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Marketing Financial Services to the Over 50s
Datamonitor, Dec 2004, Pages: 184
Introduction
19.8 million people in the UK were aged 50 and over in 2002. By 2031, the over 50s population would have increased by a further 37 per cent, according to the ONS. In vying to attract and secure this significant customer segment, financial services institutions will need to fully understand the financial needs and attitudes of the over 50s.
Scope
The report focuses on the UK financial market and over 50s in the UK
The data provided by Mori FS is analyzed with respect to three age groups - 50 to 64 years; 65 to 74 years; 75 years and over
Data is also analyzed with respect to different household income bands
The report covers financial services within retail banking, general insurance, life and pensions and savings and investment
Highlights
While taking into consideration the various life-changing events contributes enormously in better addressing the needs of senior customers, players must ensure they stay tuned with the undergoing changes among the over 50s. Many marketers tend to ignore the changes happening among senior customers and often take them for granted.
Similar to the population as a whole, the over 50s are shifting towards combined contents and buildings insurance products, rather than contracting standalone household insurance products. Ownership of combined household insurance has increased from 2000 to 2003 from 39 to 49 per cent respectively.
Older consumers aspirations are much more personal than those of younger consumers. For example, a younger consumer may want to look highly fashionable, whereas someone in their 60s is more likely to want to look good for their age. Rather than showing all-too-youthful 60-year olds, marketers should play on the pride of being older.
Reasons to Purchase
In-depth analysis into the financial behavior, needs and preferences of the over 50s allows you to better plan your business strategies
Information on what other players are doing with respect to the over 50s allows you to know your competitors better
Provides recommendations on how to better target this important customer group
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