free from financial worries – up from 12% last year and 11% in 2022.

Like last year, people over 50 are especially worried about unexpected, sudden costs, and about running out of money during retirement.

In fact, money has risen from third to second place when we asked “what brings you most happiness?”. But of those who name ‘money’ as one of the things that makes them happiest, almost two-thirds say the important thing is being debt free, or free of money worries – rather than simply having a lot of money.

Overall, people name family and friends, money and security, and their partner as the top reasons for a happy life.

And once again we see that certain big spends do improve happiness overall, despite the high cost. This is especially true when it comes to gifting an early inheritance to loved ones, or getting a loft conversion.

What makes people happy?

"Being semi-retired and spending more time with my husband." "Good Health and retirement. No stress or commitments." "My grandchildren having room to grow up safely, the opportunity to help my children to take their next steps and not being tied to a house that isn't right for us anymore." "Simple pleasures like coffee at a riverside." "Having enough money to be comfortable." "Having BBQs in the garden on a sunny day." "My life in general. I have everything I need. Financially we are OK. All the bill are paid. We have never been in debt."

How do the happiest over 50s spend?

According to our 2024 findings, the happiest over 50s:

• Are aged over 70
• Are retired
• Are grandparents
• Have a household income above £40,000
• Live in their homes longer and have undertaken renovations
• Have smaller outstanding mortgages
• Go on holiday more often
• Are more likely to give a cash gift to loved ones

Supporting family matters most

Family is still the top thing that makes people over 50 the happiest. So it’s no surprise that 23% worry about how their children and grandchildren are managing financially – especially among women over 50.

What’s more, gifting cash to loved ones makes the over 50s happier – whether it’s as an early inheritance, a special gift, or to help with the arrival of a new baby.

But while leaving an inheritance – either while they’re still here, or when they’re gone – is still a desire for most, 31% would prefer to spend their money enjoying retirement.

Very few know all the facts about equity release

For some, equity release can make big purchases in later life possible.

Almost 3 in 4 people who have released equity say it made them happier, with the most popular use of the money going towards home improvements. Others used it to supplement their income, while others spent it on holidays or gave their loved ones some financial support.

But only 6% of over 50s know all the facts, and misconceptions about equity release are still common. So there’s still a way to go when it comes to awareness about all the options available.