How do people aged 55 and over spend their money?

How do people aged 55 and over spend their money?

Print Friendly, PDF & Email

It is no surprise that expenses related to housing are the highest for people aged 60 and over (rent, electricity, gas, etc.). Nonetheless, other items of expenditure vary significantly from one country to another and from one age group to the other, especially when referring to social activities.

Generally, the distribution of consumption made by Europeans among different items of expenditure is similar in all four countries. Expenses related to housing absorb between a third and a quarter of the household consumption budget. Food products also make up a big part of the expenses, especially in France.

The British spend more on leisure and culture than other nationals

The distribution of the budget includes cultural differences and reflects different priorities. In the United Kingdom, going out (hotels, restaurants, leisure, or culture) seems to be an important activity for seniors since they devote a big part of their budget to it.

Expenditures on “other goods and services” include beauty care, welfare services, insurance and other personal effects. French spend the biggest part of their budget on these items of expenditure. Healthcare expenditures reflect differences regarding healthcare systems established in each country.

Sources:
-Seniosphère Conseils
-Eurostat, tableau hbs_str_t225


Recommended content :

Sources of Income for People 55 and Over

How old are Europeans when they receive their first retirement pension?

Innovations Expected by People Aged 55+