The ‘Missing Billions’ report by the International Longevity Centre UK, found that while six in ten consumers aged 50 and over go out to eat at least once a month, roughly four in ten would like to eat out more often, and 1.8 million over 75s would like to.
The report aims to highlight how people aged over 75 are missing out on leisure and social activities they want to do, resulting in a big economic hit to local economies.
Cesira Urzi Brancati, research fellow at ILC-UK, said ‘Older people who suffer from arthritis or have walking difficulties are at risk of being more isolated, because they can’t go out as much as they would like to.
“We must ensure that leisure activities are as accessible as possible; also, improving internet access may help some of us spend more money as we age”
The research reveals that while only a tiny proportion (between 4.7% and 7.1%) of consumers aged over 50 engage in cultural activities, such as going to the cinema, theatre, and museums, at least once a month, between a third and a quarter of the 50+ would like to do more.
Yet the barriers to spending aren’t just about money. As we get older, we are less likely to report that we don’t have enough money to meet our needs. When asked how often they have too little money to spend on their needs, almost six in ten (58.3%) people aged over 80 reply ‘Never’, as opposed to one in four 50-54 (25.2% of 50-54 year olds).
The research is supported by Anchor, England’s largest not-for-profit provider of housing and care for older people, which is ‘Standing Up 4 Sitting Down’ as it calls on shops and retailers to do their bit to reduce older people’s loneliness and subsequent health issues by providing adequate seating in store and on the high street.