Ever wondered what you’d do if you had the chance to withdraw 100% of your pension in one go and how you’d spend the money? Well, from April 2015, anyone over the age of 55 with an eligible pension can take full advantage of this opportunity. More than 200,000 people will cash in their full pension pot when the government reforms take effect this year with an estimate of £5 Billion withdrawn in the first three months.
The big question is, how will they spend it? Companies across the UK and Europe stand to benefit as the over 55s look to pursue their dreams and secure their retirement: A recent Ipsos MORI survey found that 21% will spend it on a holiday, 16% will reinvest in property, 12% will spend it on DIY and 8% will buy a car. A massive percentage will be looking for new investment vehicles as they try to decide how they can make their money go further.
Over 55s today are a diverse group, with multiple interests, hobbies and pursuits. Advertisers from across the tourism, investment, property, home improvement and automotive sectors will be looking for the media and channels that this audience engage with. There has been a significant uptick in advertising targeting this audience across TV, special interest events and magazines, and broadsheet press. The difficulty for advertisers is finding a channel that assures a broad reach to this demographic. One channel that can help them reach a concentrated audience of affluent over 55s doesn’t fall within the ordinary categories, but the savviest of brands know not to overlook it…
Every year, a staggering 45 million UK passengers over 55 get onboard a flight with Ryanair, easyJet, Thomas Cook and Jet2.com. These UK pensioner favourites escort this audience across Europe – from commutes to holiday homes and family, to exotic holidays to dream destinations, aboard any one of these flights you’ll find up to 28% of the passengers are in this sought-after demographic.
Sealed off and unplugged from the world, it’s during this time that passengers start to ponder their big life decisions – their dreams and aspirations as well as the practical need for planning. As our huge UK over-55 audience considers how to use their new pension opportunities, there’s one media that will be right in front of them: the inflight magazine.
If your company is looking to tap into the many opportunities opened up by the pension reforms this April, we’ve prepared an insightful fact sheet to help you plan your Marketing campaign as the over 55’s spending power accelerates.
Click here to download it.
8th January 2020