Deals That Help Silver Savers Strut Their Stuff ; Financial Products Aimed at Britain's 20 Million People Aged 50- Plus Are Springing Up All over. but Which Ones Offer Real Value for Money?

By Shaw, Esther | The Independent on Sunday (London, England), May 27, 2007 | Go to article overview
Save to active project

Deals That Help Silver Savers Strut Their Stuff ; Financial Products Aimed at Britain's 20 Million People Aged 50- Plus Are Springing Up All over. but Which Ones Offer Real Value for Money?


Shaw, Esther, The Independent on Sunday (London, England)


They've worked all their lives, built up equity in their homes, have plenty of disposable income ... and time to spend it. And their ranks are growing: they're Britain's fit and fun-loving over-50s.

Today, there are more than 20 million people in the UK aged 50 or more. Making up about a third of the population, they are as far as is possible to imagine from the traditional image of grandmas and grandads.

Older people - many enjoying final salary pensions no longer being offered to young workers - are huge contributors to the economic wellbeing of their families, communities and workplaces, according to a report from HSBC entitled The Future of Retirement. It found that Britons are not only living longer, but are in many cases living better than ever before.

So while this group was once low on the priority list for providers of financial services, the industry can no longer afford to ignore them. They hold a large percentage of the nation's assets and carry a great deal of financial clout.

Recent findings from the think-tank Future Foundation show that the 50-plus age group have a combined wealth of [pound]560bn and a spending power of [pound]175bn - making up 40 per cent of all consumer spending.

The over-50s are saving more than they did 50 years ago - with pensioners now having triple the amount of savings - while spending, especially on "luxury goods", has also increased dramatically.

Unsurprisingly, providers are waking up to the fact that this is where the money is - and are now battling to get their share of the valuable "grey" pound.

While the market includes mainstream providers offering targeted products, there is also a dedicated band of specialists such as Saga, Rias, Age Concern and Help the Aged.

Earlier this month, the latter launched a new financial services company, intune, offering a range of products including home, car and travel insurance.

"Age should not be a barrier to getting the financial products that people need," says its spokeswoman, Anne Grahamslaw. "None of our products and services has an upper age limit."

But many providers do have an upper age limit, for fear of too many expensive claims. "Many companies are guilty of lumping the over-50s into one amorphous 'grey' market, and being inflexible or discriminatory with their products and services," Ms Grahamslaw adds. But with specialist companies targeting older people, it is important to ask if they truly offer the best deals or if it's all a ploy to dupe consumers into making lazy decisions.

Travel

Thanks to the higher risk of an elderly traveller suffering a mishap or illness, more than 90 per cent of travel insurance policies still impose an upper age limit on applicants.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Deals That Help Silver Savers Strut Their Stuff ; Financial Products Aimed at Britain's 20 Million People Aged 50- Plus Are Springing Up All over. but Which Ones Offer Real Value for Money?
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?