A couple of bits of research from Age Concern demonstrate the incorrect view that many marketers have that older=richer. Strange isn’t it? Even though marketers think all old people are sitting at home trying to think how to spend their money they don’t do anything about exploiting their buying power and macabrely this is an incorrect assumption in any case.
In the UK we have a thing call Pension Credits which is for retired people who cannot cope on the basic state pension. Three million individuals (2.5 million households) are receiving Pension Credits. Over 30% of retired people aged 80+ and 17% or people aged 75-79 need to claim this extra money. Age Concerns believes that this still undercounts the number of older people who should be claiming the benefit.
Age Concern says “79% of hotel and restaurant workers, 60% of construction workers and 54% of wholesale, retail and repair workers don’t even have access to a pension at work; like millions of others, they are reliant on the meagre state pension to provide an income when they retire”.
There is an increasingly large chasm between retired people in the UK who are living on the bread-line and those who are doing OK. This stratification of the UK’s population has significant repercussions for marketers. Dick Stroud www.20plus30.com
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