2. Forster and Age
We are on a mission to re-frame the
value of older age and revolutionise
how we communicate on age issues.
We are working with changemakers
to shake up the issue and improve
how we communicate with, for and
about older people.
6. Is it worth the investment
• Demographic power:
• Older people are fastest growing segment of UK population
• Economic power:
• People over 50 own three quarters of all financial assets
• They account for half of discretionary spending
• Cultural power:
• People aged 50-65 spend twice as much on leisure and entertainment
as under-30s
• Political power:
• Across the UK, people aged 55 and over cast four out of every
10 votes and made up the majority in many marginal seats
7. Approach by attitude, not age
Older people want to be seen /
treated as people first – rather
than being defined by their age
Attitudes, not age, are the most
fruitful approach to segmentation
and targeting
Older people can be alienated by
direct references to age (and often
mentally subtract ten years from
their actual age)
8. Older – but not old
“I’m just warming up in life really”
“I am very definitely not old – I am older
than I’d like to be but mother is old, not me”
“It’s depressing seeing bits of you get worn
down, but I can see the chance we have to
live life to the full”
“Don’t try to sell to me as an older person,
I’m an experienced and discerning consumer”
9. Key market – 50 to 70 years old
Decisions,
decisions
10. 50-70 year olds: challenges and opportunities
Financial security / Empty nest syndrome Retirement / rise in
financial insecurity state pension age
School aged children / Married / separated Peak earning years /
grandparents redundancy
Caring responsibilities / More time for self-care / Comfortable in own
freedom caring deteriorating health skin and mind
responsibilities
11. Decisions, decisions – identifying the segments
Segment type General ethos
Reliers I don’t know where I’d be if they weren’t here to look out for me
Circumstances change, you just have to find different ways to
Adaptors
do things
Separators I don’t want them poking their nose in
Life is hard – I don’t know what the future holds for me.
Strugglers
I just have to take each day as it comes
Age is just a number. I don’t feel any different.
Carry Ons
My perspective on life hasn’t changed
Embracers Now it’s time for me – this is what all the work has been for
Planners Life can be tough – tougher still if you don’t plan ahead
12. Life events sparking transition into new segment
Retirement
Embracer
Planner
Carry On
Adaptor
Carry On
Struggler
Relier
Separator
13. Profile of segments: Strugglers
Characteristics
“My whole world has turned
• Struggling in the face of adversity around since I was made
• Future is uncertain redundant. Whereas I used to think
• Low morale or low self esteem – may abut retirement, I now take each
not see the light at the end of the tunnel day as it comes and I don’t know
• Feeling enormous pressure what the future holds for me”
This age group
“Life’s tough when you become
• Struggling due to a recent or current major your parents’ parents. I barely
life event have time to myself these days
• May be struggling as a result of being made and worry about them all the time.
redundant at work, caring for an ill partner or But what can do but keep going!”
parent, facing benefit cuts or have a chronic
health condition themselves
• Or otherwise may be anxious about
forthcoming retirement and be anxiously
preparing for old age
• May not know where to go for help / advice
14. Profile of segments: Carry Ons
Characteristics
“I turn 50 today. I don’t feel any
• Creatures of habit
different. My perspective on life
• Reasonably contented with life / not particularly
hasn’t changed. Maybe it’s because
positive or negative
• Active my grandfather is still alive. He’s
• Have not had any major setbacks or life changing 98. I don’t feel like I am on the back
events therefore have no need side of my life yet.”
to feel old
• Do not feel old and getting older is not an issue “Hitting an age is just a number.
• Likely to be in good health therefore have The answer is to never stop. Never
no reason to modify their behaviours or retire. Maybe just change what you
worry about their health are doing. Adapt.”
This age group
• Likely to still be in work
• Unlikely to be preparing for older age
Similar to ‘adaptor’ segment but have but have not
experienced a recent life changing event
15. Profile of segments: Embracers
Characteristics
“Everything as I know it has
• Want to get the most from life changed – my kids have moved out
• Seeking new horizons of home and my husband and I
• Embracing new opportunities resulting have separated. What choice do
from their situation you have but to start again?”
• Feel that they have a new lease of life
This age group “The world will truly be my oyster
when I retire as I’ll have lots of
• May have experienced a significant life event time to do the things I want. I see
i.e. divorce, no direct family commitments any it as the time when I can finally
more (‘empty nest’ syndrome) reap the rewards of my hard work
• Financial situation may vary from extended up until now!”
wealth through inheritance from parents to
lower income as a result of divorce
“People used to say life begins at
• Likely to view retirement as ‘time for me’
40. These days it’s more like life
• May be considering early retirement
begins at 50!”
16. Profile of segments: Planners
Characteristics
“You’ve got to put something back
• Feel and like being in control of their lives sometime. I became a mentor
• Strong sense of self worth because I’ve got to a stage in life
• Getting older is not an issue for them where I’m really comfortable with
• Forward thinking and proactive who I am, have more time (and
• Actively choose course of action money) and want to help
• Reasonably contented with life others. Life wasn’t always like
this!”
This age group
“Life can be tough – even tougher
• Likely to be putting plans in place that will if you don’t plan ahead”
ensure a smooth transition into older age
• May be involved in their community and
have strong local networks “I’ll do all I can to avoid my kids
going through what I had to when
my parents died”
17. Profile of segments: Reliers
Characteristics
“I don’t know where I’d be if they
• Feel they don’t have control over their lives weren’t here to look out for me”
• Discontent with life
• Sensitive to old age – do not view it positively
• Likely to require care – have handed over
control to child/partner
This age group
• Unlikely to have caring responsibilities
themselves or assume caring responsibilities
• Poor health may resulted in them depending
on other people or otherwise deep insecurity
/ sense of self worth
• May be on incapacity benefits and out of work
• Likely to have narrow social networks
18. Profile of segments: Separators
Characteristics
“I don’t need them poking their
• Mistrustful of other people nose in and telling me what to do.
• Have experienced difficulty in their lives I’m alright as I am”
• Project a desire to stay independent and
self-reliant
This age group
• Can be socially isolated with little contact
from other people
• Likely to feel negative about themselves
and have low self esteem
• Unlikely to ask for help/support, even when
they need it
19. Profile of segments: Adaptors
Characteristics
“We didn’t need a four bedroom
• Have adjusted to their situation family house any longer. So we’ve
• Future focussed, practical and resilient downsized and bought our dream
• Have had to deal with loss or change two bedroom flat on the river”
This age group
• Children may no longer live at home
• Parents may need caring for or have
deceased
• May have downsized or moved
20. Applying the segments – Attitudes to financial planning
Segment Attitude
I’ve got to keep my head above water day-to-day, I can’t see beyond
Strugglers the end of the month at the moment
I’ve got enough to keep me going for now and have always paid into
Carry Ons
a pension. I’ll cross that bridge when I come to it.
It’s wonderful that I don’t have to worry about the mortgage anymore.
Embracers And the kids are looking after themselves these days, so I’ve got a bit more
freedom with my finances.
I like to know all the options and to make sure my savings are getting
Planners the best possible rate. I also want to make sure there aren’t any nasty
surprises down the road.
We’ve downsized since we stopped earning which has kept us
Adaptors comfortable. Hopefully that should keep us on an even keel, but we
should consider what our needs might be in the future.
My son says I’ve got enough to keep things ticking over, and he’ll help
Reliers out if there’s anything else I need.
I know where my money is and what I need to get by on. Why should
Separators I listen to anyone else? They just want to get a cut of it.
21. Implications for marketeers
• Know your audience
• Getting tone of voice right
• Encouraging planning as a route to freedom
and choice
• Picking off the lowest hanging fruit
• Finding the right influencers
• Matching products and services against
audience segments
22. Creating a marketing strategy
Do we know who our audience is?
What are the barriers?
What are the incentives / motivators?
Who is already doing this and how are they doing it?
Are we capable?
What will success look like?
23. Be ruthless
Ability to act
High
High potential
and willing
Willing to act Add text
Low
Low potential
and unwilling
Low
24. Using the right channels
Those you own,
those you
share,
those you don’t