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Saturday, August 18, 2007

Factlet about the UK’s savings and insurance market

There has been a bevy of facts and figures published this week about the 50-plus and finance.

Not sure what you can do with them but here they are:

1. People in their pre-retirement years have the highest average value of savings (£10,338).

2. Retired people hold an average of £9,450 of savings.

3. The 35 - 54 year olds only have an average savings of £7,697.

4. 16% of new savings accounts were taken out by the retired

5. In general insurance products, Age Concern, RIAS and SAGA have an 18% share of the over 50s market -which equates to an 11% share of the total market.

6. Only 5% of customers at these brands are considering switching away in the next 12 months, compared to 9% of the market.

A couple of comments. Don’t forget averages are next to useless numbers. In all age groups there will be a few with mega bucks and a lot with very little. I am surprised that the combined market share of the three big 50-plus companies is so low (18%) – I would treat that number with caution. Dick Stroud

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