Spotlight on: Late Financial Bloomers

Learning objectives for structured CPD:

Welcome to your guide. Each section will uncover what each new retirement journey means for advisers. Find out how you can use these insights to help grow your business and build more profitable client relationships.

  • In-depth understanding of future retirement journeys
  • Knowledge of how journeys impact client's ability to plan and pay for retirement.
  • Understanding of the future opportunities to engage with and support these consumers.

Please note that would not receive a CPD certificate for the completion of this learning. A reflection statement will be available for you to complete and save for your records at the end of this guide.



About the research

he Changing Shape of Retirement research1 looked at how social, cultural and economic trends are combining to change retirement journeys and shape how we spend later life. Although traditional target markets haven’t necessarily changed, modern life has, which is creating different opportunities for advisers.

The research highlighted five new retirement journeys that all have different financial and emotional needs which are;

  1. Complex Families, Complex Finances
  2. Financially Mature and Stress Free
  3. Late Financial Bloomers
  4. Later Workers, Community Centric
  5. Long-term Supported

Late Financial Bloomers

Although still at least ten years or more from retirement, ‘Late Financial Bloomers’ are expected to be a big client base for advisers in 10-15 years' time. Late Financial Bloomers’ account for around 6% of the over 60s and show strong growth forecasted over the next 15 years. The group is likely to be more prevalent in the future as trends and timing of home ownership changes among those under 40.

"Late Financial Bloomers includes people that get married, buy property, have children and build financial stability late in life, condensing the time they have to build wealth for retirement"

Changing Shape of Retirement report



Future Growth

Future Growth

New opportunity

Advisers have an opportunity to proactively engage this group. Late Financial Bloomers may be late to conversations about planning for their retirement and may need direction on how they can start to build up their wealth later in life for comfortable retirement.

This graph shows the trajectory for each of the groups from 2010 to 2035 from the Changing Shape of Retirement





Better late, then never

The Late Financial Bloomers have come into wealth later in life but there is no such thing as too late when it comes to financial planning. This group will have the accumulation of retirement wealth compressed by late access to home ownership, marrying and having children later in life.

How do they spend their time?

Many may have less pure leisure time as they work longer and have adult children at home longer. With the abolition of compulsory retirement, the ability to keep earning has positive effects on both wealth and keeping fit and active. Comfortable and healthy retirements are possible for many but may happen later in life than previously.

What are their financial needs?

The future of home ownership will be crucial. It’s an important source and protection of wealth. The average savings of overs 60s who own their homes outright is £31k, and they are more likely to have savings of more than £50k than no savings at all. By comparison over 60s privately renting have on average £12k in savings, including two thirds with no savings at all.

The key focus for this group is being financially aware and more interested in understanding ways to mitigate Inheritance tax, maximising pension contributions and having suitable protection in place.

Adviser tools

These online tools are free to use and designed to enhance client engagement 

Life expectancy calculator

A useful tool t help find out your clients average life expectancy, so that you can help plan their future and retirement option.

Try calculator

The budget planner

This online tool looks at your income and outgoings to help your clients understand and manage their budget.

Try calculator

Customer support

Find answers to commonly asked questions, helpful links, tools and contact details.

Customer support