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Baby Boomers and Financial Services - UK - August 2015

“While younger generations seem to generally be more trusting towards the financial services industry, Baby Boomers are more sceptical. Their views are tainted by witnessing some of the most notorious financial scandals of the last few decades, including the rise and fall of endowment mortgages and the mis-selling of pensions and payment protection insurance (PPI). Many feel let down by the industry, while others feel that banks do not pay enough attention to the needs of their generation. This cynicism makes it challenging for financial providers to reach out to this generation, particularly for new and less familiar products, as well as new technology such as mobile banking.”

– Chryso Kolakkides, Senior Financial Services Analyst

This report covers the following issues:

  • Retirement: a major concern for Baby Boomers
  • Baby Boomers are becoming more tech-savvy, but branches remain vital

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Table of contents

  1. Introduction

    • Executive Summary

        • The market
          • Baby Boomers account for nearly a quarter of UK population
            • Figure 1: UK population, by generation, mid-year 2015 (projection based on 2012)
          • More than two in five Baby Boomers are still in work
            • Figure 2: Current working situation, by generation, June 2015
          • Nearly half of all Baby Boomers are homeowners
            • Figure 3: Current housing situation, by generation, June 2015
          • Financial health is greater among Older Baby Boomers
            • Figure 4: Current financial situation, by generation, June 2015
          • Nearly two fifths of the Younger Baby Boomers still live with their children
            • Figure 5: Current living situation, by generation, June 2015
          • Baby Boomers are slowly becoming more tech-savvy
            • Figure 6: Technology product ownership, by generation, June 2015
          • The consumer
            • Making ends meet is the top financial priority for Baby Boomers
              • Figure 7: Baby Boomers’ financial priorities, June 2015
            • High financial product ownership among Baby Boomers
              • Figure 8: Financial product ownership among all Baby Boomers, June 2015
            • More than a third of Baby Boomers own six or more types of financial products
              • Figure 9: Number of types of financial products owned by Baby Boomers, June 2015
            • 14% of Baby Boomers have £100,000 or more in savings/investments
              • Figure 10: Value of savings and investments held by Baby Boomers, June 2015
            • Less than a third of Baby Boomers have unsecured debt
              • Figure 11: Value of unsecured debt among Baby Boomers, June 2015
            • Online information sources are most popular overall among Baby Boomers
              • Figure 12: Baby Boomers’ information sources for financial products, June 2015
            • Online beats all other channels for Baby Boomers’ daily banking…
              • Figure 13: Baby Boomers’ channel preferences for their financial activities, June 2015
            • …but personal contact is important when applying for a bank account or resolving problems
              • Over two fifths of Baby Boomers are confident that their finances are in good shape…
                • Figure 14: Baby Boomers’ attitudes towards their finances, June 2015
              • …while nearly a third worry about money a lot of the time…
                • …and so continue to take a conservative stance when it comes to debt
                  • Two in five Baby Boomers worry about their retirement
                    • Figure 15: Baby Boomers’ financial concerns about their retirement, June 2015
                  • Do previous generations always have it better?
                    • Majority feel that technology has improved financial services
                      • Figure 16: Baby Boomers’ views and attitudes towards the financial services industry, June 2015
                    • Mis-selling scandals have harmed the industry’s reputation
                    • Issues and Insights

                      • Retirement: a major concern for Baby Boomers
                        • The facts
                          • The implications
                            • Baby Boomers are becoming more tech-savvy, but branches remain vital
                              • The facts
                                • The implications
                                • The Market – What You Need to Know

                                  • Baby Boomers account for nearly a quarter of UK population
                                    • More than two in five Baby Boomers are still in work
                                      • Nearly half of all Baby Boomers are homeowners
                                        • Financial health is greater among Older Baby Boomers
                                          • Nearly two fifths of the Younger Baby Boomers still live with their children
                                            • Rise of ‘Silver Singletons’
                                              • Baby Boomers are slowly becoming more tech-savvy
                                              • Who Are the Baby Boomers?

                                                • Baby Boomers account for nearly a quarter of the UK population
                                                  • Figure 17: UK population, by generation, mid-year 2015 (projection based on 2012)
                                                • More than two in five Baby Boomers are still in work
                                                  • Figure 18: Current working situation, by generation, June 2015
                                                • Nearly half of all Baby Boomers are homeowners
                                                  • Figure 19: Current housing situation, by generation, June 2015
                                                • Financial health is greater among Older Baby Boomers…
                                                  • Figure 20: Current financial situation, by generation, June 2015
                                                • …and particularly among homeowners
                                                  • Figure 21: Current financial situation among Baby Boomers, by housing situation, June 2015
                                                • Nearly two fifths of the Younger Baby Boomers still live with their children
                                                  • Figure 22: Current living situation, by generation, June 2015
                                                • Rise of ‘Silver Singletons’
                                                  • Figure 23: Marital status, by generation, June 2015
                                                • Baby Boomers are slowly becoming more tech-savvy
                                                  • Figure 24: Technology product ownership, by generation, June 2015
                                              • The Consumer – What You Need To Know

                                                • Making ends meet is a top financial priority for Baby Boomers
                                                  • Saving is a key financial priority for the majority
                                                    • High financial product ownership among Baby Boomers
                                                      • More than one in five own investments
                                                        • More than a third of Baby Boomers own six or more types of financial products
                                                          • 14% of Baby Boomers have £100,000 or more in savings/investments…
                                                            • …while a fifth have no savings or investments at all
                                                              • Less than a third of Baby Boomers have unsecured debt
                                                                • Online information sources are most popular overall among Baby Boomers…
                                                                  • …while professional financial advice is also highly valued
                                                                    • A stark contrast to younger generations
                                                                      • Online beats all other channels for daily banking…
                                                                        • …but personal contact is important when applying for a bank account or resolving problems
                                                                          • Over two fifths of Baby Boomers are confident that their finances are in good shape
                                                                            • Two in five Baby Boomers worry about their retirement
                                                                              • Do previous generations always have it better?
                                                                                • Baby Boomers have a negative outlook for the younger generations
                                                                                  • Majority feel that technology has improved financial services…
                                                                                    • …but security is a major concern
                                                                                      • Mis-selling scandals have harmed the industry’s reputation
                                                                                      • Financial Priorities

                                                                                        • Making ends meet is a top financial priority for Baby Boomers
                                                                                            • Figure 25: Baby Boomers’ financial priorities, June 2015
                                                                                          • Building emergency savings is a key financial priority for the majority…
                                                                                            • …but so is saving specifically towards retirement
                                                                                              • Figure 26: Baby Boomers’ financial priorities, June 2015
                                                                                            • Others prioritise holidays and spending more on themselves
                                                                                            • Financial Product Ownership

                                                                                              • High financial product ownership among Baby Boomers
                                                                                                  • Figure 27: Financial product ownership among all Baby Boomers, June 2015
                                                                                                • More than one in five own investments…
                                                                                                    • Figure 28: Saving and investment product ownership among Baby Boomers, by product ownership, June 2015
                                                                                                  • …while others own property
                                                                                                    • More than a third of Baby Boomers own six or more types of financial products
                                                                                                      • Figure 29: Number of types of financial products owned by Baby Boomers, June 2015
                                                                                                  • Value of Savings and Investments

                                                                                                    • 14% of Baby Boomers have £100,000 or more in savings/investments…
                                                                                                      • Figure 30: Value of savings and investments held by Baby Boomers, June 2015
                                                                                                    • …while a fifth have no savings or investments at all
                                                                                                      • Value of savings and investments increases with age…
                                                                                                        • Figure 31: Value of savings and investments, by generation, June 2015
                                                                                                      • …as well as income and home ownership
                                                                                                        • Figure 32: Value of savings and investments, by housing situation, June 2015
                                                                                                      • Higher-value savers attracted to investment products
                                                                                                        • Figure 33: Financial product ownership among Baby Boomers, by value of savings, June 2015
                                                                                                    • Value of Unsecured Debt

                                                                                                      • Less than a third of Baby Boomers have unsecured debt…
                                                                                                          • Figure 34: Value of unsecured debt among Baby Boomers, June 2015
                                                                                                        • …whereas younger generations are more used to having unsecured debt
                                                                                                          • Figure 35: Value of unsecured debt, by generation, June 2015
                                                                                                        • Baby Boomers tend to limit themselves to one credit type…
                                                                                                          • Figure 36: Number of types of credit product ownership, by age, May 2015
                                                                                                        • …which tends to be credit cards
                                                                                                          • Figure 37: Credit product ownership, by value of unsecured debt, June 2015
                                                                                                      • Information Sources for Financial Products

                                                                                                        • Online information sources are most popular overall among Baby Boomers…
                                                                                                            • Figure 38: Baby Boomers’ information sources for financial products, June 2015
                                                                                                          • …while professional financial advice is also highly valued
                                                                                                            • A stark contrast to younger generations
                                                                                                                • Figure 39: Information sources for financial products, by generation, June 2015
                                                                                                            • Channel Preferences in Financial Services

                                                                                                              • Online beats all other channels for daily banking…
                                                                                                                  • Figure 40: Baby Boomers’ channel preferences for their financial activities, June 2015
                                                                                                                • …but personal contact is important when applying for a bank account or resolving problems
                                                                                                                  • Branches are still highly valued among Baby Boomers
                                                                                                                    • Online dominates in the insurance market
                                                                                                                      • Mobile banking has greater potential among Younger Baby Boomers...
                                                                                                                        • Figure 41: Channel preferences for their financial activities, by generation, June 2015
                                                                                                                      • …but security concerns remain…
                                                                                                                        • …as do functionality concerns
                                                                                                                        • Baby Boomers and their Finances

                                                                                                                          • Over two fifths of Baby Boomers are confident that their finances are in good shape…
                                                                                                                              • Figure 42: Baby Boomers’ attitudes towards their finances, June 2015
                                                                                                                            • …while nearly a third worry about money a lot of the time…
                                                                                                                              • Figure 43: Baby Boomers’ attitudes towards their finances, by financial product ownership, June 2015
                                                                                                                            • …and so continue to take a conservative stance when it comes to debt
                                                                                                                            • Baby Boomers’ Concerns about Retirement

                                                                                                                              • Two in five Baby Boomers worry about their retirement
                                                                                                                                  • Figure 44: Baby Boomers’ financial concerns about their retirement, June 2015
                                                                                                                                • An ageing, earning population
                                                                                                                                  • Do previous generations always have it better?
                                                                                                                                    • Baby Boomers have a negative outlook for the younger generations
                                                                                                                                    • Baby Boomers’ Attitudes towards Financial Services

                                                                                                                                      • Majority feel that technology has improved financial services…
                                                                                                                                          • Figure 45: Baby Boomers’ views and attitudes towards the financial services industry, June 2015
                                                                                                                                        • …but security is a major concern
                                                                                                                                          • Baby Boomers’ opinions of financial providers vary
                                                                                                                                            • Mis-selling scandals have harmed the industry’s reputation
                                                                                                                                              • Figure 46: Baby Boomers’ views and attitudes towards the financial services industry, by current financial situation, June 2015

                                                                                                                                          Companies Covered

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                                                                                                                                          Baby Boomers and Financial Services - UK - August 2015

                                                                                                                                          US $2,842.31 (Excl.Tax)