Middle Aged Spread: Average Cost Of A Mid-life Crisis Revealed To Be £17,000

As the mid-life crisis itself turns 50, new research shows the real cost of hitting middle age - and it's not all cliches and regrets.

Almost a third (30%) of Britons have experienced a mid-life crisis and it’s costing us on average £17,420 each, according to new research out today. And while perhaps previously it was seen as a predominantly male problem, almost as many women as men (29% vs 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 that of their female counterparts (£8,497), according to specialist broker, Towergate who looked at who is spending and how.

Perhaps most surprisingly, the mid-life crisis is no longer a taboo – in fact it is a booming industry. With an average midlife crisis age at 42, 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 (a boat or a yacht, a flash car, a holiday home, an expensive watch, fancy jewellery, a motorbike) half (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 (10%) and personal gyms (6%) now as popular as the more stereotypical motorbikes (5%) and boats (5%).

Old Dog, New Tricks

But it’s not just about creature comforts: mid-lifers are now looking for ways to better themselves and are looking at self-improvement through learning a musical instrument (7%) or honing a skill such as photography (7%).

Perhaps unsurprisingly, recent high profile sporting events such as Tour de France and the Olympics seem to have made their mark with just over one in ten respondents (11%) taking up cycling and boxing training becoming almost as popular as dance lessons (both 4%).

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“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.”

Emma Watson, Towergate

For your chance to win one year's free insurance to cover your hobby, tell us how you'd relabel the mid-life crisis.

* Competition Terms and conditions

*No purchase necessary, one entry per person. There is one prize available of twelve months free personal insurance. 'cover subject to underwriter acceptance’

The free prize draw is open to UK residents aged 18 and over excluding employees (and/or their families) of Towergate Underwriting Group Ltd and any other parties administratively involved in this promotion. Prize draw closes at on 30th September 2015 with the draw to be held at the offices of Towergate.

The winner will be the first name randomly drawn. The winner will be notified by telephone within 28 days of the close of the prize draw. The name of the winner can be obtained by writing to Towergate, Ellenborough House, Wellington Street, Cheltenham, GL50 1XZ.

No cash or other alternative will be offered. The judge’s decision is final, no correspondence will be entered into. The winner must agree to his/her name and photograph being used by Towergate for promotional purposes

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