Published on : Sep 07, 2017
Albany, New York, September 7, 2017: A large percentage of U.K.’s over-65 population possess considerable spending power as well as financial knowledge. Surprisingly, they are often overlooked by providers of financial services partly owing to the stereotypical portrayal of life at the age of 65 and beyond. It is important for providers to essentially recognize the diversity of financial requirements among this age group in order to scale higher. Market Research Hub (MRH) has included a new report to its vast online database, which is titled “U.K. - The Over-65s and Financial Services - August 2017”. In the report, a comprehensive analysis on the current scenario of financial service engagement among people aged over 65 in U.K. is presented.
The report analyzes U.K.’s current demography with regards to the population of over-65s and the proportion of over-65s in the overall population count. Along with the average life expectancy, the population count in U.K. has been rising steadily with over-65s representing a significant percentage of it. This changing demographic is expected to drive the need for new and improved financial services to meet the requirements of an expanding pool of aging consumers. This is also expected to create new opportunities as well as challenges for financial service providers in the forthcoming years. Therefore, it becomes more crucial for the financial services industry to able to adapt to meet these needs.
The availability of advanced healthcare is enabling humans to live longer lives. Over the next couple of years, the consumers aged over 65 is likely to increase substantially not only in U.K. but across the globe. Moreover, people who are aged 65 and beyond represent one fastest growing section of the UK population. For financial services providers, demographic change is likely to be one of the core challenges posed by the geriatric population. Financial firms and regulators will need to develop new strategies to ensure the efficiency of financial services and their relevance to the current requirements. Also, it will also be interestingly to see how companies will cope with the wide range of requirements of today’s older consumers.
The report also finds that Over-65s are the more confident about the finances condition. Companies are encouraging the use of internet for financial services among the aging customers but a majority of over-65s are still critical of online transactions. Virtual portals are being launched to make finances easy so people can focus on other important things in life. In spite of this, many feel uncomfortable managing their finances online. The report also evaluated the consumer attitudes towards financial services providers.
This research report serves as an essential guide for financial services providers to identify potential financial offerings of the future. Further, information offered in this report will allow the reader to have a better understanding of the consumer attitude in over-65s. Older consumers are a diverse population, with different needs, behaviors, and beliefs, all of which influencing the manner in which they engage with financial services and money.
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