45-75 Age group most likely to acquire Investment products.
(PRWEB) December 7, 2003
Research and Markets announces the addition of this new report on Financial Services Marketing to the Retired and Elderly to its offerings.
Pensioner households are more likely to have some savings, and less likely to have no savings at all than any other type of household. Households headed by a person aged between 45 and 75 are more likely than any others to own investment products of all kinds — for example, only 25% of households headed by a person aged between 35 and 44 owned stocks and shares in 2001, compared with 34% for the 55 to 59 age bracket. Pensioners also have high house owner-occupancy levels, at a time when houses have grown in value as assets — by more than 40% since the first quarter of 2000.
Between 1961 and 2001, the number of people in the UK aged over 65 increased by 51%. By 2011, the number is projected to be 10.3 million, which will represent 17.1% of the total population. The working-age population will grow very slowly in comparison, so the proportion of the population that is over 65 and/or retired will increase steadily into the 21st century. Expectation of life at all ages is rising, such that the demand for guaranteed long-term income products is likely to increase, as is demand for financial management services to ensure efficient use of capital and sensible saving.
Recent years have seen a rapid concentration of financial services companies, such that the market is likely to be dominated by a handful of large organisations. This has given rise to an increase in 'bancassurance' and the possibility of a 'one-stop shop' for financial services. Smaller, specialist providers that do not enter into such arrangements could be forced out of the market, so that healthy competition might be a casualty of consolidation. Niche markets should remain untouched by this phenomenon. Saga continues to grow as a supplier of products to the over-50s, and is unlikely to become part of a general insurance provider. At the same time, interest in insurance products tailored to the over-50s market from the providers is not increasing.
This report reviews key trends and developments in the market for Financial Services for the Retired and Elderly. A Strategic Overview of this market is provided and analysis is carried out under the following market segments Life Insurance, General Insurance, Equity Release Plans, Annuities, Long-Term Care Insurance, Funeral Plans, Wealth Management and Inheritance Tax Planning. A PEST Analysis is provided, which outline the Political, Economic, Social and Technological factors that impact this market. Company Profiles are also provided for some of the main players in this industry.
For a complete index of this report click on http://www. researchandmarkets. com/reports/41591 (http://www. researchandmarkets. com/reports/41591)
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