Happiness of over-50s blighted by worries over cash and jobs

PEOPLE aged 50 and over have a worse quality of life and are “significantly less happy” this summer compared with the same time last year, according to a damning report issued today.

Saga’s latest Quality of Life study found increasing concern among older generations over the spiralling cost of living and gloomy employment prospects.

The quarterly report found that while those over 50 have been quite stoical during the recent economic downturn, they are now being affected “more heavily” by “financial woes,” with the overall happiness rate falling for the first time in 2011.

The study, which combines a nationwide survey of more than 11,600 over-50s along with data from the Centre for Economic and Business Research think-tank, makes clear that all is not well among the supposedly gilded generation of baby-boomers.

While over two thirds of people (68 per cent) are cutting back on non-essential spending, more than one in five (21 per cent) are reducing their spending on essential items like food.

The demographic, which comprises about 21 million Britons, is suffering higher levels of inflation than the country as a whole, according to Saga, with levels for unemployment among those aged 50 to 64 rising at a time when unemployment as a whole is on the decline.

The study also took on board Saga’s “happiness index”, which seeks to ascertain the happiness, health, and financial wellbeing of the over-50s, with a score of zero indicating no change, and a minus score showing people feel worse off. The result showed an overall score of -10.5, a significant decline on the previous score of -2.5 in May.

However, the survey, carried out prior to the recent riots in England, revealed an optimistic outlook regarding crime, with only 13 per cent of Scots concerned about offences being carried out, compared to 18 per cent of Londoners.

It also showed that despite economic pressures, close to one in three (31 per cent) people over 50 said they were supporting their children and grandchildren financially.

Dr Ros Altmann, director- general of Saga, said: “We have uncovered some worrying trends among the over-50s and, while many commentators blithely assume that the older generations are much better off than the young, this does not apply across the board.”

A Scottish Government spokeswoman said the situation facing older people in Scotland was “different” to the rest of the UK, with the administration at Holyrood “taking action to help household budgets”.