55 is the new 25

New research reveals 55 year olds are climbing mountains - But are not over the hill

55- 64 year old Australians may be nearing retirement, but they are certainly not tiring. New research released recently by GIO one of Austraias's largest insurance companies, has found 55-64 year old Australians share similar mindsets, lifestyles and dreams of travel as their 20-something counterparts, showing that 55 is the new 25.

GIO's 55 is the new 25 study, conducted by Newspoll in October 2005, demonstrates 55-64 years olds are clearly not slowing down and are not afraid to travel, spend their money or try new things. Over a third of 55-64 year olds believe if they won $100,000 they would travel the world. Nearly half of 55-64 year olds said they would spend their $100,000 doing something they've never done before.

Where would they be in five years time? Over a third of 55-64 year olds said they would be travelling the world and, according to the GIO study, they may be sharing the Contiki bus with the 40% of 20-29 year olds who said they too would be travelling the world in five years. Half of both age groups said in five years time they would be spending their hard earned savings.

Whilst the 55-64 age group are enjoying more independence, energy and a greater sense of living than ever before, the GIO research also found that it is their more considered, financial wisdom that differentiates them from 20-29 year olds.

“55-64 years olds are texting, mountain biking and surfing the internet. The research however shows that, despite their similar lifestyles, 55-64 year olds display a financial savvyness that differentiates them from their somewhat less financially-responsible 20-something counterparts,” she says.

When it comes to attitudes towards their finances, the vast majority of, or eight in 10, 55-64 year olds, believe money is something that they have learned how to manage, whereas less than 70% of 20 - 29 year olds are as confident.

Overview

New research released today by GIO has found that whilst 55-64 year old Australians share similar mindsets, lifestyles and dreams of travel as 25- year olds, 55-64 year olds are more considered when choosing financial products and are more likely to choose an insurance product that is designed with their specific age group's needs in mind.

Key survey findings

What would they do if they won $100,000?

55-64 year olds

• Over a third (35%) of 55-64 year old Australians said they would travel the world
• 43% of 55-64 year olds said they would spend it doing something they'd never done before
• 48% of 55-59 year olds said they would do something they've never done before, compared with 36% of 60-64 year olds

20-29 year olds

• Over a third of 20-29 year olds (39%) would have a big party
• 57% of 20-29 year olds said they would travel the world
• 69% Victorian 20-29 year olds said they would travel the world, compared with 51% of NSW 20-29 year olds

Where would they be in five years time?

55-64 year olds

• Over a third (33%) of 55-64 year olds said they would be travelling the world
• 50% of 55-64 year olds said they would be spending their hard earned savings
• Two thirds (60%) of NSW 55-64 year olds believe they will be spending their hard earned savings, compared with nearly a half (48%) of Victorian 55-64 year old
• Nearly one in five (17%) of 55-64 year olds said they were not thinking that far ahead!

20-29 year olds

• 44% of 20-29 year olds said they would be travelling the world
• 52% of 20-24 year olds said they will be travelling the world, compared with 36% of 25-29 year olds
• 52% of 20-29 year olds said they would be spending their hard earned savings

Attitudes to money:

55 - 64 year olds

• 80% of 55-64 year olds, believe money is something they have learned how to manage
• 78% of 55-64 year olds believe money enables them to protect themselves and their families, now and in the future

20-29 year olds

• Less than seven in 10 (67%) 20 - 29 year olds believe money is something they have learned how to manage
• 69% of 20-29 year olds believe money is something they always need more of

Attitudes to insurance:

55-64 year olds

• 38% of 55-64 year olds believe insurance is something they can't sleep at night without having
• 87% of 55-64 year olds believe insurance is something they get to protect the things they have worked hard for
• 81% of 55-64 year olds believe insurance is something everyone should have

20-29 year olds

• 15% of 20-29 year olds believe insurance is something they don't think they need
• 24% of 20-29 year olds believe insurance is something they can't afford

Choice of insurance product:

55-64 year olds

• Over half (55%) of 55-64 year olds would choose a product designed specifically for their age group
• 84% of 55-64 year olds would choose an insurance product that would offer them peace of mind
• 89% of 55-64 year olds would choose an insurance product that was easy to understand

20-29 year olds

• 49% of 20-29 year olds would go for the insurance product that was the cheapest
• 55% of 20-24 year olds would go for the insurance product that was the cheapest, compared with 43% of 25-29 year olds

The best thing about being their age:

55-64 year olds

• The majority, or 74%, of 55-64 year olds believe the best thing about being over 55 is being able to do what they want, when they want
• 62% of 55-64 year olds believe the best thing about being their age is the fact that they have greater financial independence than ever before
• 54% of 55-64 year olds believe they have the best years of their life ahead of them

20-29 year olds

• 79% of 20-29 year olds believe they have the best years of their lives ahead of them
• 61% of 20-29 year olds say the best thing about being their age is that they can do what they want, when they want
• 49% of 20-24 year olds say the best thing about being their age is having greater financial independence than ever before compared with 70% of 25-29 year olds