THE RISE OF THE ‘GUPPIE’

1980s YOUNG URBAN PROFESSIONALS NOW OLDER, WISER AND GREENER!

With the sequel to the 1987 hit movie Wall Street set to hit our screens next week, it seems that ruthless stockbroker Gordon Gekko’s famous mantra is back, but with a 21st Century twist. The Yuppies of Yesteryear are older, wiser, richer and GREENER, according to latest research.

The RIAS ‘Yuppies: Older, Wiser, Greener’ report¹ reveals green issues are more important than ever. Just over half (55%) of the UK’s over 50s, equivalent to 11.9m people², admit that being green matters more to them more today than it did three decades ago, revealing a new tribe of ‘Guppies’, or Green Yuppies, taking the green agenda by storm.

Older, wiser, richer, GREENER!
While the Yuppies – young, high achieving city-dwellers with well-paid jobs and affluent lifestyles – were known for their love of making money during the 1980s, this was also a famously technology savvy generation and it seems that this trait has grown up with them, with many choosing to add cutting-edge ‘green’ technologies and gadgets to their homes.

‘Green is Good’
Almost all of those surveyed (91%) by the specialist insurance provider, equivalent to 19.6m over 50s, use energy saving light bulbs, just under a quarter (24%) have installed a low-flow showerhead to help reduce their water waste, 5% have even added solar panels or wind turbines to their properties as a way to make their homes more energy efficient, and a further 3% have signed up to a green energy supplier who uses renewable sources.

When asked about what steps they’ve taken reduce their carbon footprint, over three-quarters (81%) said they made a conscious effort to turn lights off when they leave a room, just over half (53%) wash all their clothes at 30 degrees, and over a third (30%) use public transport now more than ever.

Lives in a very big house in the country…
As you’d expect, the overwhelming majority of yuppies lived in urban and suburban environments some 30 years ago, but now only 56% of 50-65 year olds live in similar locations. One quarter have migrated to the country where they live and spend the majority of their time³, with one in five (9%) making a conscious decision to downsize.

Over a quarter (28%) of today’s green yuppies are no longer growing their empire in financial districts but in their own back garden. ’Guppies’ are growing their own produce in vegetable patches at home or on their own plots in local allotments, and one in ten (11%) have installed grey water recycling systems, where water waste from showers, baths and washing is stored and re-used to flush the toilet.

A tale of two generations: the yuppie then and now

Janet Connor, Managing Director at RIAS comments: “It’s fascinating to see how the original ‘yuppies’ have come of age.  Yes, money may still be important to them – they’ve earned it after all – but it’s great to see many of them turning into ‘Guppies’. A huge number of them are making a conscious effort to support the environment, with their efforts and commitment set to benefit their grandchildrens’ generations.”

This generation actively campaign and make a difference to issues they care about and believe in, and it’s these actions and behaviours that will rub off on younger generations and hopefully set them on their way to a greener lifestyle. And with RIAS Buildings Insurance covering solar panels and wind turbines as standard, today’s green over 50s can not only invest in the latest environmentally friendly technologies, but also enjoy the peace of mind that their ecological purchases are fully protected.”

RIAS Home Insurance covers damage to solar panels and wind turbines as standard as part of its buildings insurance policy, providing cover of up to £1m. In addition, RIAS Home Insurance includes the following features and benefits:

• Buildings cover up to £1 million;
• Up to £50,000 contents cover as standard (can be increased up to £100,000);
• New-for-old replacement on damaged or stolen items (excluding clothing and household linens);
• Accidental damage cover to electrical equipment such as TVs and computers;
• Identity Theft Assistance service – a support service to help if customers if they believe they are a victim of this type of crime.

For more information about RIAS Home Insurance, or the full range of products RIAS offers, customers can contact RIAS on 0800 561 0711, or online at www.rias.co.uk

 - ENDS -

For further information, please contact:
Alex Kennedy or Fiona Boston at Seventy Seven PR on 020 7492 0977 or email rias@77pr.co.uk
Alternatively, contact Lucy Pope, Consumer Communications Manager, RIAS on 01202 254445 or email lpope@rias.co.uk

Notes to editors

¹ The RIAS ‘Yuppies: Older, Wiser, Greener’ report surveyed over 1,000 over 50s  who would have been in their 20s and 30s in the heyday of the ‘yuppie’ to see how priorities have changed with regards to their careers, money, material possessions and living arrangements.

² There are 21.5m over 50s grandparents in the UK (source: ONS Population Projections, 2010). 

³ Source: RIAS ‘Yuppies of Yesteryear’ report from YouGov Plc. Total sample size was 1074 adults aged 50 to 65. Fieldwork was undertaken between 30th March to 1st April 2010.  The survey was carried out online. The figures have been weighted and are representative of all GB adults aged 50 to 65.

All figures, unless otherwise stated, are from Opinium.  Total sample size was 1011 adults aged 50+. Fieldwork was undertaken between 27th August to 1st September 2010.  The survey was carried out online. The figures have been weighted and are representative of all GB adults aged 50 and over.

About RIAS
RIAS was established in 1992 and is a specialist award-winning provider of insurance products for the over 50s age group.

Part of Fortis (Insurance UK) Limited, RIAS has nearly a million motor, home and travel insurance customers and employs over 1,100 people across two UK sites. RIAS negotiates with a panel of insurers to secure competitive, value for money products.

As a leading provider of award-winning personal and commercial lines insurance solutions in the UK, Fortis has a successful customer-centric strategy, founded on aligning its activities to how customers want to buy insurance, combined with delivering high quality products, manufactured at costs better than market norms.

Insuring in the region of 7 million customers and working with a range of partners, Fortis is recognised for delivering consistent and high-quality customer experiences. In 2009, its non-life profit before tax and interest was £29 million and its non-life GWP was £805 million.