Pensioners easily divided
UK retirees fall into six different categories, according to Newcastle Building Society’s Equity Release Service.
Newcastle’s research showed that the most popular category is the “hoarders’ category, which accounts for 24% of over 60s and is made up of people who don’t change anything about their lifestyle following retirement. The second most representative category is the “nest improvers”, accounting for 19% of the same age group, which represents people who use their new free time to make home improvements.
The third most popular category, accounting for 12% of over 60s, is the “survivors” category – made up of people who use their pensions solely for the bare necessities such as food and heating.
The three remaining categories are “work till you drop”, “live it up and spend it”, and “children supporters”, all of which collectively represent 23% of over 60’s in the UK.
Bob Mottershead, spokesperson for Newcastle Building Society’s Equity Release Service, said: “These findings show that you can’t generalise people as ‘over 60’ when clearly different people adopt very different lifestyles in or approaching retirement.”