Introduction
Lifestage definitions
Geographical, national and regional definitions
Conversion factors
Population
Exchange rates
BMRB target group index sample sizes
Abbreviations
Executive Summary
The Grey Market: large, affluent and growing
Financial circumstances are changing
45+ consumers more likely to use most financial products and services
The Grey Consumer
Grey consumers are taking more holidays
Internet use increasing
Grey consumers resistant to the idea of being in debt
Television more important than time with family
'Homes and holidays' are the main spending priorities
Factors Influencing Lifestyle
NI population growth due to growing grey market
Figure 1: NI population, by age category, 2000-16
Figure 2: NI population, by age category, 2000-16
RoI Grey market growth drives population
Figure 3: RoI population, by age category, 2000-16
Figure 4: RoI population, by age category, %, 2000-16
Parental responsibility more prevalent as families are starting later
Figure 5: Average age of women at marriage and birth of first child, NI and RoI, 1993-2002
Longer life-expectancy will place a strain on pension funds
Figure 6: Life expectancy at birth, by gender, NI and RoI, 1981-2002
Greys have higher average earnings
Figure 7: Average weekly earnings, by age group, NI, 1992-2002
Figure 8: Average weekly earnings, by age group, NI, 2002
Over-45s will make up greater percentage of the workforce
Figure 9: Economic activity breakdown, by age, RoI and NI, 2003
Grey consumers lose out to lower interest rates
Rising house prices make over-45s feel more affluent
Figure 10: Home ownership, by age group, NI and RoI, 2003
Figure 11: Average house prices in June, NI and RoI, 1998-2003
Market Size
Northern Ireland
Figure 12: Population aged 45+, by age group, in thousands, NI, 2000-08
Republic of Ireland
Figure 13: Population aged 45+, by age group, in thousands, RoI, 2000-08
Grey Consumer Finance Clusters
Financial Cluster Analysis - Republic of Ireland
Figure 14: Market size of cluster groups, as percentage of 45+ population, RoI, 2003
Figure 15: Cluster groups - Statements related to financial behaviour (percentage point difference
from average), RoI, 2003
RoI clusters demographic analysis
Figure 16: RoI Financial Clusters, by demographic sub-group, 2003
Gender differences are not significant
Financially Frivolous have the most responsibilities
Thoughtful Financers are the most affluent
Senior Spenders are 'unconstrained'
Financial Cluster Analysis - Northern Ireland
Figure 17: Market size of cluster groups, as percentage of 45+ population, NI, 2003
Figure 18: Cluster Groups - Statements related to financial behaviour (percentage point difference from average), NI, 2003
NI clusters demographic analysis
Figure 19: NI Financial Clusters, by demographic sub-group, 2003
Flippant Financers are the least likely to be retired
Senior Savers tend to be more affluent
Half of Prudent Purchasers are retired
Lifestyle
Lifestyle attitudes
Figure 20: Agreement with selected lifestyle statements, NI and RoI, 2003
Substance rather than style
Grey consumers understand the importance of lifelong learning
Grey consumers favour the smoking ban
RoI Cluster responses to lifestyle statements
Figure 21: Agreement to selected lifestyle statements, by cluster groups (percentage point
difference from average), RoI, 2003
Financially Frivolous show negative responses
Thoughtful and 'Content' Financers
Senior Spenders have a positive outlook on life
NI cluster responses to lifestyle statements
Figure 22: Agreement to selected lifestyle statements, by cluster groups (percentage point
difference from average), NI, 2003
Flippant Financers show reserved lifestyle
Senior Savers are happy with who they are
Prudent Purchasers are still striving
Holidays
Figure 23: Holidays in the last 12 months and number of holidays, RoI, 2003
The grey holiday market is growing...
Figure 24: Holidays in the last 12 months and number of holidays, NI, 2003
...with many taking more than one holiday a year
Figure 25: Have been on holiday in the last 12 months, by socio-demographic groups, RoI and NI, 2003
Holidaying decreases during retirement
More affluent consumers are the most able to holiday
Figure 26: Have been on holiday in the last 12 months, by cluster groups, RoI and NI, 2003
Using the Internet
Figure 27: Average number of hours on the Internet per year, by age and cluster groups, RoI and
NI, 2003
Internet use still higher among under 45s...
...yet Internet use among 45+ adults is growing
Figure 28: Used the Internet in the last 12 months, RoI and NI, 2003
Leisure activities
Figure 29: Top ten leisure activities, RoI and NI, 2003
RoI Leisure Activities
Figure 30: Leisure activities, by gender, RoI, 2003
Figure 31: Leisure activities, by age group, RoI, 2003
45-54 enjoy going out
Figure 32: Go to pubs and bars for a meal or a drink, RoI and NI, 2003
Figure 33: Leisure activities, by socio-economic group, RoI, 2003
DEs easier to target through television
NI leisure activities
Figure 34: Leisure activities, by gender, NI, 2003
Women prefer more social activities
Figure 35: Leisure activities, by age group, NI, 2003
Figure 36: Leisure activities, by socio-economic group, NI, 2003
Affluent greys are more active outside the home
Attitudes Towards Finance
Figure 37: Agreement with selected finance statements, RoI and NI, 2003
RoI finance attitudes
Figure 38: Agreement with selected finance statements, by all adults and gender, RoI, 2003
Men and women tend to share similar attitudes to finance
Figure 39: Agreement with selected finance statements, by age, RoI, 2003
45-54 need more help with finances than 55+ consumers
Figure 40: Agreement with selected finance statements, by socio-economic groups, RoI, 2003
Most affluent consumers show tightest finances
Figure 41: Agreement with selected finance statements, by income groups, RoI, 2003
Tighter wallet encourages tighter controls
Affluent consumers want tailored banking
Supermarket finance faces resistance from affluent consumers
Figure 42: Agreement with selected finance statements, by lifestage, RoI, 2003
Independence brings cautious behaviour
Unconstrained couples are the most proactive in finance
NI finance attitudes
Figure 43: Agreement with selected finance statements, by all adults and gender, NI, 2003
Women manage the money
Figure 44: Agreement with selected finance statements, by age, NI, 2003
Parental and work responsibilities get in the way of finance for 45-54s
Figure 45: Agreement with selected finance statements, by socio-economic group, NI, 2003
Affluence allows for exuberant finances
Figure 46: Agreement with selected finance statements, by income band, NI, 2003
Less affluent consumers 'watch the pennies'
Figure 47: Agreement with selected finance statements, by lifestage group, NI, 2003
Lifestage and available income influence finances
Financial Products and Services
Figure 48: Penetration of selected financial products, by 45+ consumers, NI and RoI, 2001-03
Figure 49: Penetration of selected financial products, by age, NI and RoI, 2001-03
Experienced grey consumers appreciate the need for insurance
Mortgages
Figure 50: Penetration of Mortgages, by demographic and socio-economic groups, NI and RoI,
2003
Figure 51: Penetration of mortgages, by cluster group, NI and RoI, 2003
Insurance
Figure 52: Penetration of selected insurance types, by demographic and socio-economic groups,
RoI, 2003
Figure 53: Penetration of selected insurance types, by cluster groups, RoI, 2003
Figure 54: Penetration of selected insurance types, by demographic and socio-economic groups,
NI, 2003
Figure 55: Penetration of selected insurance types, by cluster groups, NI, 2003
Daily banking
Figure 56: Penetration of current and savings accounts, by demographic and socio-economic
groups, NI, 2003
Figure 57: Penetration of selected insurance types, by cluster groups, RoI and NI, 2003
Credit cards
Figure 58: Penetration of credit cards, by demographic and socio-economic groups, RoI and NI,
2003
Credit card use decreases with age
Income levels continue to influence penetration...
...while parental demands also influence usage
Cluster analysis shows varied credit card usage patterns
Figure 59: Penetration of credit cards, by cluster groups, RoI and NI, 2003
Figure 60: Response to selected finance statements (Percentage point difference from average)
and credit card usage, NI and RoI, 2003
RoI clusters credit card usage
NI clusters credit card usage
Pensions
Figure 61: Comparison of state pension level, UK (NI) and RoI, 2003
RoI Pensions
Figure 62: Source of pensions, RoI, 2001-03
Private and company pensions schemes showing increases...
...yet state pensions are still the largest pension scheme
45-54-year-old consumers most likely to have personal/company pension
Figure 63: Source of pensions, RoI, 2003
Responsibility for own pension increases with affluence
Figure 64: Source of pensions, RoI, 2003
Figure 65: Source of pensions, RoI, 2003
School age parents are the least likely to rely on the state
Figure 66: Source of pensions, RoI, 2003
RoI Cluster group pension arrangements
Figure 67: Source of pensions, RoI, 2003
Financially Frivolous want pensions 'taken care of'
Thoughtful Financers want informed choices
Senior Spenders need to choose between present spending and future security
NI Pensions
Figure 68: Source of pensions, NI, 2001-03
Contributory company pension schemes on the increase...
...with state pensions also increasing
Younger grey consumers most likely to rely on personal/company pensions
Figure 69: Source of pensions, by age, NI, 2003
Use of company and self-employed pensions higher among affluent grey consumers
Figure 70: Source of pensions, by socio-economic group, NI, 2003
Figure 71: Source of pensions, by income group, NI, 2003
Marketers should consider the present responsibilities of grey consumers
Figure 72: Source of pensions, by lifestage group, NI, 2003
NI cluster group pension arrangements
Figure 73: Source of pensions, by cluster groups, NI, 2003
Flippant Financers need to plan now rather than later
Senior Savers want informed choices
Prudent Purchasers want added personalisation
Speaking to Grey Consumers
Media statements
Figure 74: Agreement to selected media statements, RoI and NI, 2003
Media attitudes in RoI
Figure 75: Agreement to selected media statements, by gender, RoI, 2003
Women report more advertising awareness than men
Figure 76: Agreement to selected media statements, by age, RoI, 2003
Local radio news is best for targeting retired consumers
45-54 consumers show better response to 'active' communications
Figure 77: Agreement to selected media statements, by socio-economic group, RoI, 2003
Local news for local people
Figure 78: Agreement to selected media statements, by lifestage, RoI, 2003
Lifestage demands affect media awareness
Cluster group responses to media statements
Figure 79: Agreement with statements related to media and advertising, by cluster group
(percentage point difference from average), RoI, 2003
Senior Spenders are the most 'aware of advertising'
Thoughtful Financers are keen radio listeners
Communicating to Financially Frivolous may be problematic
Media attitudes in NI
Figure 80: Agreement to selected media statements, by gender, NI, 2003
Women more likely to notice local advertising
Figure 81: Agreement to selected media statements, by age, NI, 2003
Radio news advertising most effective for targeting retired consumers
Figure 82: Agreement with selected media statements, by socio-economic group, NI, 2003
Radio effective for communicating to affluent consumers
Figure 83: Agreement with selected media statements, by lifestage, NI, 2003
Cluster group responses to media statements
Figure 84: Agreement with statements related to media and advertising, by cluster group
(percentage point difference from average), NI, 2003
Flippant Financers show lower levels of media awareness
Prudent Purchasers are demanding of advertising
Financial Priorities - The Year Ahead
Figure 85: Financial priorities, RoI and NI, 2003
RoI financial priorities
Figure 86: Top five financial priorities, by age group, RoI, 2003
'Holidays and homes' are the major concerns
Figure 87: Top five financial priorities, by age group, RoI, 2003
Financial priorities shift with age
Figure 88: Top five financial priorities, by socio-economic class, RoI, 2003
Affluent greys prefer holidays and health clubs
NI financial priorities
Figure 89: Top five financial priorities, by age group, NI, 2003
'Home and holidays' are the top priorities
Figure 90: Top five financial priorities, by age group, NI, 2003
Half of 45-54-year-olds want to redecorate the home
Figure 91: Top five financial priorities, by socio-economic class, NI, 2003
Going on holiday less important to less affluent greys
Appendix
Grey population tables
Figure 92: Population of all adults aged 45 and over in RoI, by age group, in thousands, 2000-08
Figure 93: Population of all adults aged 45 and over in NI, by age group, in thousands, 2000-08
RoI lifestyle statements
Figure 94: Agreement to selected lifestyle statements, by gender, RoI, 2003
Figure 95: Agreement to selected lifestyle statements, by age group, RoI, 2003
Figure 96: Agreement to selected lifestyle statements, by socio-economic group, RoI, 2003
Figure 97: Agreement to selected lifestyle statements, by lifestage group, RoI, 2003
NI Lifestyle statements
Figure 98: Agreement to selected lifestyle statements, by gender, NI, 2003
Figure 99: Agreement to selected lifestyle statements, by age group, NI, 2003
Figure 100: Agreement to selected lifestyle statements, by socio-economic status, NI, 2003
Figure 101: Agreement to selected lifestyle statements, by lifestage group, NI, 2003
Leisure priorities
Figure 102: Leisure activities (complete list), by socio-demographic variables, RoI, 2003
Figure 103: Leisure activities (complete list), by socio-demographic variables, NI, 2003
Financial priorities
Figure 104: Financial priorities (complete list), by socio-demographic variables, RoI, 2003
Figure 105: Financial priorities (complete list), by socio-demographic variables, NI, 2003
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