While lockdown might have put many people’s lives on hold, for the over 50s, it has been a time for them to look around their house and find things they could improve.
Indeed, according to a recent report from SunLife, those in their twilight years have spent more on DIY and gardening since being forced to stay at home than they had before the pandemic.
While some people have used the time as an opportunity to take up gardening as a hobby and have spent more on equipment and furniture as a result, others have ramped up their home improvement efforts by getting double-glazing in Hampshire or redecorating entire rooms.
Ian Atkinson, marketing director at SunLife, said: “During the lockdown our spending habits have changed and for many people over 50, some usual expenditures will have abruptly ended. They may be spending less on fuel, public transport, meals out and haircuts – and more on gardening, DIY and online food orders.”
In fact, while they have increased their home improvement budget, the report found the over 50s have saved themselves £316 over lockdown by spending less on health and beauty, eating out and day trips.
According to the organisation’s Finances After 50 Report 2019, those over 50 typically spend £1,833 per month on living expenses and have £342 spare cash after their bills have been paid.
They are more likely to spend money on their families and holidays, with the happiest among this age group taking as many as five breaks a year. However, having been unable to go anywhere during lockdown, even for the day, is likely to have been one of the major contributions to the increased spending on their homes.