Time spent shopping, socialising and playing sport have replaced that spent on domestic duties 50 years ago, with the over 50s today splashing-out the equivalent of six-times more on holidays and travel than those of the same age in the 1950s.

Although much has changed in the past 50 years across all age groups, the research has revealed that it is life after 50 that has experienced the greatest demographic and social shifts. The report, complied on behalf of intune - a new financial services company created to help people make the most of their finances in later life - challenges the stereotypical image often associated with those over 50.