If you want to re-think your brand’s Life insurance and Equity Release offers, then have a read of this survey from Royal London. People don’t want to insure fixed assets so much after the age of 55, they often want to insure the loss of an experience. It could be travel abroad, could be a side hustle biz, maybe a series of weekend walks and history tours in the UK. It also raises the need for insurance brands to offer trusted equity release plans into the market, so that assets can be converted into precious memories instead. Not everyone wants to leave their family home to squabbling relatives, or hand it over to the Council for nursing home care. Insurers can give new age people new horizons.
Here’s the word;
With the uncertainty following the pandemic and now the current cost of living crisis, many retirees and pre-retirees are now facing a change of plans for the future, with three in ten (30%) saying they are changing their retirement plans due to the current cost of living crisis. However, new research from Royal London, the UK’s largest mutual life, pensions and investment company, found that along with that uncertainty, the 55+ generation are focused on making the most of their retirement, with seven in ten (72%) people valuing experiences such as travel, new hobbies and days out over material possessions.
What are people looking for in retirement?
Research shows that the 55+ age group have a clear focus on experientialism in retirement with 72% choosing this over purchasing material possessions.
As a nation, we become less materialistic the older we get, with 40% of respondents stating they most valued material possessions in their 20s, versus 15% feeling the same at 55+. As indicated in the research, males were revealed to be more materialistic than women, 17% versus 13% respectively.
When asked about life goals, the next generation of retirees is focused on creating lasting memories with family and living a healthy lifestyle. Spending time with family was the most important aim in retirement (52%), closely followed by relaxing (47%) and maintaining health and fitness (45%). Women place a higher importance on spending time with family than men (59% vs. 43%) while men placed an emphasis on relaxing as their highest priority.
More from Royal London here.
Be the first to comment