The ‘grey pound’ packs some serious clout, but do those in their 50s or even 60s really appreciate being lumped in with their parents?

Most people who have just turned 50 probably don’t want to be reminded about it. They are probably still in work, and a large number are still supporting their children through university. A large number are struggling with debt. In fact, those who are indebted have average unsecured debts of £41,400 - 25 per cent higher than the average for other age groups.

Indeed there seems to be something of a stigma attached to passing the half century threshold. It definitely isn’t fun it seems. I remember when my Uncle turned 60, the rest of the family bought him a Zimmer frame as a joke, the joke being that he was a very active man, in full time work, and was probably the person least likely to need a Zimmer frame out of all the family. I think in a way it sums up how modern 50-60 year olds feel- they don’t have time to feel old as they are too busy.

I can’t help but feel that some people in their fifties and sixties go out of their way to avoid ‘old people’ things, however. A classic example being over 50s discounts. When I suggested to my parents they should consider getting a home insurance quote from a company like RIAS, which specialises in insurance for the over 50s, they swiftly turned their nose up at it, despite it making good financial sense.

I think there is a sense of hard-earned pride in their generation that makes them dislike the stereotypical associations many people have about the weakness of their age group, sometimes to the extent where they shun things that could help them out. But then again, it could just be my stubborn family...

For competitive, ethical home insurance policies, try the Co-Op.