How the elderly spend it
We all have different ideas on how to spend hard-earned cash during retirement years. And these can vary dramatically between nations, Eurostat figures reveal
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Be prepared to abandon any national stereotypes right now. Figures from Eurostat, the European Commission’s statistics office, reveal that national spending patterns among Europe’s elderly are not what you might at first expect.
Who do you think drinks the most once they reach 60+? Hands up, who said the Irish? Wrong. The Irish have relinquished their long-held drinking crown to the Danes, recently published figures show. In Turkey, where 99.8% of the population is Muslim, the elderly embrace sobriety, spending the least on alcohol.
According to the data, French retirees spent the least on health, namely a mere 1.8% of their consumption. This is in contrast with Latvians, who at 9.7% were the biggest health spenders in Europe, though much has to do with the individual health systems in each country.
And the Germans are also on a health kick. They seem to have abandoned their beloved cigarettes: only 0.4% of their consumption was spent on tobacco – together with Luxembourg the lowest in Europe. Turks, meanwhile, are the biggest spenders, outlaying 3.4% on tobacco.
GREEK SPENDING GOES AWRY
The figures suggest that Greece’s debt crisis is worryingly pushing those over 60 to splurge on nights away, ordering food and becoming the smartest dressers around. Rather than tightening their belts, elderly Greeks are the leading European spenders on hotels, catering services and clothing. But they spend the least on non-alcoholic drinks in Europe.
In Macedonia, where there is a poverty headcount ratio of 27.1% of the population, according to the World Bank, the elderly have different priorities and spend the largest percentage on food, at 42.9%. In Montenegro, which is included in the statistics for the first time, the elderly spend 41.8% on food. The elderly in Luxembourg, the richest country in Europe, according to gross domestic product per capita expressed in purchasing power parity, spend the lowest proportion on food.
Footwear-crazed Montenegrins, meanwhile, spend the most among Europe’s elderly on shoes. And the Finns spend the least. Their money goes instead to reading material: they are the region’s biggest spenders on newspapers, books and stationery.
And are the Norwegians the undisputed petrol-heads in Europe? They spend 14.9% of consumption on transport, of which 8% is on buying vehicles, according to the figures, although this might reflect the country’s high taxes on new cars.
Regardless of where you are in Europe, retirees appear to be a well-behaved bunch: all retirees steer away from narcotics and prostitutes, or at least, none admitted to using them.
CONFIRMING BRITISH STEREOTYPES
Some national stereotypes seem to hold true, at least when it comes to the British: they remain a nation of pet-lovers and avidly pursue their love affair with their homes and gardens. British retirees are the top spenders for pets, gardens and recreational items and equipment.
It also appears an Englishman’s home is indeed his castle. The British are DIY-fanatics and home renovation leaders, spending 8.3% of their consumption on furnishings, household equipment and routine household maintenance. Of this figure, 3.6% is spent on furniture and furnishings, carpets and other floor coverings, the highest among European retirees.
