Lifestyles at risk during most expensive time of life
People over the age of 50 are being urged not to cut back on protection and health cover as the squeeze on UK family finances tightens.
Results of a survey of 2,000 home-owners with at least one child, published today, suggests that turning 50 marks the most expensive period in our lives.
Experts behind the research said that people in their 50s can still expect to be lumbered with hefty mortgage payments while also trying to support teenage children.
Increased costs of holidaying as four adults, rather than a family with two children, coupled with helping children with motoring costs as well as a house deposit all mounts up.
The study, carried out for health & wellbeing mutual organisation Benenden Healthcare Society shows that
the average 50-something needs £1,560 a month to keep the family’s head above water.
Marc Bell, marketing & business strategy director at Benenden, said that while 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.