The silver economy – those aged 50 and over – represents a growing demographic with substantial spending power accounting for almost one third (32%) of the population and controlling 60% of the UK’s wealth. Yet, here’s the disconnect; research from System1 and ITV found less than a quarter of the UK’s biggest TV ads feature a person over 55. It’s a massively under-represented group of people.
This group is not only marginalised by marketers but also targeted based on outdated assumptions that no longer hold true. They are a group undergoing social changes, increasingly using technology, living longer and healthier lives, and changing traditional work patterns.
One of these major shifts we are seeing is ‘un-retirement’. The classic notion of working until 65 and then settling into a quiet retirement is becoming a thing of the past. According to Standard Life, almost one in ten (9%) retirees over 55 have unretired or are actively looking for work, with another 6% considering it either out of financial necessity or simply because they want to stay active and engaged.
These social changes aren’t temporary trends but fundamental changes in how people approach their later years. So how can we marketers effectively serve this audience) without falling into stereotypes or clichés)?
How can marketers connect with later life audiences?
1. Rethink our messaging & change perceptions: The traditional retirement narrative of “winding down” just doesn’t resonate with this audience. These are the people who experienced cultural revolutions, travelled extensively, and weathered multiple economic cycles – plus many of them are still active professionals. They deserve holistic messaging that reflects who they really are: vibrant, capable, smart, opinionated and still evolving, such as Tesco’s ‘Sue’s ‘Dive In’ Crispy Pork Noodles’ featuring an older diverse group of women braving open water swimming, not frail old grannies knitting at home! Let’s change the narrative.
2. Elevate the imagery away from cliches. The ‘silver economy’ don’t want to be marketed to through patronising clichéd images of seniors sipping tea or strolling on beaches which don’t reflect today’s dynamic older adults. Why not show older people in a place of work, participating in sports, or demonstrating unexpected skills – we love Angela Rippon’s flexible approach here!
3. Use humour and surprising angles. Old age is anything but boring these days, so don’t make your comms! Great examples of this include Yorkshire Tea’s ads starring Sean Bean and Sir Patrick Stewart, and What3words’s ‘Neighbours’ ads where a young man is expertly outwitted by an elderly couple.
4. For FS marketing in particular, emphasise financial independence. We know from apps like Paypal and banking that aging baby boomers are more than comfortable using technology and AI for their finances, so digital tools are a great way of putting control in their hands and maintaining their independence. Adviser tools designed for this audience are important too – we had great success with our Key Partnerships Retirement Funding Tool in showcasing real-world retirement scenario and enabling more personalised conversations.
5. Check that your product offerings meet their unique needs: We need to get the older generation excited about the impact later life products can have on people’s lives again. Especially with un-retirement growing in popularity, it’s time to re-think how we position products as these people are balancing new income with retirement benefits, tax implications and continuing wealth transfer planning while still earning. We love how Provira re-framed their product offerings for this group, changing the perception of Equity Release from it being a last resort to a product with many uses and benefits and big-upping it’s positives.
6. Challenge outdated industry norms: Why do mortgage lenders impose arbitrary age limits when many older adults have stronger financial positions than their younger counterparts? Why do insurance premiums jump dramatically at age 66 regardless of health status or driving record? Talk with your product colleagues to see if you can innovate in this space to better serve this growing audience.
Final thoughts…
As marketers, we need to rethink our approach, training our teams to move beyond tired stereotypes and develop authentic communication that resonates with this vibrant demographic. For financial services especially, there’s a golden opportunity to create products that genuinely serve this audience that will build lasting relationships with a group that values quality, authenticity, and respect (See our blog ‘Communicating the Changing Shape of Retirement Funding’ for more insights around this subject).
Do you need to re-look at your marketing approach for this audience? Are you seeing the un-retirement trend among your clients? How is your organisation adapting? Let’s discuss in the comments below or get in touch here!