DUBLIN--(BUSINESS WIRE)--The "Protecting the Financial Needs of Today's Households" report has been added to ResearchAndMarkets.com's offering.
The report, "Protecting the Financial Needs of Today's Households," helps to understand the protection needs of today's households. Respondents are categorized into eight life stages 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.
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 life stage 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 life stages 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 life stages, 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 today's needs.
Key finding include in this report:
- 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.
Key Topics Covered:
1. Executive Summary
2. Defining Lifestages
3. The Holding Of Financial Products
4. How To Target Lifestages With Protection
For more information about this report visit https://www.researchandmarkets.com/research/rm9ffs/protecting_the?w=4