UK consumers in their 50s are generally facing the most expensive period of their lifetimes, according to a new report.

Health and wellbeing mutual Benenden Healthcare conducted a survey of 2,000 homeowners and found that those in their 50s are lumbered with a number of drains on their finances each month.

The largest of these is mortgage repayments, with the average 50-something forking out £354 to cover the cost of their mortgage, while groceries account for £292 of monthly spending.

Supporting family members is a common trait among British homeowners in their 50s as a quarter contribute towards their child's motoring costs and one in six have purchased their offspring a car.

Furthermore, three in ten are currently helping to pay for their child's education and just under half pay for their child's mobile phone contract.

Overall, the average 50-something will need a minimum income of £1,560 a month in order to cover all these costs.

Marc Bell, marketing and business strategy director at Benenden Healthcare, claimed that the findings will prove to be an eye-opener for those who predicted their 50s would mark a prosperous time in their lives.

He said: "Debt rarely goes away as we get older and the rising costs of mortgages, motoring and raising children will paint a pessimistic outlook on life.

"On entering our 50s, more of us are paying for our children's education and taking on more of their day-to-day costs such as mobile phone bills and going out - indicating that we're letting our children become more financially dependent on us."