Today, those over 50 are an entirely new generation with more economic power than ever before. They have the energy and experience to get the most out of life and are now seriously defying the midlife cliche.

In recent years, life, in general, has got more challenging for all sorts of reasons. The political and economic future is more fragile. In addition, there have been more political scandals and the deepest economic recessions in the last 20 years than in recorded British history. And we are on the verge of great change.

The climate crisis is now recognised as exactly that – a crisis. The transition from fossil fuel to renewable energy will now be a big deal for all of us thanks to Russia. The talk all over the world is about designing future prospects – about de-coupling and de-globalisation, about reducing foreign dependence and bringing supply chains home and favouring domestic production and finance. It’s also about how technology will accelerate, how algorithms will determine more of our lives and how employment will change.

Today there’s a growing and significant proportion of the population over the age of 50. In fact, 38 per cent are now in this demographic (source) in the UK today.

And whilst many are trying to juggle work, family and their own lives they now have one eye on the realisation that retirement is on the horizon or rapidly approaching.

 

Defying the midlife cliché

Those in their 50s and 60s are not the same as the generation before them. Most people are healthier, more active, more alive in their skins than ever before and are now defying clichéd representations of so-called ‘later life.’

Not only does this exciting group of people hold about 80 per cent of the UK’s wealth – and have the highest level of disposable income, they are picking up new hobbies, setting up new businesses, travelling and seeking out new experiences. And far from winding down and resigning themselves to a life of gardening and daytime TV, they are internet savvy, unafraid to use new technology and ready to make the most of life.

To challenge this cliched representation, it helps to know some interesting numbers. For instance, the average age of the new car buyer is in the mid-50s (source). A third of all businesses in Britain are owned by the over 50s. Half of the over 50s nowadays are having sex only marginally behind those half our age (source) – but you’d never believe that looking at advertising on television, in the newspapers or in magazines.

The over 50s now have more impact and influence on the UK economy than ever before. In 2016, this group spent more money than the younger generation for the first time in history – spending £376 billion on things such as food, entertainment and clothes.

A whopping 62% of over 50s now aim to spend their savings, with fewer people believing that leaving an inheritance to their children is a priority (source). The ‘bank of mum and dad’ has entrenched a feeling that midlife is now to be exploited and enjoyed. And many in midlife do not have large families like the generations before them, making them less financially obligated – assuming they are not looking after ageing parents of course.

This lively demographic is an entirely new generation of people wanting the finer things in life, with the time and money to enjoy. Those in midlife are also increasingly becoming politically more powerful as data shows this age group also vote more than any other.