The UK Consumer and Later Life Planning Market Report examines the later life plans and provisions consumers’ have made, consumers’ concern about the rising cost of living affecting their later life plans and consumer awareness of lasting power of attorney. This report includes Mintel’s independent market and consumer analysis, providing industry insights to help you interpret future consumer attitudes towards later life planning.
As well as being large, the market for later life planning is also diverse. It comprises a broad range of planning needs, related to long-term care funding, pensions and retirement, funerals, wills and estate planning.
Mintel’s later life market research reveals that the need to make financial plans and provisions for the future is even greater now because of the cost of living crisis. High inflation erodes the value of people’s savings over time and reduces living standards. It hampers people’s ability to save and tempts those who are struggling to make ends meet to dip into pension pots earlier than intended.
Along with the impact of high inflation, procrastination is another major threat to people’s future financial security. The problem is that an intention to do something does not always translate into action. People often put off making important retirement planning decisions, even when they know they should or have identified them as a priority.
There is demand for financial guidance and advice remains high, though many in the later life market continue to be constrained by time and cost pressures. In addition, equity release sales hold up, driven by cost of living pressures and high house prices.
In the longer term, a recovered economic backdrop will see many improved financial situations for the over 45s. There will be a significant pent-up demand for financial advice and renewed interest in later life planning, such as annuities and income drawdown. Digital developments in the financial services sector will continue to create new opportunities for advisers and product providers to reach and engage the desired target audience.
To discover more about the UK Consumer and Later Life Planning Market Report 2022, read our UK Retirement Planning Market Report 2022, or take a look at our Financial Services Market Research Reports.
This report, written by Sarah Hitchcock, a leading analyst in the financial services sector, delivers in-depth commentary and analysis to highlight the current trends in the later life market and add expert context to the numbers.
There is considerable latent demand for later life planning among over 45s, especially among those aged 45-64. If providers can effectively tap into this and engender earlier engagement, for example by offering free will reviews or retirement health checks, it would expand the client base and generate new opportunities for growth, as well as improve the outcomes for retirees in the UK.”
Sarah Hitchcock
Financial Services
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