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STRATEGIC OVERVIEW
The over-60s make up a conservative market, relatively resistant to high consumer spending, but increasingly forced to borrow because many have inadequate pensions.
While a large proportion of pensioner households have low incomes, ironically, the retired account for the majority of wealthy Britons.
Women own well over half of the net capital wealth of the over-65s, despite considerably lower earnings during their working lives — this is the wealthy widow effect.
The affluent elderly are difficult to influence, as they have made up their minds on many issues. They tend to travel extensively beyond the UK and often prefer to place their finances in the hands of companies with global reach.
CONSUMER DYNAMICS
The majority of adults want larger State pensions, although a much smaller proportion think the well-off should pay more income tax to help fund them.
Significant demand for higher government spending on care for the elderly clashes with a reluctance to see a rise in taxation.
More than a third fear they will have inadequate incomes in old age, although, far fewer think that children should help out their elderly parents by taking financial responsibility for their care.
A large majority of respondents appear to believe that the older generation should retain assets with the sole purpose of passing them on to the next generation.
Some think that people will need to delay retirement into their seventies if they are to avoid poverty, although very few deliberately curb their spending.
People appear to feel some guilt about their neglect of the future.
A relatively small proportion of respondents trust in the regulation of financial-services companies and many find financial services confusing.
Overall, people have unrealistic expectations of the elderly, who are expected to support themselves financially and to help fund the next generation, which is reluctant to take on responsibility for them.
The over-60s are expected to cope financially and to obtain sufficient income to live on, while maintaining ownership of their assets.
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