Financial products and services for the over 50s

The over 50s constitute the most affluent consumer group in the UK, in terms of income and wealth, and represent over a third of the population. Even though this is the case, financial products and services for the over 50s seem to be lacking. This is sad because this is the very group that values a strong customer relationship with financial services providers.

Even though the over 50s consumer group is growing, financial services seem to be slow in trying to provide them with products and services which are suited to their specific needs. These companies are effectively shooting themselves in the foot because those over 65 have been shown to choose financial services providers based on trust and not on the basis of product performance. Interestingly enough, those aged between 50 and 64 seem to choose their financial services provider based products on performance and sophistication.

It is clear that the over 50s market is separated into two distinct groups. In light of this, financial services providers should aim to offer individuals financial products and services, based on their specific needs. In viewing the various types of products on the market, it seems as though lending products do not do well with over 50s, considering the wealth of this group. Over 50s are more likely to hold savings and investment products. This trend is due to the fact that this age group is o lot wealthier than the average population.

In terms of financial products and services for the over 50s, savings and investments are where the main opportunities lie. This is as a result of the fact that over 50s hold a significant amount of wealth. The key to acquiring and retaining customers in this sector of the market is to develop an approach that is client-centred. With many more over 50s owning a property overseas as a result of their love of holidays abroad and financial affordability, they represent a good opportunity in terms of household insurance products. Household insurance is therefore also one of the most popular products for the over 50s.

Aside from financial services providers being slow to provide products and services for over 50s, those that are making an attempt are failing dismally because they are not in touch with their target market. One of the biggest challenges that marketers have to overcome is communication. The needs of over 50s are constantly changing, so they must keep up to date with latest developments and changes in that consumer group.

With a rise in wealth in this consumer group, it is sincerely hoped that financial products and services for the over 50s will be stepped up a notch.

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