As healthcare and living standards have improved, we are seeing a great shift in our demographics. At the beginning of the twentieth century, the over-65s represented less than 5 percent of our population; yet by 2025 they will make up almost 25 percent. In the United Kingdom, someone born in 2025 will expect to live 15-20 percent longer than their grandparents born in 1950.
Yet along with this rapid change in our community, there has not been a shift in attitude towards the older members of our society. Over 50s are considered old, obsolete and, if not already there, then most certainly on the way to decrepitude.
The reality, however, is something altogether different. The personal wealth of over 50-year-olds in the UK is worth over five trillion pounds- which is nearly 75 percent of the UK’s entire wealth and greater than the GDPs of Germany, France and the UK combined. Over 50s hold 60 percent of all the UK’s savings and are responsible for over 40 percent of all consumer demand in the country.
And yet they are being ignored.
Booz & Company’s fourth New Demographics roundtable gathered together marketing and communications experts on 6 March to focus on the Markets and Opportunities available with our ageing population.
To view the New Demographics microsite click here