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Later Life Financial Planning Market Report 2018

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Later Life Financial Planning market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Expert analysis from a specialist in the field

Written by Jessica Galletley, a leading analyst in the Finance sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The financial pressures on future retirees pose a big challenge in terms of engaging them with later life planning, as they’re more likely to be concerned about the sufficiency of their pension pot. However, this gives advisers opportunities to discuss different funding options, whilst products that can save people money in the long term are also likely to appeal. Jessica Galletley
Financial Services Analyst

Covered in this report

This report covers consumers and later life financial planning.This includes but is not limited to:

  • Planning for long-term care
  • Using property as a source of funds i.e. equity release
  • Inheritance tax planning
  • Life insurance
  • Will writing
  • Retirement income planning
  • Prepaid funeral plans.

This report explores the market environment for later life financial planning, such as the effect of increasing life expectancy and the rising cost of funerals. It will look at how much thought people have given towards later life financial planning, and how confident they feel about their plans.

It aims to establish interest in later life protection products, along with expectations for future living arrangements. It will also seek to establish consumer interest in later life planning advice, touching on the potential for the new ‘Pensions Dashboard’ to go further in terms of offering a more rounded ‘later life’ service.

What you need to know

When it comes to later life financial planning, most people are just concerned about having enough income to get by. They are also keen to maintain their current lifestyle for as long as possible, be this continuing to work in retirement or staying in their home.

This focus often means other aspects of later life are ignored, and people leave any financial planning until it becomes a necessity, or until it becomes too late. There are low levels of interest in later life financial products or paying for specialist advice. For those concerned about their retirement provisions, allocating funds to other aspects of later life or arranging dedicated products may seem a luxury they cannot afford.

However, increasing life expectancy has only intensified the need to make plans. The length of people’s retirement will grow, making it more important, and more difficult, for them to save enough to provide a desirable level of comfort. The number of people needing care will also rise, making it more important that people have the necessary funds set aside

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Table of contents

  1. Overview

      • What you need to know
        • Economic overview
          • Business health
            • Special focus: B2B finance
              • What’s next?
              • Economic Overview

                • Annual GDP growth falls to six-year low in 2018
                  • Figure 1: Annual GDP growth rate, 2014-18
                • Bank rate remains at 0.75%
                  • Figure 2: Bank rate, 2008-18, by date of adjustment
                • CPI rate hits two-year low…
                    • Figure 3: Consumer Price Index, January 2018-January 2019, (12-month rate)
                  • …which has boosted wage growth
                    • Figure 4: Average weekly earnings, total pay, January-December 2018, Great Britain
                • Business Health

                  • Although 85% of small businesses’ finances are ‘healthy’ or ‘ok, many miss out on business opportunities due to a lack of funding
                    • Figure 5: Current finance situation of the business, June 2016 vs June 2017 vs June 2018
                  • Business turnover rebounds in 2018
                    • Figure 6: UK business turnover, 2018, at the start of the year, by business sector
                  • Insolvencies rise for third consecutive year
                    • Figure 7: Company insolvencies in England and Wales, Q3 2016-Q4 2018
                  • Business investment levels fall and profitability continues to stagnate
                    • Figure 8: UK PNFCs net rate of return, Q3 2016-Q3 2018
                    • Figure 9: UK total business investment, Q3 2016-Q3 2018, (chained volume measures and not seasonally-adjusted)
                • Special Focus: B2B Finance

                  • Net lending remained positive in 2018
                    • Figure 10: UK MFIs’ net loans to non-financial businesses, Q4 2016-Q4 2018, by size of business, (not seasonally adjusted)
                  • Credit availability and demand falls in 2018
                    • Figure 11: Availability of corporate credit to PNFCs in the past three months, Q3 2016-Q4 2018, by business size
                  • Write-offs on loans to non-financial companies fell to an eight-year low in 2017 but are expected to have risen in 2018
                    • Figure 12: Write offs of loans to PNFCs from banks and building societies, Q3 2016-Q3 2018, (not seasonally adjusted)
                • What’s Next?

                  • Businesses plan to reinvest profits to develop and to increase the cash held in reserve
                    • Figure 13: Business owners' plans for their business' finances over the next two years, June 2018
                  • Business confidence reaches a decade low at the start of 2019
                    • Figure 14: Business Confidence Index, Q1 2018-Q1 2019
                  • General consensus suggests slower economic growth
                    • Purchasing Managers’ Index Surveys
                      • Increasing threat of no-deal Brexit driving change in company strategy
                        • Businesses responding to potential loss of passporting rights
                        • Appendix – Data Sources, Abbreviations and Supporting Information

                            • Abbreviations