The 'Grey Pound'

A survey commissioned by the insurer Direct Line has found that the financial services industry is failing to capitalise on the 'grey pound' phenomenon associated with an ageing, but wealthier, population.

Nearly two-thirds (63%) of over 50s interviewed believed that they are now in a position to make businesses offer them better deals, but 58% said that businesses are still failing to do so.

Worse, around half of those who expressed an opinion said that financial services companies 'talked down' to older customers and 57% felt that they failed to take into account their experience and maturity.

Separate analysis of the 1997 Lex Motoring Report data demonstrated that older drivers are better insurance risks.

Technical details

MORI interviewed a representative quota sample of 719 adults over 50 across Great Britain. Interviews were conducted face-to-face, in home. Fieldwork dates: 10th October - 18th November 1996