New retirees are embracing their retirement with a whirlwind of socialising, activity and travel on a par with those in their twenties.
That’s according to new research by long term investment savings specialist Standard Life reveals that 96% of recently retired adults in Manchester don’t feel like they fit the image of a stereotypical pensioner, with almost one in five doing something active every day and many going to a social engagement or out with friends or a partner, twice a week on average.
Freedom (62%) and enjoyment (52%) are the most popular descriptions used by retirees to describe the first year of their retirement so it’s no surprise that this generation is every bit as lively as people in their twenties.
In Manchester, both age groups do something ‘active’, such as sports or exercise, between three and four times a week on average. In fact, almost one in seven retirees (15%) do something active every day compared to seven percent of those in their twenties.
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. 14% of the older generation have more than 10 close friends compared with 7% of twenty-somethings.
While the rise of social media means young people are able to keep in closer contact with their friends easily, 89% of retirees say they speak to their close friends at least once a month – a similar figure to those in their twenties (96%).
The research also revealed that most retirees (75%) in the UK like to go out to a social engagement or to eat at least once a week. Many who live in the North West enjoy a drink or two (68%) and amongst those who do drink, they do so on average three days a week, compared to twice a week for the younger generation.
However, it appears that our retirees also enjoy their downtime, with around a third (32%) of recent retirees in the North-West admitting to indulging in a greater amount of daytime TV.
The most popular activities people in the North-West take up during their first year of retirement are planning more holidays and go travelling and spending more quality time doing things with family and friends.
Others found themselves watching more daytime TV and taking up voluntary work along with doing more exercise and sport and starting a new hobby
To fund this active and social lifestyle later in life, planning ahead enabled retirees in the UK to worry less about their financial situation, with over three quarters (77%) having an additional income alongside the state pension. Over half (39%) of those living in the North West were comfortable with their financial situation as they entered retirement, with a further 36% considering their finances as under control.
Julie Hutchison, Consumer Finance Expert at Standard Life, 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.
