The nearly 1.8 million Finns aged over 50 prefer to spend on their children and grandchildren. Money is spent on their needs every year.
But senior citizens also find their own wellbeing important. They are often well off and interested in various services and responsible trading.
More than a quarter of the Finns who are aged 50+ and have offspring spend more than €2000 per year on them. The same proportion of them spend €1000–2000, while nearly one third spend €300–1000 per year. This was revealed by the S-50 survey carried out in early 2010.
One fifth of those over 50 spend more than €1800 on themselves after compulsory expenses. Two fifths spend €1200–1800 and over one third spend €1200 at the most.
Financially secure life
Just a few of them wish for more money to spend; four out of five consider their lives financially secure. According to the S-50 survey, for example, the net wealth of those aged 55–64 is €204,000, which is 1.5 times higher than the country average.
One reason is inherited wealth which has come to one quarter of baby-boomers. 57 percent of those of aged 35–44 have a mortgage, compared with only one quarter of those aged 55–64.
Pampering and easier daily lives
Senior consumers are interested in wellness services like massage and spa visits: more than one fifth plan to increase them. They also intend to use more physical exercise services and travel more both in Finland and abroad.
Making everyday life easier is one of the priorities. More than a third of respondents would like to have back service stations that really serve; a quarter are interested in services related to car maintenance and tyre change. About one third of respondents are interested in home delivery of food and purchases, and about one fifth are interested in having some help with housework.
Aware consumers
Besides a general environmentally friendly approach, senior consumers favour organic and Fairtrade products which 42–45 percent of them buy 1–2 times a month. They intend to increase their consumption of local and organic food as well as functional and Fairtrade products.
Nearly two thirds of those over 50 compare products prices and one third of them try new products. 84 percent are making active use of customer loyalty cards and special offers.
The S-50 survey was carried out by Redera Oy, a business management consulting company, in cooperation with Taloustutkimus Oy, a market research house.
Read more:
Attitudes of those over fifty can be divided
New generation - smarter than the old one?
Young consumers appreciate the Pirkka brand