While some Baby Boomers may feel they have a monopoly on hippie culture and The Beatles, their retirement plans are far from stuck in the past. You won’t find this demographic pulling out old board games as they come to the end of their working lives. Instead, most are planning to expand their horizons and use retirement to keep learning.
We recently worked with Retirement Advantage to explore the hopes and fears of those approaching retirement. The resulting research, Expanding Horizons, reveals that 65% of over 50s consider improving their interests to be important, while 57% see learning a new hobby to be just as crucial. Turning these hobbies and interests into businesses was also important to 27% of over 50s. They see this as a way to keep mentally healthy (72%), stay physically active (58%) and make new friends (33%).
Figures from Dementia UK show that 850,000 people in the UK have dementia – a number that is set to escalate to 1 million by 2025. This drive towards continued learning could play an important role in combatting these illnesses; increasing social and cognitive activity exercises the brain and can help stave off disease.
The report also reveals that, contrary to popular belief, the over 50s are not clueless about technology. Almost a quarter (22%) of those aiming to learn a new skill would do so via an online course, while only 17% would choose to go back to college or university.
The report highlights the changing sentiment of over 50s when it comes to retirement. When asked what was most important to them when thinking about their retirement finances, two thirds (63%) said their ability to go on holiday, up from 53% in 2016. In the midst of an uncertain economic and political climate, far from planning to keep calm and carry on, over 50s are planning a holiday or two.
To read more download the full report here.