SunLife’s fourth Life Well Spent report launches today

8^th October 2025

3 min read

To better understand the relationship between happiness and major spending, each year SunLife asks more than 2,000 people over 50 to share:

• Attitudes to money and spending
• What big purchases they’ve made in later life
• The big purchases they’d like to make if money was no object
• How their spending has affected their happiness

The research was undertaken between May and June 2025, and covers happiness, daily spending and financial concerns, retirement, holidays, our homes, cash gifts, debt, and equity release. The findings are a window into the lives, concerns and dreams of people over 50.

Report background

The Life Well Spent research was undertaken between May and June 2025.

2,040 online interviews were completed with people over 50. 40% of respondents are retired, and 30% are in full time employment. 70% own their own home.

Key findings from Life Well Spent 2025

The happiest people…

• Are aged over 70
• Are retired
• Are grandparents
• Own their own home
• Go on holiday more often
• Have a household income above £40,000
• Live in their homes longer and have undertaken renovations
• Are more likely to give a cash gift to loved ones
• Have smaller outstanding mortgages

Family and friends matter most

Half of all respondents say family and friends are the biggest contributor to happiness – rising to 58% for the happiest people.

Overall, happiness across the UK varies from region to region. North East England comes in top, while the West Midlands is at the bottom of the list.

“It’s great to see that, overall, the number of people who rate their happiness as really high is going up, albeit slowly,” says Victoria Heath, SunLife CMO. “It’s risen from 38% in 2022, to 41% in 2025.”

The number of us worried about the rising cost of living has dropped

The rising cost of living is worrying far fewer of us in 2025, with 55% saying it’s our biggest money worry, compared to 75% in 2022.

“This is great news, of course,” says Mark Screeton, SunLife CEO. “But, while the number of people reporting each individual financial concern has gone down, the number of people who have at least one financial concern has gone up. So, overall, more of us are worrying about money.”

Giving early inheritance makes us happier

Over 3 in 4 people said gifting their family money made them happier – rising to 9 in 10 for those who gifted money to help out following the birth of a baby.

This explains why almost half of us would like to leave an inheritance behind, while only a fifth of us would prefer to spend our money enjoying retirement.

Our health is impacting our travel plans

Despite 1 in 10 saying travel is what makes them happiest, 1 in 5 people have decided not to travel because of a health condition.

“Health concerns or uncertainty about insurance can turn a dream trip into a missed opportunity,” says Screeton. “But with the right support, people can turn their dream holidays into reality and enjoy more of the experiences that contribute to a life well spent.”

People would like to access over £80,000 of cash

On average, people who’d consider equity release would choose to release £81,091. They’d like to spend at least some of the money on holidays and travel, home renovations, supplementing their income, and an early retirement.

When people actually release equity, they release an average of £69,982.

“Many of us might not realise that we’re property rich and cash poor,” says Screeton. “Releasing equity isn’t for everyone, but for some it can be a way to make things happen – whether that’s a new car, the trip of a lifetime, or helping your kids get onto the property ladder.”

Find out more

You can read the full 2025 Life Well Spent report here.

The Life Well Spent report is now in its fourth year. For information on any of SunLife’s current reports or past editions, email pressoffice@sunlife.co.uk.