17th September 2015
Nearly a third, at 30%, of Britons have experienced a so-called ‘mid-life crisis’ costing them on average £17,420 each according to new research.
The phrase, originally coined by Elliott Jaques in 1965, turns 50 this year and while it traditionally a label put on men, the new study from broker, Towergate Insurance shows that almost as many women as men at 29% versus 31%, claim to have experienced a hump in middle age.
When it comes to money however, men are the big spenders splashing an average £26,141, three times the £8,497 shelled out by their female counterparts.
Perhaps most surprisingly, the mid-life crisis is no longer a taboo – in fact it is a booming industry. Towergate’s survey found that the average midlife crisis age is 42, and this younger generation of ‘Mid-lifers’ is far from ashamed of their years with a significant 81% seemingly happy to admit how old they are.
And while traditional tell-tale signs of a mid-life crisis still feature on the UK’s shopping list, such a flash car, a holiday home, an expensive watch and a motorbike, some 50% are pursuing less stereotypical methods to get them over their hump.
Nowadays Britons are just as likely to have botox as start sailing and more would consider buying a beach hut by the sea than indulge in state of the art golf clubs.
Homes too are benefiting from a facelift with state of the art cinema installations and personal gyms now as popular as the more stereotypical motorbikes and boats.
The demographic is also looking at self-improvement through learning a musical instrument or honing a skill such as photography.
Emma Watson, from Towergate said: “Admitting to a mid-life crisis used to be something that people were embarrassed to do. It was often perceived as donning a leather jacket and having a fling. But times have moved on significantly since physiologist Elliot Jaques first coined the phrase 50 years ago. Our research evidences that: It’s as likely for someone to get a tattoo as it is for them to have an affair these days.
“We are seeing more and more people embracing this time as an opportunity to grab life by both hands and do the things they may have been putting off for a long time. As a business which protects people’s passions we provide the cover needed to allow people to pursue their dreams, from alligator wrestling to buying a beach hut.”
Towergate is calling on the public to suggest a new name for a ‘midlife crisis’ as the results clearly show people are grabbing life by both hands and it is far from a crisis. To be in with the chance of winning a year’s free insurance to protect your new midlife purchase, all you need to do is suggest a new name and post it on Twitter using the hashtag #whatmidlifecrisis?