What you need to know
The number of over-65s in the UK has risen significantly over the past few decades, representing a growing proportion of the total population. In 1975, there were 7.9 million over-65s, with this having grown to 11.6 million by 2015. People are living longer and are healthier than they have ever been before, meaning their needs and desires for certain financial products and services have changed.
Over-65s are also financially much better off than the rest of the population, having seen their household income rise at a faster rate over the last few years. As such, financial services providers are increasingly recognising the importance and value of catering to this demographic. Regulation is also driving a more consumer-focused approach, with providers being encouraged to do more to identify the needs of individuals, and come up with innovative solutions to meet them.
Report definition
This Report gives an overview of the socio-economic profile of the over-65s. It looks at how this demographic has grown over time, and the factors shaping their financial needs.
It gives an overview of the regulation driving change for this age group, and looks at how providers are doing more to recognise and meet the needs of this diverse group.
Mintel’s exclusive consumer research for this Report surveyed 1,437 face-to-face respondents aged 55+. The research explores their financial priorities and how these change over time. It also looks at how older consumers feel about financial services moving online, particularly the move towards paperless statements, and what measures would make them feel more comfortable using online services. Finally, it looks at the role of older consumers in providing advice and financial support to younger family members.
For more information on the products and issues touched on in this Report, please see the following Mintel Reports:
