Leslie Sopp ACRS Age Concern IoF Insight Show 170608

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Leslie Sopp ACRS Age Concern IoF Insight Show 170608

  1. 1. Baby Boomers Successful Baby Boomer fundraising… …..what every fundraiser needs to know 17th June 2008
  2. 2. Who are the Baby Boomers? And why should we care? Leslie Sopp, Head of Research, ACRS 17th June 2008
  3. 3. 1946-1953: Baby Boom Generation (‘Leading edge’; ‘Core’) 1954-1964: Generation Jones (‘Trailing’; ‘Shadow’) 17th June 2008
  4. 4. “Mainstream thinking is firmly wedded to the idea that social revolutions are brought about by youth. The third age is characterised as inherently conservative, resisting rather than leading change” Demos: ‘Boom or Bust’ 2002 17th June 2008
  5. 5. By 2020 there will be 24% more people 1000 over 50 800 600 2005 2020 400 200 0 0 20 40 60 80 17th June 2008 Source: GAD 2003 projections
  6. 6. Defining characteristics • Post global war peace dividend • Economic, social and consumer expansion • Health and longevity • Wealth and prosperity • Education • Expanding horizons • Making a difference • Telling it like it is • Analysis and insight 17th June 2008
  7. 7. 2005 2020 % in 2005 % in 2020 Over 50 19,855 24,541 34% 40% 50- 50-64 10,436 12,352 18% 20% 65- 65-74 4,930 6,432 8% 10% 75 + 4,928 6,319 8% 10% 17th June 2008
  8. 8. There are proportionally fewer young people around Average age: Average age: Average age: % 34.1 38.8 43.3 30 2007 Under 16 25 25% 20% 20% 20 18% 18% 15 17% 16% 65+ 10 12% In 2007, the number of people of state pensionable age will exceed the under 16s 5 0 1961 1971 1981 1991 2001 2011 2021 2031 Year 17th June 2008 Source: Office for National Statistics
  9. 9. 17th June 2008
  10. 10. Older people generally have substantial wealth Value of home among over 50s Older people account for 80% of the country’s personal wealth i.e. two Over Under fifths of the nation control four fifths £500,000 £50k £50,000- of its wealth, property, pensions & £99,999 5% 1% 11% assurance £300,000- £499,999 Over 50s account for 40% of 14% Britain’s spending power – a figure which is increasing Under 5% of mature consumers still have a mortgage by the time they 32% reach 70 years old (Source: O45s, Millennium Research Bureau) In 2003 almost 70% of the UK high 36% £100,000- net worth population was accounted £199,999 £200,000- for by those aged 56 and over £299, 999 (Source: FT.Com) 17th June 2008 Base: 31,308 Source: Greypower, 2003 Source: Greypower, 2003
  11. 11. …however 95% of 180 169 marketing spend 160 £260bn a is devoted to the 140 under 50s 120 year 100 80 YET those over 55 60 50 represent 33 40 40% of total 20 consumer spend 0 50-64 65-74 75+ 17th June 2008 Source: FES 2000-01, ONS 2001, Executive Actuary Department Estimates
  12. 12. In fact… “At every stage of their lives, members of the Baby Boom generation have been at the forefront of radical social, economic and political changes: within the family, within education, within the workplace and beyond” Demos: ‘Boom or Bust’ 2002 17th June 2008
  13. 13. People are retiring earlier... 100% 80% Not retired By 60, this 60% increases to 55% At age 40% 16% of the population have 55, already retired Retired 20% 0% 15-44 45-49 50-54 55-59 60-64 65-69 70+ Source: Office for National Statistics 17th June 2008 Source: Office for National Statistics
  14. 14. “Suddenly, they were free…” Between the ages of 45-54, the likelihood of there being children living 100% in a household falls from 47% to 8% 80% 60% No children in household 40% Children in household 20% 0% 15-44 45-49 50-54 55-59 60-64 65-69 70+ Source: Office for National Statistics 17th June 2008 Source: Office for National Statistics
  15. 15. Baby Boomers are beginning to have more free time “I have very little time for relaxation” 100 % Agree 90 % Disagree 78 77 80 66 70 60 53 53 55 50 % 50 43 40 46 45 44 30 30 13 13 20 10 0 15-24 25-34 35-44 45-54 55-64 65-74 75+ Age 17th June 2008 Base: 2,005 adults, March-April 2005. Source: ASC, Life in Britain 2005
  16. 16. Regular income is still very high as they retire Annual household income £36,019 £34,988 £30,970 £29,784 £23,382 £21,567 £12,859 Average 16-24 25-34 35-44 45-60 61-74 75+ 17th June 2008 Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
  17. 17. And they have plenty of money tied up in their homes Total value of home (mortgaged or owned outright) £241,403 £236,105 £230,046 £226,849 £220,749 £201,317 HOUSE PRICES HAVE TRIPLED SINCE 1995 Average 16-34 35-44 45-60 61-74 75+ 17th June 2008 Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults Base: Ipsos MORI MFS Omnibus, Jan to Dec 2006, 47,079 GB adults
  18. 18. Mean amount held in savings By age, at constant 2005 prices quot;Thinking first about your savings accounts, TESSA or ISA, about you much do you currently have in total in these accounts?” £13,000 2001 2006 £12,000 £11,000 £10,000 £9,000 £8,000 £7,000 £6,000 £5,000 £4,000 £3,000 £2,000 £1,000 £0 15-24 25-34 35-44 45-54 55-64 65+ All Source: British Household Panel Survey/nVision 17th June 2008 Base: 3,873 respondents aged 15+, GB
  19. 19. Expenditure per person Weekly expenditure at current prices, by age of head of household £250 1998 2000 2002 2003 2006 £200 £150 £100 £50 £0 Under 30 30-49 50-64 65-74 75+ All households Source: Family Spending, National Statistics/nVision 17th June 2008 Base: UK
  20. 20. Proportion who say how well they are doing financially By age quot;How well would you say yourself are managing financially these days?quot; 90% 80% 1992 2001 2006 70% 60% 50% 40% 30% 20% 10% 0% All All 65+ 65+ 15-24 25-34 35-44 45-54 55-64 15-24 25-34 35-44 45-54 55-64 Living comfortably/ doing alright Finding it quite/very difficult Source: British Household Panel Survey/nVision 17th June 2008 Base: 10,000 respondents aged 15+, UK
  21. 21. “I can afford to splash out on luxury goods sometimes” % who agree or strongly agree, by age 80% 2004 2007 70% 60% 50% 40% 30% 20% 10% 0% All 65+ 15-24 25-34 35-44 45-54 55-64 Source: nVision Research 17th June 2008 Base: 1,200 respondents aged 15+, GB
  22. 22. “I have enough money to live comfortably” % who agree or strongly agree, by age 80% 75% 70% 64% 61% 58% 60% 56% 56% 54% 50% 40% 30% 20% 10% 0% l + 4 4 4 4 4 Al 65 -2 -3 -4 -5 -6 15 25 35 45 55 Source: nVision Research 17th June 2008 Base: 1,230 respondents aged 15+, GB, 2006
  23. 23. Why should we care? • There are more of them • The trick is how to than any preceding (continue to) engage generation them….. • They do more than • …..for longer their predecessors • And to convince • They think, talk and act marketing directors that differently (? all of there is life 55+ * (and them) that they are worth the investment…) • They have accumulated assets (? accessible) • ..but not to treat them as a ‘special case’ (and • They are prepared to certainly not as ‘old’) use them (? how; ? when?) * How many of you use tabs that show 55-64; 65-74; 75-84; 85+ ? 17th June 2008
  24. 24. Resources ‘Lifestage’ – major survey of 2,500 over 45’s, commissioned by , and managed by . Conducted by 8 reports: £175 for one report; £500 for all 8 (incl p&p; excl VAT). Contact Leslie Sopp at ACRS for further information leslie.sopp@ace.org.uk 17th June 2008

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