Fifties are most expensive years in life

PEOPLE turning 50 are entering the most expensive period of their life and will need an income of more than £1,500 per month, according to a new study.

Experts said those in their 50s can 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 pile on the financial pressure.

A typical 50-something in the UK needs to spend a total of £1,560 per month just to keep their head above water, according to the survey by health and well-being mutual organisation Benenden Healthcare Society.

Marketing and business strategy director Marc Bell said: “Reaching 50 is traditionally supposed to be the start of a new lease of life as kids grow older and couples find more time to themselves.

“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.”

The study questioned 2,000 UK home-owners in their 20s, 30s, 40s and 50s, with at least one child.

A monthly mortgage repayment is the biggest outlay for over-50s, averaging £354, while food shopping set back families another £292 and utility bills £186. Holidays average at £1,254, thanks to the extra cost of offspring travelling as adults rather than children.

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

Youngsters will also spend another £100 of their money each month on their social lives and receive £78 pocket money – becoming the wealthiest children of any age group of parents polled.

And 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 include DIY jobs and extensions.

The 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 massive outlays, one in ten over 50s ends the month in deficit.