Purchasing financial products is a complex process involving interaction between consumers, families, financial service professionals and other concerned parties. Individual consumers and asset managers can have differing views on these competing priorities, resulting in a divergence between perceived financial needs and actions.
Forecasting and anticipating major life events will help individual investors achieve their financial goals. With this in mind, this study will be based around the following age bands.
Wealth Starters – Aged 21-30
Wealth Accumulators – Aged 31 – 40
Wealth Builders – Aged 41 – 50
The findings of this study can be used by asset managers to help engage clients along the life curve and emphasize the importance of maintaining one’s quality of life. Asset managers and advisers can help individual investors understand the economic reality in which they live by placing an explicit pound value on their post-retirement pension.
The findings of this study should also help asset managers understand what channels are most effective in terms of engaging each age bracket.