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Home > Business/Finance > Financial Services > Banking
Marketing pensions to the under 35s
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| Published Date:
May 2008
Published By:
Datamonitor
Order Code:
R313-32980
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Introduction
This report examines young people's attitudes to saving for their retirement and what can be done to encourage this. Using primary consumer research from Mori and Datamonitor's proprietary Consumer Mega Trends model, this report identifies the current targeting gaps within this market.
Scope
Mori MFS survey data is used to identify attitudes amongst the young towards retirement funding and pension options Datamonitor's Consumer Mega trend framework is used to highlight key areas that providers should be focusing on to target this segment
Highlights
Young people should be saving for their own retirement as demographic pressures on government funding build. Despite this, a large portion of the younger population are saving too little or nothing at all for retirement as a perturbing trend emerges that under 35s are getting into more debt and are worrying less about their future. The industry is poor at customer targeting and innovative marketing. Most financial products are a “grudge purchase” & it is hard for customers to feel any sort of emotive link to their products. Plus, financial services suffers from negative publicity, mainly because people do not praise when services work but do criticize loudly when they fail.
Reasons to Purchase
Understand attitudes amongst young people to financial services in general and retirement saving specifically Examine the initiatives that are being proposed by government and the industry to boost savings amongst the young Use Datamonitor's Consumer Mega Trend framework to understand where companies are missing out on opportunities to attract the young.
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