The grey market is an important consumer group for financial services providers, since older consumers tend to be more concerned about retirement planning and investment for old age than those in their twenties and thirties. They are generally more amenable to the proposition of making further retirement provision, and many are in a better position financially to do so. On average, between the ages of 45 and 55 earnings peak, mortgage terms come to an end and the financial responsibility of parenthood typically starts to lessen. Hence, consumers who fit into this general category tend to find that their essential out goings reduce while their disposable income increases, enabling them to increase the amount they can save or invest for the future.

Nevertheless, while some consumers aged 45 and over will have adequate provision for their retirement, via a pension plan and/or other savings and investments, there will be many who have some provision but need to do more, and even others who have no retirement provision at all. Among this last category there is a significant proportion of people who will have little opportunity to change their retirement prospects.

Mintel has, therefore, conducted exclusive consumer research in order to identify these different target groups within the grey market. To achieve this overall objective, the consumer research explores current retirement provision and expectations among the non-retired 45+ population, as well as attitudes towards saving and investing for their future retirement. In addition, the report draws on a range of sources and statistics to examine the work patterns, lifestyles, sources of income and size of the grey market.

It should be noted that the report focuses on consumers aged 45 or over in relation to retirement provision in general rather than to any one specific product. Hence, in addition to traditional products for retirement such as pensions and annuities, alternative means of providing an income for retirement are considered, such as ISAs, investment bonds, unit trusts and home equity release schemes. Other related areas, such as inheritance tax planning and long-term care insurance are also included. However, for more detailed information on specific product or service areas readers are invited to see Mintel's complete index of reports.