11th November 2014

Using behavioural science in your conversations with the sandwich generation

Using behavioural science in your conversations with the sandwich generation

Recently, Aviva launched its latest New Thinking book on behavioural science and the sandwich generation. Now Aviva is looking at how you can use this theory in conversations about retirement planning, protection and private medical insurance with these ‘squeezed’ clients.

Who are the sandwich generation?

The sandwich generation are typically aged 45-60, and often care for their elderly parents and adult children. They are time poor, pressurised, and experience inertia when making decisions and taking action. 

These clients need your help with planning for their own retirement, protecting themselves and their family, and ensuring they have any healthcare cover that they might need. Two thirds of your client base has the potential to be in the sandwich generation, so while they can be a challenge they are also an important opportunity. 

Retirement planning

These clients are approaching retirement age, but the pressures on their time and finances can make it difficult to plan for the future. In fact, one in four adults in the sandwich generation said they actually had to reduce their pension contributions due to the cost of caring for parents and children, and this can impact on their own future happiness in retirement. 

Protecting the sandwich generation

Many of these clients might have dependents living in their homes, whether that’s adult children who have moved back home after university, or elderly parents who they are caring for. With family members depending on them, it’s crucial that they are protected against worst case scenarios. As 42% of people aged 45-60 see cost as a barrier to protection, there is an opportunity for you to show the value of having protection in place, particularly as 58% of Aviva’s 2013 critical illness claims come from people in this age group.

Private medical insurance

In addition to retirement planning and protection, many of your sandwich generation clients could benefit from conversations about private medical insurance. The biggest fear for people in retirement is the impact that age has on their health, but 59% of people aged 45-54 say that PMI is a luxury they can’t afford. This means there is an opportunity for advisers to talk about the value of PMI.

Helping you use behavioural science 

Aviva has a range of helpful resources that can help you talk to clients about each of these key areas. There are videos and top tips guides from behavioural science expert and best selling author Steve Martin, and these can help you have more effective conversations with your clients.

As well as this, you can access infographics to give you the latest insight into the sandwich generation, and watch videos about why the sandwich generation are so important to your business.

For more information on using behavioural science with your sandwich generation clients, visit AvivaSandwichGeneration.co.uk, or for private medical insurance conversations, visit Aviva.co.uk/healthcarezone.

Business Development, Retirement, Protection