Research from Benenden Healthcare shows that turning 50 marks the most expensive period in our lives.
People in their 50s can still expect to be lumbered with hefty mortgage payments while also trying to support teenage children.
Marc Bell of Benenden Healthcare says, “Reaching 50 is traditionally supposed to be the start of a new lease on life as kids grow older and couples find more time to themselves. The stark reality will prove an eye-opener as 50-somethings realise the truth is not so rose-tinted. Debt rarely goes away as we get older and the rising costs of mortgages, motoring and raising children will paint a pessimistic outlook on life.”
While being in your 50s can be the most expensive time of life, not having safeguards such as life cover could end up leaving loved ones to pick up the pieces and to try and deal with huge financial burdens.