Holiday spending: Over-50s ‘go cruising, while young tighten belts’ – BBC News

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People over the age of 50 are spending more and more on holidays – including cruises – while younger people are travelling less, according to research.

Over the past five years, the older age group has increased spending on travel by 23%, says a study by the CEBR consultancy for Saga.

Those under 50 have cut spending on tourism by 5% during the same period.

As a result, the older generation is now responsible for well over half the UK’s total spending on holidays.

Last year, the over-50s spent 39bn on travel, including 2.8bn on cruises.

Other exotic destinations included exploring the silk road in Uzbekistan, the report says.

Saga specialises in selling insurance and holidays to the over-50s.

Generational fairness

Earlier this year, the Institute for Fiscal Studies (IFS) said that younger people had suffered a fall in income since the financial crisis, while those over 60 had enjoyed a higher standard of living.

In the seven years up to 2015, that age group saw an 11% rise in incomes, it said.

However, those under 30 saw a 7% drop in income over the same period, with those in the middle seeing little change.

The divergence in financial fortunes has been guaranteed by the “triple-lock” on pensions.

Since April 2011, the basic state pension has risen in line with average earnings, consumer price inflation or 2.5% – whichever of the three is highest.

Earlier this year, a committee of MPs launched an inquiry into generational fairness. It is expected to publish its report next month.

Originally found athttp://www.bbc.com/news/uk

The post Holiday spending: Over-50s ‘go cruising, while young tighten belts’ – BBC News appeared first on Holiday Guide To Everything.

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Holiday spending: Over-50s ‘go cruising, while young tighten belts’ – BBC News

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