Almost nine-tenths (88 per cent) of people aged over 50 years old think advertising must change to reflect their needs and desires, according to the latest GreyPower survey by marketing agency Millennium.
The survey of 30,000 over-50s, showed that radio is the most favoured medium of older consumers – 54 per cent said they trusted it – followed by local newspapers (23 per cent) and national press (ten per cent). Television trailed in last, trusted by only four per cent of the over-50s.
Targeting this age group is likely to require a new approach from advertisers, with 70 per cent of over-50s believing their age group is not presented in a positive light, and 74 per cent saying they cannot relate to TV advertising. Most said they would like to see more mature people featuring in ads.
The survey also shows most over-50s are worried they do not have a big enough pension to secure a comfortable retirement, with 70 per cent saying they had a pension fund worth less than &£20,000. However, 62 per cent owned their own home.
Sixty-one per cent believe they will have to call on financial help from their children, compared with only 11 per cent who are assisting younger generations with purchases of major items such as houses or cars.
Millennium says these trends, together with changing attitudes about the need to leave a financial legacy to descendants, are likely to lead to a reconsideration of equity release schemes.