Endless talk of disruption and digitisation can give the impression of a financial services sector obsessed with the ‘new’.
But while millennials and their post-2008 world view are often portrayed as a primary driver for change, are businesses and brand communications showing sufficient care and attention to their elders?
Older consumers are not just the fastest growing segment of the UK population; research suggests they also have the greatest distrust and cynicism about financial services and the weakest sense of loyalty.
While many baby boomers imagine an online-only future for the sector, barely one in ten say the communications they receive from firms make them feel confident in their financial decisions, compared to one in five 18-37-year-olds.
We dig beneath the generational stereotypes and consider how financial services businesses can communicate better with consumers who don’t want to be defined by their age, but whose attitudes have been fundamentally shaped by years of boom and bust accompanied by bold – and sometimes broken – brand promises.
Andy Lane, Partner, Instincitf
Alistair McQueen, Head of Savings & Retirement, Aviva
Martin McGovern, Former head of Brand & Channel Marketing, Aberdeen Standard Investments