A report produced by Datamonitor has found financial services providers are failing to cater for con...
A report produced by Datamonitor has found financial services providers are failing to cater for consumers aged over 50 in the UK.
Marketing Financial Services to the Over 50s stresses the need for providers to develop products that meet the needs of people aged over 50.
The paper states that while the majority of people over 50 are unlikely to be classified as mass affluent, they are often wealthier than their younger counterparts.
In addition, greater spending and saving power makes them an attractive market to target. It says consumers within this bracket shift away from lending products such as mortgages and move towards life assurance and savings and investment products instead.
The report revealed the over 50s prefer to have face-to-face contact to discuss their financial affairs. They also like to obtain advice when considering complex financial products such as savings schemes and life assurance policies.
They are also more likely to choose providers on the basis of recommendations from acquaintances, the friendliness and helpfulness of the staff or on the reputation of the company. Product performances such as interest rates and loyalty schemes also prove popular.
Helen Smith, Datamonitor financial services analyst and author of the report, said: 'For many, turning 50 represents a new lifestage in itself. The financial needs of the over 50s account for a growing proportion of the population, yet few financial services companies actively target this segment.'
