Abstract
Overview
Introduction
This report examines young people' s attitudes to saving for their retirement
and what can be done to encourage this. Using primary consumer research from
Mori and Datamonitor' s proprietary Consumer Mega Trends model, this report
identifies the current targeting gaps within this market.
Scope
- Mori MFS survey data is used to identify attitudes amongst the young
towards retirement funding and pension options
- Datamonitor' s Consumer Mega trend framework is used to highlight key areas
that providers should be focusing on to target this segment
Report Highlights
Young people should be saving for their own retirement as demographic
pressures on government funding build. Despite this, a large portion of the
younger population are saving too little or nothing at all for retirement as a
perturbing trend emerges that under 35s are getting into more debt and are
worrying less about their future.
The industry is poor at customer targeting and innovative marketing. Most
financial products are a "grudge purchase" & it is hard for customers to feel
any sort of emotive link to their products. Plus, financial services suffers
from negative publicity, mainly because people do not praise when services
work but do criticize loudly when they fail.
Reasons to Purchase
- Understand attitudes amongst young people to financial services in general
and retirement saving specifically
- Examine the initiatives that are being proposed by government and the
industry to boost savings amongst the young
- Use Datamonitor' s Consumer Mega Trend framework to understand where
companies are missing out on opportunities to attract the young
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