Over 50s providing festive cheer for families
Older people will be funding the Christmas festivities this year, as research reveals that many of the over 50s pay for the majority of festive essentials.
Research carried out by financial company Saga has revealed that more than half of people aged over 50 will be paying for their family’s entire food and drink bill this Christmas.
This rises to even more for the over 60s, as the older generation take it upon themselves to provide the much-needed food and drink.
It was found that 56% of over 50s intend to foot the Christmas food and drink menu, with this figure rising to 65% for those ages between 60 and 70.
It is estimated that the over 50s will see a collective £896 million hit to their bank accounts, as they provide festive food for their families, as well as on other people in the community.
“Despite the current alarming living costs faced by older people in the UK, these generations by and large don't stop giving,” said Dr. Ros Altmann, Director-General of Saga.
“Not only are older people supporting their children and grandchildren with general living costs, they are also continuing to foot the bills through one of the most expensive times of the year for many people.”
The research also found that 9.2 million of the over 50s will hosting Christmas in their own home, inviting family to share Christmas day together.
Of the 9.2 million hosting Christmas this year, two fifths of over 50s said they are following a family tradition of providing a Christmas dinner, while one fifth said they rotate the host each year.
It was found that older people are not just extending Christmas cheer to their families, but are spreading the cheer into the wider community.
One in ten said they would be volunteering in their local communities, and one in seven said they would be inviting neighbours in for a drink.