Tuesday, February 13th, 2018 - WiseGuyReports


"Protecting the Financial Needs of Today’s Households", General Insurance Consumer Survey to understand the protection needs of today’s households. Respondents are categorized into eight lifestages based on type of household and lifestyle, for instance whether they are young and have not yet had a family; have a family with dependent children; are older parents with adult children still living at home; or are adults who have had a family and are now in retirement.


The finances of each lifestage are discussed in relation to bank accounts and cards; property, mortgages and loans; investments; and pensions. This allows the discussion of topics relevant to each lifestage, such as house buying, inheritance, the bank of mum and dad, retirement, and having dependent children. This provides a holistic view of consumers’ financial situations, which in association with their lifestyles is used to discuss their protection needs.


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The report analyzes the uptake of protection insurance among consumers in the last 12 months for each lifestage, explores what triggered them to buy, and relates this to their top financial concerns. The report concludes by summarizing each lifestage’s demographic and financial characteristics and highlighting the critical success factors to target them.


It is crucial to understand the lifestyles and finances of families and households in order to understand their protection needs and how to target them. The key to this has changed from analyzing customers on an individual basis to assessing them based on their lifestage and household. Individuals are rarely financially independent: often they will have a partner, children, or parents with whom their finances are linked. This report holistically analyzes the finances of different lifestages to discuss their different protection needs, and suggests how to target them.


By segmenting customers this report highlights that product design and financial advice are lacking at every stage of a consumer’s life. More propositions are needed that target specific lifestages, from advice on how to save to buy a house, right through to retirement and minimizing the impact of inheritance tax. Opportunities exist for all financial services players to enhance and develop propositions that fit the needs of today’s customers.



- There are 26.7 million families in the UK, all of which have different financial needs.

- House buying is key for targeting younger consumers; however, protecting dependents becomes more important when they have children. When approaching retirement age, targeting should focus on retirement and family wealth planning.

- The top financial concern for households is paying monthly bills and housing costs, but with age consumers become more focused on saving for a comfortable retirement.


Reasons to buy

- Understand how lifestage is influential in product marketing.

- Gain insight into how to target customer lifestages based on their unique financial needs, concerns, and lifestyles.

- Adjust your strategy to appeal to more customers by providing more targeted products and services.


Table of Content: Key Points


    1.1. Protection insurance must appeal to customers’ financial concerns 1

    1.2. Key findings 1

    1.3. Critical success factors 1


    2.1. Introduction 8

    2.2. Assessing the wider family and household dynamics of individuals 9

      2.2.1. Moving from the financial and protection needs of individuals to families 9

      2.2.2. There are 26.7 million families in the UK according to the ONS 10

      2.2.3. Lifestage is a combined outcome of four factors 10

      2.2.4. Lifestage demographics provide greater understanding of lifestyle 11

      2.2.5. House buying and settling down to start a family is occurring later in life 11

      2.2.6. Retirement age is increasing, meaning individuals will have to work later into life 13

      2.2.7. Household income is higher for families with children 13

    2.3. Households with children must manage work and childcare 16

      2.3.1. Adults can play different employment and care roles within the household 16

      2.3.2. It is common for both adults in a household with children to be working full-time 16

      2.3.3. The stay-at-home parent transitions to working part-time as children get older 16

      2.3.4. Parents of adult children are less likely to work as they approach retirement 17

      2.3.5. How parents balance childcare and work depends on the number of children 17

      2.3.6. Elderly dependents are also a responsibility 18


    3.1. Bank accounts and cards 20

      3.1.1. Current accounts, savings accounts, and credit cards are the most common financial products 20

      3.1.2. Product penetration of banking accounts and card products 21

      3.1.3. A higher value of money is stored in savings as opposed to current accounts 22

      3.1.4. The average value held in current accounts is steady across all lifestages 23

    3.2. Property, mortgages, and loans 24



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