The 55th birthday might not traditionally be considered a milestone of great importance, but new research suggests that it could have a significant impact on individual lives.

According to data accrued in Birmingham Midshires' Life 2 campaign, 55 is the age at which people in the UK generally achieve financial freedom and are able to begin a "second life".

The firm states that, with children having flown the nest and many mortgages paid off, the older British population has more money available to pursue interests and enjoy life.

Jason Robinson, director of savings operations at Birmingham Midshires, comments: "The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise.

"This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which take their toll on the age of financial independence."

The Life 2 campaign explores factors affecting the lives of people aged over 50 and recently stated that, contrary to popular belief, older people are more likely than their younger counterparts to be able to enjoy the social life they desire.