Families whose main earners are in their 50s or 60s were found to have slashed their spending most among age groups last year as they are planning to or have already retired, according to a government report.

The average consumption propensity of households with heads in their 50s and 60s stood at 69.7 percent and 69.6 percent, respectively, the lowest among demographic groups, Statistics Korea said. The propensity average is the ratio of total consumption to disposable income.

The drop is noteworthy because the two groups’ average had stood at 75.4 percent and 81.1 percent in 2003, respectively.

“The drop can be seen as a sign that people in their 50s are taking into account their retirement and the need to save up, which is causing them to regulate their spending,” the agency was quoted as saying.