Chasing grotesquely undersaved and now ageing baby boomers

This is the title of an article appearing in this Saturday's FT.

According to Clark Manning, the chief executive of Jackson National Life, Prudential's US life assurance operation, this "substantial greying of America" will be "the biggest event in the history of the US financial services market".

And the typical baby boomer is "grotesquely undersaved", says Jackson.

This huge business opportunity partly explains why the UK's two biggest life assurers are looking for acquisitions in the US.

It is a great pity that the article did not go on to justify this claim or why this would then make a couple of UK life assurers look to acquire in the US. No matter. I am certain the claim is correct. What will result from the under-saving is something best not considered on a Sunday morning. Dick Stroud