15 November 2016

Key facts about the typical 60 year old

Many Brits start to have thoughts of retirement once they reach their 60s, as they look to cash in their pension pots and enjoy some well-earned time away from work.

But as life expectancy rates increase, it seems many of the country’s over-60s are opting to work for longer, or combine their retirement with a part-time job. 

After previously reviewing the typical saving and lifestyle habits of 30-somethings, 40-somethings and those over 70, we’ve now decided to take a look at the life of the average 60-year-old. Covering everything from their average income through to their musical preferences, our poll of 1,800 people ultimately makes for positive reading…

Typical 60 something infographic

Money matters

Although those in their 60s are often viewed as being wealthy ‘baby-boomers’, it seems many are on a comfortable income rather than leading an overly extravagant lifestyle. Their average income stands at more than £20,900, although 1.7% do benefit from an income of over £75,000. Generally speaking, 60-somethings have a disposable income of around £337 to play with each month.

As you might expect, bills, food, insurance and housing costs account for a large chunk of the typical 60-year-old’s budget. But they’re also keen to explore the world and spend quality time with their family, as children and grandchildren, holidays and birthdays rank high.

Pensions and savings

Many over-60s have started to draw funds from their retirement pots, whether from private pensions, workplace pensions or the state pension.

But our research also highlights that nearly a fifth get an income from full-time work and 15% from part-time employment, suggesting many 60-somethings are opting to stay in a job.

Whether working or entering retirement, it seems their appetite to save remains strong. On average, we found they have roughly £5,670 set aside in savings. But close to a third have more than £10,000, suggesting they’ve worked hard to build up a nest egg over a number of years.

Lifestyle choices

Holidays are important to the over-60s, as they finally have the freedom to cut loose from work and explore new parts of the globe. On average, they take one foreign holiday a year, although a lucky 5.6% enjoy four trips or more.

Along with travel, health remains a key issue for those over 60. Their personal health and the health of their partner emerged as their top two worries in our survey. But they’re taking action to address these concerns, by spending an average of three hours on active pursuits and keeping fit each week.

When it comes to their taste in cinema, musicals and comedies are among the favourite genres of the UK’s over-60s. Popular TV shows include Strictly Come Dancing, Antiques Roadshow and Midsomer Murders, while favoured music acts include The Beatles, Fleetwood Mac and Abba.

Ultimately, the average 60-year-old appears happy with their lot in life, which is encouraging news as they make the gradual transition from work to retirement. When asked how content they are with life on a scale of one to 10, they’d typically give themselves a score of seven.

The typical 60-something

Relationship status: Married
Income: £20,955
Car: Ford Focus or Ford Fiesta
Hobbies and interests: Nights in watching TV and films, days out with the family
Pets: A dog, if any

Learn more about how our savings accounts could help you build a nest egg

Research conducted by OnePoll for Nationwide, with a sample of 1800 adults aged 60-69 in September 2016.

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