The profile of the Occident saver: average age of 54, monthly planning and personalised support

"The customers of Occident’s savings products intended for financial planning—such as pension plans, ISSP, PPA, and SIALP—are an average of 54 years old, and 60% prefer to make monthly contributions."

Occident has outlined the profile of its customers for savings products, particularly those designed for long-term financial planning to cover specific medium- and long-term savings needs, mainly retirement. The analysis reveals a growing awareness of financial planning, with a defined profile: 54 years old, preferring monthly contributions and placing trust in their adviser for expert and personalised support.

In an economic environment marked by volatility and concerns about an ageing population, more and more people are opting for solutions that ensure future stability. However, Spain still falls below the European average in terms of retirement savings: according to the 3rd Pan-European Pension Survey by Insurance Europe, only 49% of Spaniards say they are saving for this purpose, compared to 61% in Europe.

A well-established profile and a close-knit network

The profile of the saver drawn up by Occident shows that the average age of policyholders with financial planning products is 54.8 years. By age group, the 51 to 60 bracket accounts for the largest proportion of policyholders (34%), followed by customers aged 61 to 70 (24%) and those aged 41 to 50 (23%). The groups 31 to 40 and over 71 are further behind, each representing 8%. By gender, 54% of customers are men and 46% are women.

Due to the tax benefits offered by the products in the study, the period between October and January sees the highest activity in terms of contributions made, coinciding with the start and end of the fiscal year.

Additionally, the average age of contracts in the portfolio exceeds 8 years, with 30% being over 10 years old.

Aware of the importance of promoting savings from an early age, Occident has launched various initiatives to encourage financial planning among young people. In this vein, it has recently released a series of savings capsules on social media as part of its new editorial line, "Todo, todo y todo sobre...". This initiative is part of the company’s digital strategy and aims to deliver useful content in a clear and engaging way, especially to new generations. Through short, visual videos in a friendly tone, shared on platforms like TikTok and Instagram, the insurer’s financial advisers address key issues about saving and investing, with the goal of helping the insurer’s social media followers—especially younger audiences—make informed decisions to build a more secure financial future.

The network of brokers, key in financial planning

In a context of economic uncertainty, having the support of a professional broker is highly valued by customers. Savings products, particularly those for financial planning, require detailed knowledge of both the product and the customer’s objectives, such as their expected savings horizon and risk tolerance. At Occident, 85% of financial planning product sales are made through the Agency Channel, which conducts a comprehensive analysis of the customer’s needs and sets their savings goals; their saving profile (from the most prudent to the most dynamic), tax strategy, and their financial needs based on family income and the number of children.

Beyond the product itself, customers especially value the support they receive from their broker, a key figure in answering questions, identifying the most suitable products for each life stage, and above all, building trust in decisions that affect their personal and family future.

A comprehensive and flexible range of savings products

Within the full range of savings products are complementary social pension products. Occident markets both individual pension plans and PPAs, as well as Voluntary Social Pension Entities (EPSV, products specifically designed for residents of the Basque Country and Navarre). All of these come with different investment options (such as Occident Fixed Income Pensions, Occident Mixed Fixed Pensions, and Occident Mixed Variable Pensions) and are in any case subject to regulatory provisions regarding contribution limits and the availability of accumulated funds.

In the field of long-term savings, ISSP and SIALP have become established products that combine savings, investment, and life insurance coverage. In the case of ISSPs (Individual Systematic Savings Plans), the returns generated may be exempt from taxation if withdrawn as a lifetime annuity and at least five years have passed since the contract was taken out. Meanwhile, SIALP (Individual Long-Term Savings Insurance) allows the accumulated capital to be withdrawn tax-free on the returns, provided the investment is maintained for a minimum of five years and annual contributions do not exceed €5,000.

As a courtesy service, all products in the range offer free telephone legal advice and telephone medical guidance, two services that are very well received by Occident’s customers.

Simplified Occupational Pension Plan (PPES) for self-employed workers

The insurer’s range of complementary social pension products is completed by Occident Self-Employed Pensions, a Simplified Occupational Pension Plan (PPES) aimed at self-employed professionals. One of the main advantages of this new product is its favourable tax treatment, allowing the participant to deduct up to a total of €5,750 annually on their income tax return. Specifically, the maximum annual contribution to this type of product is €4,250, which is on top of the €1,500 that can be contributed to an individual pension plan.

Occident Self-Employed Pensions is designed for any self-employed professional with a moderate investment profile who wishes to benefit from tax advantages while growing their retirement savings. Furthermore, this plan also serves as a financial cushion against unexpected situations such as permanent professional disability, permanent total disability, severe disability, dependency, and death. It offers the possibility to make regular and extraordinary contributions within the legal limits, which allows flexible savings management. Likewise, the product guarantees access to the funds after ten years of participation or in cases of serious illness or prolonged unemployment.