以35歲以下為對象的年金商品行銷

本報告已在2011年07月19日停止出版。

簡介

目錄

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

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • The under 35s need to save for their future, however they are embracing debt
    • The strain on the first pillar will increase over the next 20 years
    • Most young people do not have a pension
  • The financial services industry is neglecting young customers
    • Advisors admit they are not actively targeting young clients however believe they are important to the future
  • Marketing within a mega trend framework can draw out new ideas
    • Datamonitor' s mega trend framework consists of 10 key consumer trends
      • The four complexity trends
      • The six behavioral trends
• Table of Contents
• Table of figures
• Table of tables
• Young People and their relationship with savings
  • The under 35s need to save for their future however they are embracing debt
    • The first pillar of pensions is under immense pressure
      • An ageing workforce will put pressure on young people to support retirees
      • The strain on the first pillar will increase over the next 20 years
    • Young people are not saving for the future, assuming that they will be looked after by the already buckling state system
    • Not only are young people not saving but their debt is increasing, leading to a spiral of low savings and rocketing credit
    • Most young people do not have a pension
      • Affordability is preventing pension saving
    • Young people need to start thinking early in their careers about building retirement savings
      • Those young people who are saving for their retirement still aren' t saving enough
  • Responsibility for shifting the attitudes of young people lies with the government and the industry
    • Young people need to be financially educated so that they do not rely on credit
      • Generally, the under 35s lack adequate financial education and skills
      • Educational charities would like to see personal finance as a compulsory subject taught in schools
      • A number of online websites have been launched to help educate young people about their finances
  • Government reforms will help individuals save for their retirement
    • It is proposed that all employers will be required to pay personal pension contributions to employees
    • The state pension age is set to increase for men and women from 65 to 68 by 2046
  • Providers are not targeting the long-term needs of the under 35s
    • The financial services industry is missing the opportunity to ' tap' into the young mass affluent market
      • Advisors admit they are not actively targeting young clients however believe they are important to the future
    • Banks are targeting under 35s in other market areas but are failing to offer long-term products
      • NatWest offers young clients face-to-face assistance when managing their finances
      • Lloyds TSB encourages individuals to start saving small in an innovative way
      • Halifax looked to radio marketing for the first time in 2007 to attract young customers to its banking services
• Targeted Marketing of Pensions to Under 35s
  • The financial services industry is neglecting young customers
  • Marketing within a mega trend framework can draw out new ideas
    • Datamonitor' s mega trend framework consists of ten key consumer trends
      • The four complexity trends
      • The six behavioral trends
  • Young people' s priorities are convenience and a feeling of connection
  • Connectivity
    • Connecting to the world and having a sense of belonging appeals to young people
  • Convenience
    • Young people are increasingly seeking a purchasing experience that is efficient so they have more leisure time
  • Health and wellness
    • Pensions can help young people look after their financial health of the future
  • Comfort
    • Under 35s are typically more risk seeking than wanting to feel comfortable
  • Sensory
    • Under 35s are focused on maximizing their current consumption pleasure
  • Individualism
    • Collective investments such as pensions are unlikely to be marketed as personalized consumer products
  • Life stage complexity
    • There is an opportunity to ' tap' into the under 35s market before they start a family and buy a home
  • Income complexity
    • Under 35s want to consume premium items and get value for money at the same time
  • Gender complexity
    • Women are increasingly looking to be financially independent
  • Age Complexity
    • Pensions are too often associated with the idea that it is a product only for middle-aged people
• APPENDIX
  • Definitions
    • Personal Pensions
  • Methodology
  • Ask the analyst
  • Datamonitor consulting
  • Further reading
• List of Tables
  • Table 1: Changes in population segments between 1981 and 2006
  • Table 2: Mega trend rankings of current market and potential market
  • Table 3: 82% of young people have never heard of SIPPs
  • Table 4: 82% of young people have never heard of SIPPs
  • Table 5: Only around 10% of 18-29 yr olds are saving the amount required for a £15k per year income in retirement
  • Table 6: 79% of 18-29 yr olds have no pension
  • Table 7: 43% of young say they have no pension because they lack any spare money
• List of Figures
  • Figure 1: 79% of 18-29 year olds have no pension
  • Figure 2: Pressure on the working age population is increasing as more people begin to retire
  • Figure 3: 79% of 18-29 year olds have no pension
  • Figure 4: 43% of the young say they have no pension because they lack any spare money
  • Figure 5: A significant saving per month can be made by starting to save earlier for retirement
  • Figure 6: Only around 10% of 18-29 year olds are saving the amount required for a £15k per year income in retirement
  • Figure 7: Moneymadeclear is a website launched by the FSA to help simplify financial products and services
  • Figure 8: The What Money Means program was launched by pfeg and HSBC to improve personal finance education in primary schools
  • Figure 9: Choosing and using provides online users with general advice on credit cards
  • Figure 10: By 2012 it is proposed that employees will have a minimum of 8% of their salary paid into a personal pension scheme
  • Figure 11: NatWest encourages graduates with business ideas to work with its business banking unit to develop their ideas
  • Figure 12: NatWest markets lending products at graduates rather than long-term saving and investment products
  • Figure 13: Lloyds TSB encourages young people to think about their monthly spending habits
  • Figure 14: Connectivity and convenience are considered the most marketable ways to promote pensions to under 35s
  • Figure 15: 82% of young people have never heard of SIPPs

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