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Consumer Attitudes toward Retirement Planning-US-November 2013

Published By :

Mintel

Published Date : Nov 2013

Category :

Banking

No. of Pages : 159 Pages

The state of retirement savings in the US has reached crisis proportions. While many people-especially young people-know that they should be doing more, they just aren’t for any of a variety of reasons. It is critical for them to focus on developing a savings plan because an early start will translate into a more comfortable and secure future.
Table of Content

Scope and Themes

What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms

Executive Summary

The market
Figure 1: Total retirement plan assets, $trillions, at end of select periods, 2000-Q2 2013
Market drivers
Retirement confidence is down
Figure 2: Confidence in having enough money to retire, 2003-12
More people are planning to work longer
Figure 3: Percentage who have postponed retirement because of economy, by age, June-July 2011, September 2013
The consumer
401(k)s are the most popular type of plan
Figure 4: Type of retirement savings account(s) owned, September 2013
More than half of survey respondents have done no retirement planning
Figure 5: Percentage who have conducted retirement planning activities, September 2013
Incentives may help young people save
Figure 6: Interest in incentives to save for retirement, by age, September 2013
What we think

Issues and Implications

What will motivate young people to save more?
Issues
Implications
Figure 7: Interest in incentives to save for retirement, by age, September 2013
How can employers help employees save for retirement?
Issues
Implications
Young people are delaying going to work
Issues
Figure 8: Labor force participation, by age, 2011-20 (est.)
Implications
Why aren’t people doing more about saving for retirement?
Issues
Figure 9: Percentage that have conducted various retirement planning activities, overall, September 2013
Figure 10: Median 401(k)/IRA balances for households aged 55-64 who have IRAs, July 2013
Implications
Figure 11: Knowledge/understanding of investments, by age, September 2013
Where is there opportunity in the retirement planning market?
Issues
Implications

Trend Applications

Inspire trend: Guiding Choice
Inspire trend: The Unfairer Sex
Mintel futures: Generation Next

Market Size and Forecast

Key points
Total retirement assets continue to grow
Figure 12: Retirement plan assets, $trillions, at end of period, selected periods 2000-Q2 2013
401(k) plan assets continue to increase
Figure 13: Total 401(k) assets, at end of period, select periods, 2000-Q2 2013
Figure 14: Defined contribution assets, by type and percentage of total, selected years 1995-2012
IRA assets up to $5.7 trillion
Figure 15: IRA market assets, end of period, select periods, 2000-Q2 2013
Figure 16: US Households owning IRAs; Share of Households with IRAs
Figure 17: Share of US households with IRAs, 2000-12
Retirement assets slowly increasing as percentage of household assets
Figure 18: Retirement assets as a percentage of household assets, selected years, 1975-2011
One third have no retirement account
Figure 19: Type of retirement plan owned, September 2013

Market Drivers

Key points
Population of older people is growing
Figure 20: US population growth, 2010-55 (est), by age segment
Figure 21: Distribution of age segments in US population, 2010-55
Unemployment is heading down
Figure 22: Unemployment rate, 2003-September 2013
Retirement confidence is down
Figure 23: Confidence in having enough money to retire, 2003-12
More people planning to work longer
Figure 24: Percentage who have postponed retirement because of economy, by age, June-July 2011, September 2013
Interest rates continue to be low
Trust in professional advisers is decreasing
Figure 25: Trust in sources of retirement planning advice, June-July 2011, September 2013
Potential pension reform

Innovations and Innovators

Key points
Wells Fargo’s social media centers
TD Ameritrade launches LikeFolio.com
Mercer’s “Uncover the Numbers”
Online retirement education
Figure 26: Trust in sources of retirement planning advice, September 2013
Retirement apps are flooding the market
Great-West Financial
The Principal® Financial
Insperity™ Retirement Services
Transamerica Retirement Solutions

Marketing Strategies

Key points
More people learning about retirement on social media
Figure 27: Likely to increase involvement in retirement planning if activity is posted on social media, by gender and age, September 2013
Brand analysis: Wells Fargo
Online initiatives
YouTube
Figure 28: Wells Fargo YouTube video, 2013
Figure 29: Wells Fargo YouTube video, 2013
TV presence
Figure 30: Wells Fargo, television ad, 2013
Figure 31: Wells Fargo television ad, 2013
Direct mail
Figure 32: Wells Fargo direct mail ad, 2013
Figure 33: Wells Fargo direct mail ad, 2013
Email
Figure 34: Wells Fargo email ad, 2013
Figure 35: Wells Fargo email ad, 2013
Online
Figure 36: Wells Fargo online ad, 2013
Figure 37: Wells Fargo online ad, 2013
Brand analysis: Fidelity
Online initiatives
YouTube
Figure 38: Fidelity YouTube video
Figure 39: Fidelity YouTube video, 2013
Figure 40: Fidelity YouTube video, 2013
Figure 41: Fidelity YouTube video, 2013
Print
Figure 42: Fidelity print ad, 2013
Direct mail
Figure 43: Fidelity direct mail ad, 2013
Figure 44: Fidelity direct mail ad, 2013
Email
Figure 45: Fidelity email ad, 2013
Figure 46: Fidelity email ad, 2013
Online
Figure 47: Fidelity online ad, 2013
Brand analysis: Prudential
Online initiatives
YouTube
TV presence
Figure 48: Prudential television ad, 2013
Figure 49: Prudential television ad, 2013
Figure 50: Prudential television ad, 2013
Print
Figure 51: Prudential print ad, 2013
Figure 52: Prudential print ad, 2013
Direct mail
Figure 53: Prudential direct mail ad, 2013
Email
Figure 54: Prudential email ad, 2013
Online
Figure 55: Prudential online ad, 2013
Figure 56: Prudential online ad, 2013
Mobile
Figure 57: Prudential mobile ad, 2013

Retirement Savings Account Ownership

Key points
401(k)s are most popular
Figure 58: Type of retirement savings account(s) owned, by gender, September 2013
Figure 59: Type of retirement savings account(s) owned, by age, September 2013
Figure 60: Type of retirement savings account(s) owned, by gender and age, September 2013
Figure 61: Type of retirement savings account(s) owned, by household income, September 2013
Figure 62: Type of retirement savings account(s) owned, by race, September 2013

Retirement Planning Activities

Key points
Figure 63: Retirement planning activities conducted, by gender, September 2013
Figure 64: Retirement planning activities conducted, by age, September 2013
Figure 65: Retirement planning activities conducted, by gender and age, September 2013
Figure 66: Retirement planning activities conducted, by household income, September 2013

Attitudes Toward Retirement Planning

Key points
Figure 67: Attitudes about retirement planning, by gender, September 2013
Figure 68: Attitudes about retirement planning, by gender and age, September 2013
Figure 69: Attitudes about retirement planning, by household income, September 2013
Figure 70: Attitudes about retirement planning, by race/Hispanic origin, September 2013

Attitudes Toward Own Retirement Plan

Key points
Men are more involved
Figure 71: Attitudes about own retirement plan and investing behavior, by gender, September 2013
Figure 72: Attitudes about own retirement plan and investing behavior, by age, September 2013
Figure 73: Attitudes about own retirement plan and investing behavior, by household income, September 2013

Plans for Retirement Investing

Key points
Figure 74: Attitudes toward retirement plan investments, by gender, September 2013
Figure 75: Attitudes toward retirement plan investments, by age, September 2013
Figure 76: Attitudes toward retirement plan investments, by household income, September 2013
Figure 77: Attitudes toward retirement plan investments, by race/Hispanic origin, September 2013
Figure 78: Attitudes toward retirement plan investments, by marital/relationship status, September 2013

Incentives to Save for Retirement

Key points
How can we get people to save more?
Figure 79: Interest in incentives to save for retirement, by gender September 2013
Figure 80: Interest in incentives to save for retirement, by age, September 2013
Figure 81: Interest in incentives to save for retirement, by gender and age, September 2013
Figure 82: Interest in incentives to save for retirement, by presence of children in household, September 2013

Trust in Retirement Planning Advice

Key points
Figure 83: Type of adviser trusted for retirement advice, by gender, September 2013
Figure 84: Type of adviser trusted for retirement advice, by age, September 2013
Figure 85: Type of adviser trusted for retirement advice, by household income, September 2013

Cluster Analysis

Cluster methodology
Retirement Planning Avoiders
Demographics
Characteristics
Opportunity
Young Interesteds
Demographics
Characteristics
Opportunity
Retirement Planners
Demographics
Characteristics
Opportunity
Retirement Pessimists
Demographics
Characteristics
Opportunity
Confident Unconcerneds
Demographics
Characteristics
Opportunity
Cluster characteristic tables
Figure 86: Target clusters, September 2013
Figure 87: Type of retirement savings account(s) owned, by target clusters, September 2013
Figure 88: Retirement planning activities conducted, by target clusters, September 2013
Figure 89: Attitudes about retirement planning, by target clusters, September 2013
Figure 90: Attitudes about own retirement plan and investing behavior, by target clusters, September 2013
Figure 91: Attitudes toward retirement plan investments, by target clusters, September 2013
Figure 92: Interest in incentives to save for retirement, by target clusters, September 2013
Figure 93: Type of adviser trusted for retirement advice, by target clusters, September 2013
Cluster demographic tables
Figure 94: Target clusters, by demographic, September 2013
Cluster methodology

Appendix – Other Useful Consumer Tables

Figure 95: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013
Figure 96: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013
Figure 97: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013

Appendix – Trade Associations

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