Cost of hobbies set to soar for future retirees
According to Friends Life, the cost of golf is set to more than double by 2042, when today’s workers will be approaching retirement. While today the average year of golf costs is £918, in 28 years it will be £1,834 – an increase of 67 per cent.
The cost of cooking, meanwhile, will increase by 49 per cent and hiking by 61 per cent, while the cost of a round-the-world ticket will increase 126 per cent from £1,748 to £7,778.
This assumes an annual inflation rate of 2 per cent.
The insurer said this is bad news for current workers, two in five of whom expect to spend 24 hours per week pursuing their hobbies.
The average working Briton spends six hours a week pursuing their hobbies.
Colin Williams, managing director of corporate benefits at Friends Life, said: “As a nation we expect to spend far more time on our hobbies in retirement, yet research shows this may not be affordable by the time we get there due to costs soaring far above inflation.
“Of course, not all of us expect round-the-world trips in our retirement but we do all hope to be able to afford our favourite pastimes. This is why it is essential to act today and review your finances, putting plans in place to afford the future you hope for.”