Any savvy business ignores the power of the grey pound at its peril.

Not only are we living longer, we’re living livelier and today’s retirees are a world away from those of just a few decades ago.

They’re working longer, they have more money to spend - which they are doing quite readily due to the ongoing low interest rates.

What’s more, the grey pound has been credited with helping to lift Britain out of recession.

Older folk hold 76% of the nation’s wealth, 60% of the older population are owner occupiers and these pretty discerning, canny customers aged 50 and above accounted for 50% of consumer spending.

No wonder business analytics firm SAS and research agency Verdict have predicted that the grey pound is likely to be the most lucrative one for retailers to chase.

Both research organisations are calling on companies to “re-think how they approach technology and customer service to cater for this growing market”.

And it is a message worth heeding by all those advertisers and retailers who devote their energies to those between the ages of 21 and 34 who are thought to have the largest disposable incomes.

Developers are already starting to wake up to the potential of building homes tailored to this specific market.

After all, with the number of over 60s set to reach 20 million by the 2030s, retired people form the country’s fastest growing demographic group which is creating new demand for a particular type of housing.

It’s time, also, to ignore the ‘can’t teach an old dog new tricks’ theory. Shoppers aged 55 were seen to be key in driving the growth of online purchasing last year and more and more IT firms are realising that their sector is not just for the young.

Take the average mobile phone which, many will agree, seems permanently attached to the average young person.

However Manchester’s Tangerine PR - highlighted the growing trend for firms to launch a mobile strategy with only a young, tech-savvy consumer in mind.

Steve Downes, managing director of Juice Digital, the agency’s digital division says: The simple fact is, a huge proportion of the nation's wealth is held by people over 55. It will be quite a long time before 15 and 16 year-olds become economically interesting to a lot of businesses.”

You wouldn't think the iPad would be a force for driving change in this particular demographic but it is - as the travel business can testify.

Let’s start with the figures. One in five over 60s has, on average, at least three holidays a year.

This age group then:

Combine this group of happy wanderers with a techno-savvy approach and the ease and convenience of the iPad and you can start to understand why the age group also leads the way in looking and booking on-line

Jonathan Bowers, communications director for Manchester hosting firm UKFast, comments: "There is a growing focus on the grey pound due to the popularity of the iPad which has opened the tablet market up to the more senior spender.

"The travel industry for one has realised that the collaborative experience of the tablet is excellent for decision making on holidays, and more businesses need to direct their strategy in this way towards the consumers with money to spend."

So the silver pound could turn to gold for many as Britain’s economic recovery continues.

The baby-boomers’ key role in that regeneration was claimed in a report by Saga, the financial services and leisure company for the over 50s, firmly rebutting the idea that the age group was creating a drag on the country’s economy.

Strategy director, Tim Pethick. commented: “People are living longer and have more active social and economic lives which is changing how we think about ‘retirement’.

“As a consequence the over 50s have become, through their hard work, big earners and even bigger spenders – today they account for some 76% of the UK’s financial wealth.

“Their confidence in the future has made them willing to lift their spending faster than other age groups and, in doing so they have helped drive the UK out of recession.”