April 12 , 2019  /   Consumer Insights

What NOT to do when talking to your 55+ clients

The research is in: it seems many of us don’t know the 55+ Canadian as well as we think we do. In fact, a recent Brainsights study showed that the age bias is causing most marketers to completely miss the mark when addressing this demographic. With 11 million Canadians falling into the fastest growing consumer segment, knowing the rules of engagement just makes good business sense. Unsure whether you judge this demographic incorrectly, read this article too to find out – “Is Youngsplaining the new Mansplaining?

Follow the rules below to set yourself apart and get your message heard from this demographic.

DON’T use stereotypical labels.   A 2018 IPSOS study revealed that nearly 80% of Canadians 55+ disliked the label Senior. A mere 19% preferred the term Boomer, 11% preferred the term  Retiree, 20% preferred the term Older Adult, and not surprisingly 0% liked being called Elderly. Most importantly, 30% preferred no label at all!2

  • Stay away from using labels in your marketing pitch. So get creative and instead refer to lifestyle, interests and values – rather than defining them by their age group

DON’T portray them as elderly and frail. Canadians 55+ are living longer with active and healthier lives than ever before thanks to medical advances. They’re capable, enthusiastic, adventurous and empowered. Savvy  businesses will represent them in the same manner they see themselves.

  • Choose appropriate photos for your marketing materials
  • Direct conversations around adventures that lie ahead: bucket lists, travel, large purchases

DON’T treat them as helpless and confused. This group is well educated, intelligent and capable. Many are still in the workforce with no immediate plans to exit. They are not only planning for their own retirement but in many cases are helping children and grandchildren plan their futures. They revel in clever humour that pokes fun at ageist stereotypes and accurate representations of their many capabilities.

Watch the video below to see an example in action.

DON’T focus only on what lies ahead. Some 55+ Canadians are unsure how they will fit into their new retirement reality. In this sea of uncertainty, nostalgia tends to be a kind of anchor that provides reassurance. Generation-tailored nostalgia resonates well with this group.

  • Talk about the past and those milestones that took place in their home
  • Probe about favourite places to travel
  • Know your references and pepper conversations with mentions of music, movies, historical events, or sports they could relate to

DON’T ignore the children.  Teaching their children is important for the 55+ group.  They want to serve as a good example for future generations while setting them up for success.

  • Probe about children and grandchildren they want to help financially with a down payment for a home or tuition costs
  • Reinforce the idea that with the CHIP Reverse Mortgage, your clients can help setup their children for success and remain financially independent

DON’T engage in information overload. Science proves that as we age, we require more cognitive resources to process information. So, while the 55+ group likes information, it needs to be presented in smaller chunks. This may mean several conversations, leaving time for clients to digest what they’ve just heard.

  • Follow up each meeting by phone or email to see if they have any questions

DON’T label, enable. The moral here is clear: Employing ageist biases with your 55+ clients risks alienating them. And that could mean leaving a lot of lost revenue on the table. Knowing your clients and how to help empower them will only help make you more successful in the long run.

Click here to download the complete Brainsights study!
Sources:
1Statistics Canada
22018 IPSOS study

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November 09 , 2023   /   Consumer Insights

10 Telltale Signs of a Potential CHIP Reverse Mortgage Client

Do you have clients aged 55 and above who need help to qualify for conventional lending products? It’s a common scenario, and it can be challenging to find the right financial solution for these individuals. However, there is a valuable alternative that can address the unique needs of this demographic: the CHIP Reverse Mortgage by HomeEquity Bank. The CHIP Reverse Mortgage by HomeEquity Bank is a secure financial solution that enables Canadian homeowners 55+ to access up to 55% of the equity in their home in tax-free cash, without the need to move or sell, and the best part is, they don’t need to make any monthly mortgage payments until they no longer live in the home. To identify prospective clients who may benefit from the CHIP Reverse Mortgage, it's essential to be aware of specific indicators that suggest their suitability for this particular financial solution. Here are ten signs that point to a potential CHIP Reverse Mortgage client. Payment Struggles: The client is making late payments, skipping payments, overdrafts, and complaining about costs/expenses. Declined Applications: The client is declined for conventional lending products due to a low credit score, insufficient income or back taxes owing. Family Assistance: The client's children want to assist their parents to help them maintain their independence financially. Sale of Investments: The client is selling off their registered or non-registered investments. Inheritance: The client is helping a loved one with an early inheritance to help with a downpayment, education, divorce, etc. Death of a Spouse: The client is dealing with the death of a spouse and is struggling with a reduced income and needs to requalify for revolving credit. Grey Divorce: The client is dealing with a divorce and is looking to buy out the marital home from the other spouse. Real Estate Investment: The client wants to invest in real estate or needs a bridge financing solution. Homecare for One Spouse: The client is in need of homecare or assisted living for either themself or their spouse. Financial Strain: The client has a financial plan shortfall and needs to increase their monthly cash flow. Recognizing these signs allow you to proactively engage with your clients in conversations about the potential benefits of the CHIP Reverse Mortgage. If you have any questions or would like to learn more about how the CHIP Reverse Mortgage can assist your clients, please don't hesitate to contact your Business Development Manager. Your client's financial well-being is our top priority, and we're here to support you in achieving that goal.
June 15 , 2023   /   Consumer Insights

How to Recognize the Five Most Common Forms of Elder Abuse

Over three days in December, the HomeEquity Bank Customer Experience team hosted Laura Proctor, a Prevention Consultant from Elder Abuse Prevention Ontario, to teach them more about elder abuse. Laura shared statistics about the prevalence of elder abuse in Canada, explained the different forms of elder abuse, and discussed the impact of elder abuse on older adults and how to recognize it to prevent and stop it. Because of the importance of the topic, we wanted to share what the team learned so you, too, can recognize the signs of elder abuse. Over the next 20 years, Canada’s 65+ population is expected to grow by 68%. With an aging population, it’s crucial for Canadian businesses to recognize this growing demographic and understand the issues they face, such as ageism and elder abuse. Ageism refers to the stereotypes, prejudice and discrimination towards others or oneself based on age. Ageist attitudes can lead to poorer medical and mental health outcomes, employment discrimination, significant monetary loss, increased social isolation and loneliness, environmental stressors, and even elder abuse. The World Health Organization (WHO) defines elder abuse as “a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm and or distress to an older person”. A 2015 study by the National Initiative for the Care of the Elderly (NICE) showed that 8.2% of older adults in Canada experienced some form of elderly abuse. Among older adults, there are five common forms of abuse: Emotional/Psychological Abuse: Psychological abuse is the most common form of abuse among older adults. It consists of any verbal or nonverbal activity that results in the degradation of an individual’s identity, dignity, and self-worth. Individuals who experience psychological abuse typically tend to show signs of increased fear or anxiety. They begin isolating themselves from friends or family, display unusual behavior, and become disinterested in everyday activities. Financial Abuse: Financial abuse is described as any improper conduct, done with or without the informed consent of an individual, that results in monetary or personal gain to the abuser and monetary or personal loss for the individual. Older adults experiencing financial abuse may showcase changes in their appearance, health status, or personal habits. Other indicators include unexplained changes in wills or title documents, increased telephone solicitations for funds, missing personal property, funds wired out of the country for mysterious reasons, missing or redirected mail, and names added to their bank accounts. Physical Abuse: The third most common form of abuse among older adults is physical abuse. It is defined as any act of violence or rough handling that may or may not result in bodily injury but causes physical discomfort or pain. Older adults experiencing physical abuse may display signs of dehydration or severe weight loss. They may be getting over- or under-medicated and display injuries such as bruises, cuts, or sores that they cannot explain. Sexual Abuse: Sexual abuse is non-consensual sexual conduct of any kind with an older person or sexual contact with anyone who is incapable of giving consent. This includes joking of a sexual nature, sending or receiving sexually explicit photos, and inappropriate touching, to name a few. Among older adults, sexual abuse is a form of abuse that is not talked about enough. Neglect: Neglect is the failure to provide care and assistance required for health, safety, or well-being and includes inaction or a pattern of inaction that jeopardizes the health or safety of an older adult. An individual can neglect an older adult by not providing them with food or water, not providing proper clothing or hygiene, or leaving them in an unsafe environment. They may even deny an older adult access to necessary services such as home care, nursing, or medical attention. With Canada’s 65+ population expected to grow by 68% in the next 20 years, it has become more important for Canadians to recognize signs of elder abuse and ageism and take action. To learn what the Government of Canada is doing for seniors, visit canada.ca/seniors. To report elder abuse, contact your local authorities or seniors’ safety line.
February 13 , 2023   /   Consumer Insights

How to Determine if the CHIP Reverse Mortgage is Right for your Client

Each of your 55 or better clients has different financial needs and goals. Some may be motivated to give a loved one a gift of a lifetime by helping with a down payment on their first home. Other clients may want to pursue their passions and interests or travel while maintaining their desired lifestyles in retirement. Others may still be interested in investing in their home by making repairs, refreshing their décor, or renovating with the goal of aging in place. By listening carefully to what your client is telling you – directly and indirectly – you can better identify their needs and provide them with the best advice for their situation. While various scenarios warrant a discussion about a reverse mortgage, HomeEquity Bank has found that individuals who use the CHIP Reverse Mortgage typically fall within four groups based on their financial needs: To alleviate the stress of debt. This client may need help paying credit card bills or making mortgage payments. Additionally, they may be putting their children’s needs above their own and helping with the down payment on a home. They do not want to dip into their savings or investment portfolio. Pay for unplanned expenses. This client may have encountered an unexpected home repair, such as fixing a leaky roof, needing to retrofit their home for mobility reasons or hiring in-home healthcare assistance. Want to live life to the fullest. This client is aged 55+, and like many retired Canadians, they finally have the time to pursue the things they always wanted to do – however, they do not have the funds to support these activities. This client may wish to purchase a vacation property or visit more family and friends out of town. Maintain standard of living. This client needs help adjusting their lifestyle after retirement. They may be experiencing a shortfall in their retirement funds as they try to maintain their accustomed lifestyle. If your clients relate to any of the above scenarios, recognize those challenges and offer a solution that allows your clients to move forward confidently using the CHIP Reverse Mortgage. To learn more about how the CHIP Reverse Mortgage by HomeEquity Bank can help, find a BDM near you.