What you need to know

The over-55s continue to represent a growing proportion of the total UK population, with this cohort growing by 10% in the five years to 2019 to an estimated 20.5 million people. And yet, despite the significant size of this group, in so many instances businesses continue to overlook the over-55s, chasing instead younger consumers, who are often seen as being more easily enthused, and less set in their ways.

This is a real missed opportunity. Not only are today’s over-55s very different to their equivalents from even just a decade or so ago, but they also have considerably more money to spend. Mintel’s consumer confidence data consistently shows that they are more financially comfortable than any other age group.

For marketers there are now particular opportunities to engage the over-55s regarding their health, with educational campaigns helping to encourage this mature generation to rethink some aspects of their lifestyle, and gradually nudge them into better habits for a healthier later life.

In contrast to their physical wellbeing, the over-55s’ fiscal health is generally much stronger. But that is not to say that this group is free from financial challenges, particularly when it comes to how they will manage their retirement needs and potentially the cost of later life care.

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