British teenagers are amongst the wealthiest in Europe with per capita income of EUR814 compared to a European average of EUR500. While this is not enough to make them profitable, they represent a captive audience which financial providers need to catch early on. Meanwhile, almost three-quarters of twenty-somethings are concerned that they will not have enough money to retire but their saving behaviour fails to reflect this concern with only a mere 4% believing that they are currently saving enough for their latter years. A new generation of seniors are becoming more savy with their financial products. “New developments and differing consumer lifestyles are having an increasing impact on how consumers purchase and maintain financial products such as accounts, pensions and mortgages. The financial lifecycle is thus undergoing constant change” comments Gunter Seymus, Financial Analyst at Datamonitor and co-author of the report.
