30 x 30 minute IDI’s- The intention is to speak with at least 30 people aged 55-99, with different wealth/income levels and educational backgrounds
Later Life project
"We identified various areas and pain points that can be improved on when it comes to preparing finances for later life."
Introduction
The purpose of this project was to build a deeper understanding of “the later life audience”, mainly focusing on:
• Their financial hopes and fears.
• The experiences they’ve had with providers.
• What’s worked well and what hasn’t been so great.
Through understanding the problems people are facing, and why, we hope to uncover valuable insights to help steer us in our understanding of what a good later life proposition really is. This approach is more likely to help us identify what people really want and need, rather than what we think they do.
With the aim to help shape what a positive later life proposition looks like.
Specifications
A total of 30 interviews were conducted with those approaching later life, still in work and retired.
- 10 people aged 55-65
- 10 people, aged 65-74
- 10 people aged 75+
All had some level of personal pension in addition to eligibility for the State Retirement Pension
Results
We identified various areas and pain points that can be improved on when it comes to preparing finances for later life, mainly focused around a need to see all finances in one place (pension pots, ISAs, other savings, stocks and shares, premium bonds…). And to be able to speak with a knowledgeable advisor in person.
Preparing for retirement at the right time should be a key focus, normally advice is often provided too early before they have actually started considering their future options.
We also gained insight on products that would be preferred for this age group.
