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Ageing population good for businesses


Retirees in the UK now have more income than ever before, thanks to housing wealth and the introductions of the new pension freedoms.

The so called “grey pound” is now worth over £320 billion a year, according to retirement specialist Saga. Businesses have now attempted to cash in on this, with activity holiday companies, cinemas, gyms and even online dating services tailoring specific products and services to retired people.

The financial services industry is particularly cashing in, providing products such as pensions, insurance and equity release, to help the older generation make the most of their wealth.

Many old people will also be downsizing their property, and some estate agents specifically target the retired market. Care provider services which offer personal and assisted care to older people living in their own homes, are also reaping the benefits of a ageing population. It is estimated that there will be more than one million personal assistants working for older people in the UK by 2025.

Ben Franklin, an economist at the International Longevity Centre UK, said:
“Companies need to tailor their marketing strategies to be more inclusive of all ages, and not just target their products at the young. Those businesses that adapt to population ageing will thrive, while those that keep to the status quo will struggle to survive.”

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