Swinging Sixties: Manchester retirees keep up lifestyle of 20-somethings, study reveals

It turns out Manchester’s 24-hour party people are still partying as a study reveals the city’s 60-somethings are keeping up with the lifestyle of those in their 20s.

Of the North West’s new retirees 68% enjoy a having a cheeky drink or two – and we’re not just talking about pop – and they do so, on average, three days a week, compared to twice a week for the younger generation.

And the study, carried out by long term investment savings specialist Standard Life, revealed that 96% of Manchester’s not-so-OAPs don’t feel like they fit the image of a stereotypical pensioner.

Consumer Finance Expert Julie Hutchison said: “The recent pension freedoms have opened up new possibilities in retirement, allowing more of today’s recent retirees to enjoy the sixty-something socialite lifestyle.

“As our new research shows, retirement can be one of the most liberating and exciting life stages.”

As for how social circles compare amongst those in the North West, retirees have between six and seven close friends on average, more than twenty-somethings who have an average of five.

And 14% of the 1,034 older men and women spoken to have more than 10 close friends compared with 7% of the 1,022 twenty-somethings.

This video of some elderly ladies breaking it down went viral

In fact, aside from the spending more time with family and doing more exercise or sport – that 44% and 26% of the swinging sixties, respectively, listed as new pastimes in the study – their activities start to sound reminiscent of student life.

More than half (54%) use their newfound freedom to plan more holidays an travel, 32% find themselves watching more daytime TV and take up voluntary work, and 26% take up a new hobby.

Remember when your mum and dad thought you’d joined a study group but you were actually learning to play the steel drums?

And the similarities don’t stop there.

How would you describe your first year of university? Do the words ‘freedom’ and ‘enjoyment’ come to mind at all?

Well, you are not alone as these are the most popular descriptions used by retirees to describe their first year of retirement – with 52% favouring either of these descriptions.

But then I guess the main difference is they’ve earnt their fun and freedom by working hard for decades and freshers earnt it by… passing their A-levels?

Another key difference is that some of the over-60s are actually MORE active than their younger counterparts as 15% do something active – sports or exercise – every day compared to 7% of 20-somethings.

And even in the areas you might expect even the fittest and healthiest of ‘the oldies’ to fall behind they are keeping up.

The rise of social media means 89% of retirees are able to keep in touch with the close friends at least once a month – this is just slightly higher for those in their 20s at 96%.

Julie explained that one of the ways those over 60 – not just in Manchester and the North West but all over the UK – are managing to keep up their social lives in retirement is by planning ahead.

She said: “To get the most freedom and enjoyment out of retirement it is crucial for people to consider their finances and plan ahead.

“The pension reforms provide a good opportunity for people to really think about and evaluate their future finances, and the options available to them.”

One of the ways pensioners keep themselves financially secure is by maintaining an additional income to their state pension with 77% having money coming in from elsewhere.

It was also found that, reassuringly, more than half (59%) of those living in the North West were financially comfortable when entering retirement and a further 36% consider their finances to be under control.

Standard Life has developed a range of online tools and guides to help people prepare so they can approach their retirement with excitement and confidence.

Image courtesy of Steven Depolo, with thanks.

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