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You only live twice: older Britons outspending teens on leisure and saving less

It seems the YOLO generation just got a little older…

People aged between 46 and 60 are saving the least and spending more on having a good time – even outdoing teenagers.

Of all the age groups, those aged 61+ are revealed to be best off, spending slightly less of their income on bills and travel expenses combined (44%), and enjoying more disposable income for leisure activities, savings, eating and drinking out and fashion.

This could explain why this group actually spends the most on fashion, even beating those aged 18-30, parting with 14% of their income on this category.

By comparison, those aged 31-45 years old were generally deemed to be closer to the breadline, with bills and travel expenses together taking up 69% of their monthly income and leaving just 31% overall as disposable.

Infographic shows a breakdown of monthly salary spending

The team at www.BettingTips4You.com conducted the research as part of an ongoing study into Britons and their finances.

Some 3,389 Britons aged 18 and over were quizzed about how they spend their monthly income, with an equal range of respondents falling into four age categories: 18-30, 31-45, 46-60 and 61+.

“The comparisons build up a strong picture of what life is like for every group, what they prioritise and, most importantly, how they get by; as well as shining a light on those who are most likely to struggle and those who aren’t,” said John Pentin, editor in chief of BettingTips4You.com.

“We were surprised to see that the youngest group, those 18 to 30, are most similar to those over 61 years old who are most likely to have retired.

“Although it makes sense as they both have the most amount of spare time on their hands. Between the ages of 31 and 60 is when we’re typically most family and career orientated, so it’s no surprise that that’s when we focus most on our bills, our family and putting money into our savings.”