By MidLyfe Editor: There’s a cliche about mid-life. It’s supposed to be – and mainly marketed by the media as a crisis, a time when all things wrong – and a lot of what we read about life after 50 is nonsense. The marketers don’t know how to appeal to the first generation ever that handsomely outspends all generations behind it combined. The ‘baby-boomers’ era has largely been replaced with ‘generation X’ – a demographic born around 1960 to 1985. This generation has a lot to look forward to.

Despite all the economic and political turmoil of the last decade or so –  they are the wealthiest, biggest spending, fittest, most travelled and carefree of grown-ups to have existed.

The over 50s account for more than half of the UK’s incomes and 80 per cent of its overall wealth. A third of all businesses are owned by us and over half of all consumer spending comes from us. The number of workers aged over 50 in the UK stands at 10.4 million – an increase of 2.4 million in the last decade alone.

Generation X now accounts for over half of all UK household expenditure on health, recreation and culture, alcoholic beverages, restaurants and hotels and that spending has been rising faster than any other demographic. In fact, we outspent any other group in 9 out of 12 spending categories. If it wasn’t for us, the UK economy would be considerably worse off (source).

The ONS reported back in 2014 that the number of over 50s households has risen from 12 million in 2003 to 14 million in 2012 but in last four years alone – another 4.7 million over 50s have arrived. Split into 5 year groups – the groups 50-54 (the largest single group) and 55-59 are now the largest two groups of people in the UK (source).

And yet, the over 50s are treated by the marketers and a majority of brands like we’re suffering from incontinence and have no teeth. I’m not struggling with any form of serious health decline or pondering my own death. I don’t know about you but I’m happy with who I am thanks – and really looking forward to the next fifteen years.

In the UK, there’s not much data about us, which always surprises me. In the US it’s different. The Harvard Business Review (source) reports that – “portrayals of those over 50 are negative 28% of the time, compared to only 4% of the time for younger people. Seventy percent of the time, people in this demographic are shown in “isolated situations — often seated, alone, with a partner, or with a medical professional where they were the recipients of care.”

In another American study, they found that although 46% of the U.S. adult population is age 50-plus, only 15% of online and marketing images containing adults include people this age (source). From what I can tell, it’s no different in the UK.

It’s not like we’re invisible. We drive the flashiest cars, have the finest clothes and accessories (by money spent) and a lot of us have a kitchen island. We mid-aged Brits buy more wine fridges per household than any country in continental Europe (source). This is because we drink more – whilst striving to enjoy ourselves more.

Research (source) has found that, contrary to stereotypes, people over 50 are not “set in their ways.” The over 50s – “are focused on anti-ageing and breaking the mould of what 50 looks like,” researchers at California State University and Southern Connecticut State University wrote in a study published by the Journal of Behavioral Studies in Business (source). I don’t see that as being any different in the UK.

Contrary to the marketing images we all see, the average age of a car-buyer in the UK is 54. At Jaguar, it is 56, at BMW it’s 56 and Mercedes, it’s 54. In fact, the average age of a new Ford buyer is 56, for Volkswagen, it is 54, for Toyota, it is 63. Even cheap, fun, youngster-friendly Fiats are bought by people whose average age is 49.

What a great time to be in ‘tier 2’ of life. You’re set to have more fun, have more choice and generally enjoy life, unlike any other generation before us or around us. Welcome to life after 50 – statistically speaking – this is set to be the best time of your life.