Financial services providers are not catering to the growing number of consumers over the age of 50 in the UK, research from Datamonitor reveals.
Marketing Financial Services to the Over-50s finds that while the majority of over 50s are unlikely to be classified as mass affluent, they are typically wealthier than their younger counterparts and as such are an attractive target.
They found that even though the UK population is getting older with fewer births and longer life expectancies few providers actively target the over 50s.
Helen Smith, Datamonitor financial services analyst and author of the report, says: “For many turning 50 represents a new lifestage in itself. It is often a period of prosperity as mortgages are paid off and children leave home. It is also a time of intense planning for retirement. Retirement itself brings more changes, as consumers seek both to maintain and maximize their personal income. These changes in living circumstances mean that the financial needs of the over 50s are very different to those of the rest of the population.”
They also found that people over 50 should not all be put into a cohesive group as the needs of a person in their early 50s are likely to be very different to those of somebody who is over 80.