Family

It’s no secret that Brits love having animals around the house. Almost 60% of UK households have one (according to data from 2023) and many owners will actively try to spoil them where possible.

Research by Nationwide in 2024 revealed we spend over £125 a month on our furry friends on average, which they highlight is often more than childcare! With huge catalogues of commodities available, however, this higher rate of payments is only natural.

Whether you’re curious about how pet ownership has evolved over the years or you’re looking for ways to treat them, you’re in the right place.

The history

The practice of keeping domestic animals stretches back thousands of years. Cats were revered as divine beings in ancient Egypt, while dogs have served as loyal companions and protectors for millennia.

Over time, their role has developed from a working relationship to an emotional bond, and they’re now often regarded as family members.

In the modern era, we pamper them more than ever, with a constant goal of improving their happiness and well-being.

What do we get from them?

There’s no denying the immense emotional benefits they can provide. Mental Health Foundation claims that pets can reduce stress and boost self-confidence while also providing unconditional love and companionship.

They also encourage positive habits like exercise, helping you progress your physical fitness too. This is particularly true in the case of pooches, who need regular walks.

How can you treat them?

• Luxury food

Lots of people are willing to spend extra on premium, organic, and hypoallergenic food to keep their furry friends strong. From raw meat diets to grain-free options, the choices are endless, and many believe investing in quality meals will pay off in their long-term health.

• Take them on holiday.

More often than not, our animals are left in a kennel, cattery, or with a friend when we go on a getaway, which may heighten their stress levels. To prevent this from affecting yours, why not take them with you?

These can range from staycations at pet-friendly resorts to taking them on a private jet for dogs to another country. Such experiences ensure they can travel in style, with premium accommodations and gourmet snacks awaiting them at top destinations.

• Spas and grooming

Gone are the days when a simple brush and bath would suffice. Today, they can enjoy various grooming techniques, from blow-dries to massages and even reiki therapy.

Many high-end salons offer pick-up services and luxury packages to add convenience and ensure your pooch or kitten gets a comprehensive treatment plan.

• Designer Clothing

As fashion for pets becomes more mainstream, additional designer items are becoming available. From raincoats to festive jumpers, dressing them is now a way for owners to express their style while keeping them comfortable. Brands like Gucci have even launched specific collections, offering everything from collars to cotton T-shirts.

Given the joy and comfort they bring into our lives, it’s no wonder we’re happy to spoil them – they’re worth every penny! Take inspiration from our guide and buy them what they deserve.

As you approach your 50s, your financial priorities are likely to change. Retirement is on the horizon and you may have children or parents to support, so now is the time to provide yourself with an adequate financial cushion.

Investing your hard-earned cash can be a powerful tool to help you achieve your financial goals. However, with so many options available, it can be difficult to know exactly where to start. Here are four tips to help you invest wisely in your 50s.

Concentrate on your pension

As a rule of thumb, you should aim for a pension that is 10 times your average salary, but this will vary depending on individual circumstances. For example, if you’re earning £30,000 a year, your pension pot should be upwards of £300,000.

It’s also suggested that you aim for an annual income of between 50% and 70% of your working income, so if you currently earn £50,000, you should look to achieve somewhere between £25,000 and £35,000. However, to calculate a more accurate figure, you must look at your monthly expenditure at the moment and what it will look like once you retire.

If you’re worried that you may not have enough financial freedom, you should prioritise paying into your pension. While riskier, investing in the stock market can lead to greater returns. Alternatively, you may wish to set up a self-invested personal pension (SIPP), that allows you to have more control as you approach retirement.

Diversify your portfolio

When in your 50s, it’s vital that your investment portfolio has a good balance between risk and reward. Maintaining a diverse investment portfolio is key when approaching retirement in order to limit your risk exposure. By spreading your investments across different asset classes, you can ultimately reduce your risk.

Your portfolio might include a mix of lower-risk asset classes such as cash and bonds, as well as alternative investments like commodities or real estate. Once you get closer to the age of retirement, look to move to lower-risk investments to protect your capital and receive some income.

Consider life insurance

Life insurance can provide your loved ones with a financial safety net in the event of your death. While you may have had a life insurance policy at some point in the past, it might be time to review your coverage needs now that you are in your 50s.

Over 50 life insurance policies are specifically designed for older individuals and can be more affordable than traditional policies. Generally, there’s no medical and you can opt for a monthly payment and payout that works for you.

Seek Professional Advice

Investing isn’t easy, especially for those with no previous experience, meaning it is often useful to seek professional advice. A financial advisor can help you set realistic financial goals and recommend the right mix of assets, accounting for your investment timeline and outlook on investment risk.

Before choosing a financial advisor, always do your due diligence and select someone qualified and reputable. The key to finding the right adviser is knowing exactly what advice you need. There are various services you can utilise too based on your current situation.