Today : Friday - Sep 19, 2014, 01:19pm (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

The Bombay High Court Monday granted bail to Sooraj Pancholi accused of abetting the suicide of Bollywood actress Nafisa alias Jiah Khan.
Sooraj, son of actor Aditya Pancholi, has been ordered to pay a surety of Rs.50,000, surrender his passport and report to police whenever required for investigations. He was arrested June 11.


Life gets ‘most expensive’ at 50

Friday - Feb 17, 2012, 12:08pm (GMT+5.5)
[+] Text [-]

London - Those embarking on their 50s are about to experience the most expensive stage of their lives, a new study has revealed.

Experts calculated that people who turn 50 can still expect to be lumbered with hefty mortgage payments while also trying to support teenage children.

The cost of weddings, university fees, motoring costs, mobile phones and house deposits - all add up to the financial pressure.

A typical 50-something is required to spend a total of 1,560 pounds per month only to keep their heads above water, according to the study, by leading UK health and wellbeing mutual organisation Benenden Healthcare Society.

“Reaching 50 is traditionally supposed to be the start of a new lease on life as kids grow older and couples find more time to themselves,” the Daily Mail quoted Marc Bell, Marketing and Business Strategy Director, as saying.

“The stark reality will prove an eye-opener as 50-somethings realise the truth is not so rose-tinted. Debt rarely goes away as we get older and the rising costs of mortgages, motoring and raising children will paint a pessimistic outlook on life.

“On entering our 50s, more of us are paying for our children’s education and taking on more of their day-to-day costs such as mobile phone bills and going out - indicating that we’re letting our children become more financially dependent on us.

‘We’re also more like to provide financial help for our loved ones and family members - suggesting that whilst it’s the most expensive time of life, it’s also the time when we might be most giving and generous.’

Parents contribute to their children’s mobile phone bills and spending money in addition to running the home and car.

The study surveyed 2,000 homeowning Brits and found that hitting fifty coincided with an acceleration in spending.

A quarter find themselves paying towards their child’s motoring costs like insurance and tyres and one in six have even bought their offspring a car.

Three in ten are presently helping to pay for their child’s education and just under half pay for their child’s mobile phone contract - both adding another 189 pounds to the monthly bill.

Youngsters will also expend another 100 pounds of their money each month on their social lives and receive 78 pounds pocket money - making them the wealthiest children of any age group of parents polled.

However, almost four in ten (37 per cent) of over 50s have given their children a lump sum within the last year - with one in ten helping to pay off debts, and one in five paying towards a holiday or a deposit for a house.

Other costs comprise weddings, university fees, DIY jobs and extensions.

It was also found that over-50s are twice as likely to provide financial help for their own or partner’s parents - with 24 per cent giving out regular help compared to the other age groups.

But with such huge outlays one in ten over 50s ends the month in deficit and one in five struggle to support their immediate family.

“Life is getting tougher for the over 50s. The increased costs places extras pressures on the wallet, but it can also put greater pressure on mental wellbeing and the strength of relationships,” Marc Bell said.

“In the midst of this greater expense, we should not forget to prioritise our personal health. It is perhaps the time of life when maintaining good health is most vital - therefore ensuring a secure future for our family.

“Whilst being in your 50s can be the most expensive time of life, not having safeguards such as life cover could end up leaving loved ones to pick up the pieces and to try and deal with huge financial burdens,” Marc Bell added.


Rating (Votes: )   

blog comments powered by Disqus

Other Articles:
Now, relish gourmet meal in prison (16th Feb, 2012)
Kate Upton appears photoshopped in cover shot of Sports Illustrated (16th Feb, 2012)
Why consumers choose certain products over others (16th Feb, 2012)
Woman made to go through body scanner thrice at airport for ‘cute’ figure (16th Feb, 2012)
Gay couple sets world record for longest Kiss with 50-hour embrace (16th Feb, 2012)
More people turn to their husband or wife for help when they have problems (16th Feb, 2012)
Nine couples get married naked on V-Day at Jamaican beach (16th Feb, 2012)
People prefer to watch romantic flicks when they feel cold (16th Feb, 2012)
Online role-playing games lower marital satisfaction (16th Feb, 2012)
V-Day venom: Youngsters flirt with cobra drug (15th Feb, 2012)
Why ‘one year’ and ‘365 days’ leave different impressions on consumers (15th Feb, 2012)
Why people watch movies multiple times (15th Feb, 2012)
My last trip out was 4 years ago, says UK’s fattest woman (15th Feb, 2012)
Now, fulfilling your ‘Mile High’ sex fantasy gets cheaper! (15th Feb, 2012)
Why love is actually a ‘drug’ (15th Feb, 2012)
Over 60s ‘fastest growing demographic in online dating’ (14th Feb, 2012)
Internet addiction may predict substance use in teens (14th Feb, 2012)
Ladies twice as likely to tweet about Valentine’s Day as men (14th Feb, 2012)
Kicking the butt may put you one step ahead this Valentine’s Day (14th Feb, 2012)
Oz men gear up for Valentine’s night with inflatable date (14th Feb, 2012)
‘Babes’ most common romantic nickname for Oz lovers (14th Feb, 2012)
Why being sweaty helps attract new lovers (14th Feb, 2012)
Now spot online dating liars through their language traits! (14th Feb, 2012)
Falling in love may trigger men’s desire to have kids (14th Feb, 2012)
High school kids perform best with 7 hours sleep (14th Feb, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use