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Product category: Pensions and retirement
News Release from: Newcastle Building Society | Subject: Retirement
Edited by the Insidemoneytalk Editorial Team on 22 February 2008

Are you a Victor Meldrew or a Buster
Martin?

Newcastle Building Society unveils six very different types of over 60s

New research from Newcastle Building Society Equity Release Service has unveiled six very different types of retiree amongst the 9.7 million over 60s in the UK The survey has found that the most prevalent group are Hoarders, those who refuse to change anything post retirement

By conducting research among over 600 people aged over 60 across the UK, Newcastle Building Society Equity Release Service identified the following six retiree types: Hoarders: This group likes to keep everything the same as prior to their retirement and don't see why they should have to change anything just because they have reached 60.

They have preserved their homes in their original state and like to keep hold of all memorabilia from old furniture, to children's toys and knick-knacks.

(2.33 million, 24% of over 60s).

Nest Improvers: These over 60s spend their retirement pot mainly on home improvements from doing up the kitchen to adding a new conservatory.

They love gardening and can spend hours pottering with their trowels.

They want to do everything they can to make their living environment as nice as possible.(1.84 million, 19% of over 60s).

Survivors: These retirees need all of their pension pot in order to pay for the necessities such as heating and food.

Many relying on the state pension alone, this group count the pennies and are careful shoppers, often bargain hunting for the best deals to be had in the supermarket.(1.16 million, 12% of over 60s).

Work till you drop: These over 60s carry on working post-retirement age either to supplement their income or simply in order to stay active.

Jobs can take any form from board executives to volunteer work in charity shops.

Similar to Buster Martin, who at 101, is the UK's oldest working man.(970,000, 10% of over 60s).

Live it up and spend it: This group enjoys spending their retirement pot on holidays, cruises and worldwide travel.

They often have an expensive hobby such as collecting vintage cars, antiques or fine art.

They like to eat out regularly, attend numerous parties and generally enjoy the fruits of their labour.

(679,000, 7% of over 60s).

Children Supporters: These over 60s are saving as much of their pension pots as possible towards helping their families and leaving an inheritance to their children.

They also use their retirement fund to pay for children's house deposits, grandchildren's schooling and university fees.

They like to treat their families with expensive presents and substantial family holidays.(582,000, 6% of over 60s).

Bob Mottershead, of Newcastle Building Society Equity Release Service, commented: "These findings show that you can't generalise people as 'over 60' when clearly different people adopt very different lifestyles in or approaching retirement.

However, the results also show that this generation has one thing in common that can make a real difference - access to money.

"It is worrying that the Survivors - 12% of over 60s - are struggling to make ends meet in retirement.

However, even more worrying is that this figure increases significantly for those aged 80 plus, 17% of whom find paying for daily necessities is a great effort.

For these consumers, and indeed those who are comfortably off and want to use the money tied up in bricks and mortar to live an even fuller life, equity release may well be a feasible option." Case studies available for each typology - please contact Suman Katyal 020 7845 7900.

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