Over 50s spending their wealth away from home
24th May 2007
Recent news that the over 50s - or the 'baby boomer' generation as they are now referred to as - control 80% of the nation's wealth means that more and more are choosing to use this wealth by spending time away from the UK, according to research carried out by fifty plus insurance specialists Castle Cover.
The survey, commissioned by the newly launched home and motor insurance specialists, showed that nearly a third of over-fifties are choosing to spend longer periods away from their main residence on any one trip, and they're venturing further afield, with long haul destinations such as America, Australasia and other more exotic and unusual hotspots being the choice for 36%. Spain, however, remains the single most popular destination for those fifty plus in the UK, with over a quarter visiting at least once a year.
Traditional UK summer months are still proving the most popular, with 52% opting to spend their vacation time between June and August. However, well over a third of consumers questioned enjoy a late summer break away from home in September and October.
The amount that the over 50s are typically spending per year on their holidays is also on the increase - nearly a quarter think nothing of splashing out more than 2000 on their breaks, while 3% spend 5000 or more.
Even though the over-50s seem to be spending more and more time on trips abroad, surprisingly nearly two thirds of people still purchase single trip travel insurance policies, rather than opt for an annual policy which can, in some cases, work out only relatively more expensive.
Castle Cover also unearthed another startling revelation that nearly half of people surveyed did not know if their home insurance policy covered them whilst they're away from home.
"Most people tend to take out travel insurance to cover them whilst they're on their trips abroad but what they fail to do is ensure their home insurance policy covers their home when they're not in residence," explains Castle Cover Managing Director Andrew Marchington. "Before departing overseas, we would urge homeowners to check their policies, as it is essential to fully understand what is covered in any absence."
"It's advisable to check whether, and for how long, their insurer covers them for damage when the property is empty. Some policies do give up to 60 days coverage but this is often an optional extra so it pays to check this out first".
"For those staying for longer periods or enjoying more frequent trips abroad it may be wise to take out emergency cover with their home insurance as well to protect against any unforeseen emergencies such as a burst pipes".
Consumers should also consider companies that specialise in 50-plus products as they will often be able to secure a better deal. Specialist insurance companies will also extend their cover to include older consumers. The Association of British Insurers [ABI] has recently recognised the fact that older consumers sometimes need more help in finding insurance products that are right for them and so have set up a taskforce to address this issue.
