how prepared are we for the financial future

8/14/2019 How Prepared Are We for the Financial Future

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Another Inconvenient Truth:

Full Report

Ingrid R. Goodenow, FLMIDistribution Research

860-285-7835

[email protected]

Polly Painter-EggersDistribution Research

[email protected]

Are Consumers Prepared for Their Financial Futures?
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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A 2

ANOTHERINCONVENIENT TRUT

ARE CONSUMERS PREPARED FOR THEIR FINANCIAL FUTU

2007, LIMRA International, Inc.

300 Day Hill Road, Windsor, Connecticut 06095-4761, U.S.A.


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CONTENTS

P

METHODOLOGY............................................................................................................

ANOTHERINCONVENIENT TRUTH...............................................................................

How Ready Are We? .................................................................................................

Managing the Money at Home ...................................................................................

Consumers Top Priorities .........................................................................................

Consumers Secondary Priorities................................................................................

Age Impacts Priorities................................................................................................

WHAT ARE CONSUMERS THINKING? .........................................................................

Taking Action or Just Thinking About it? ............................................................

THE ROLE OF THE FINANCIAL ADVISOR....................................................................

Who Do Consumers Look to the Most for Financial Advice?....................................

How Advisors Are Helping ........................................................................................

Opportunities for Financial Advice ...........................................................................

Seeking Professional Advice ......................................................................................

The Confidence Gap ...................................................................................................

Bridging the Divide between Knowledge and Action ................................................

Targeting Levels of Financial Awareness


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FIGURES

P

Figure 1 Among Couples Who Manages Finances ......................................................

Figure 2 What issues are most important to you? .......................................................

Figure 3 Consumers Knowledge of Financial Objectives ............................................

Figure 4 Steps Consumers are Taking.........................................................................

Figure 5 Consumers Who Seek Regular Financial Advice .........................................

Figure 6 Financial Advisors Used on a Regular Basis .................................................

Figure 7 How Primary Advisors Help.........................................................................

Figure 8 When Consumers Plan to Call Advisors.......................................................

Figure 9 Financial Triggers: Differences between Men and Women..........................

Figure 10 Who Consumers Plan to Seek Out..............................................................

Figure 11 Matching Literacy Levels with Needs ........................................................


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Another Inconvenient Truth: Are Consumers Prepared for Their Financial Future

METHODOLOGY

LIMRA electronically surveyed more than 1,000 members of a national consume

in order to gauge consumers financial literacy and their own assessments of their

financial preparedness for the future. All participants were at least 25 years of age

minimum household income of $75,000. Research shows that households with in

at this level or more are far more likely to rely on a financial advisor than those w

household incomes are less than $75,000 per year. They are also more likely to be

presented with a myriad of solutions by financial services organizations.Data has

weighted by gender, age, household income, level of education, and marital status


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ANOTHERINCONVENIENT TRUTH

With retirement looming for an estimated 75 million baby-boomers, the nation faces th

task of planning for its financial future. Social security dangles by a tenuous thread as b

prepare for their twilight years. People are living longer; all-the-while health care costs

Health insurance and prescription drug costs are the two largest health care expenses fohousehold. The average household spent $374 for prescription drugs and $1,168 for hea

payments1. Add to the mix the increasing numbers of companies who are scaling back o

and other retirement benefits and one can not help but wonder how is this all going t

For consumers, the writing is on the wall. With fewer government resources to support

their retirement years, people will be asked to bear more and more of the financial respo

themselves whether theyre ready or not. Are they aware of the many choices they may

Do they have the knowledge to make those choices? In an effort to gauge the countrys

financial literacy, LIMRA asked upper and middle-income consumers how prepared the

are to address these challenges. Results show that, for most, financial planning is at bes

unpleasant chore often put off or too daunting, which often leads to inaction. So, are con

seeking professional advice? The answer is yes and no.

The complexities of the economic future pose a different kind of challenge to financial

Finding innovative and efficient ways of attracting and maintaining clients is becomingmore elusive as the complexities grow. While advisors may be able to identify potentia

the strategies they employ to secure those relationships will ultimately determine how s

they are.

HOW READY ARE WE?

Middle to upper-middle income consumers (households with income of $75,000K or m

inundated with offers from financial services companies and a broad spectrum of financ

wanting to help them set and meet their financial goals to the point of saturation. Wi

radio, telephone, print media and Internet marketing campaigns all competing for attent

consumers may be overwhelmed with their options Most ads however have common


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MANAGING THE MONEY AT HOME

Working on household finances appears to be a job for one person. Sixty-three percent managing their money at home say they have the sole responsibility for getting the job d

couples a similar pattern emerges. In nearly two out of three couple households, finance

managed by only one of the couple. This figure is equally distributed among men and w

39 percent of couples report that managing money is something they do together. One c

that most money managers have in common, however, is that they tend to be better edu

72 percent of those who handle the finances have college or post-graduate degrees versu

dont handle the finances with less education.

Figure 1

Among Couples Who Manages Finances

Husband,30%

As a couple,

39%

Wife,

31%


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CONSUMERSTOP PRIORITIES

Regardless of age, life stage, or affluence, there are some recurring themes among all cowhen identifying their key financial goals for the future. Rising healthcare costs are a m

for all, so that having adequate hospital and medical insurance coverage is first and fore

minds. People are also concerned about paying down their debts so that they will be abl

retirement (See Figure 2). Understandably, younger consumers are looking ahead, more

about how they are going to make it financially until retirement. Older consumers are co

about maintaining their health and lifestyle through retirement. Additionally, the subjec

remains a key factor across all age groups. Younger people fear accruing it and older pe

challenge of dealing with it.

Other key findings cross over different demographics depending on the financial topic:

People of all ages regardless of marital status are most worriethree issues:

Their ability to pay for hospital and medical coverage

Their ability to maintain current lifestyle in retirement

(this result excludes Mature Couples)

Being debt-free

Young CouplesandYoung Households believe that having enougcase of job loss was of utmost importance to them. This may be due to their lack oin the job market. They may see themselves as a target for any potential lay-offs or

situations. Its also possible they may not yet have built up enough savings to fall b

surprisingly, Young Households also reported that funding their childrens colleg

was a critical issue for them.

Singles with No Childrenand Mature Couplesare most concer

having enough money to live on throughout their life spans. Singles without childr

typically have an additional income source to rely on if they are suddenly unable to

illness or an accident. The older group, however, may be uneasy about the rate at w

financial resources are dwindling while their life expectancy remains uncertain.


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CONSUMERSSECONDARY PRIORITIES

Aside from Singles with no Children and Mature Couples, all other reported that having an adequate income stream was only a moderate concern.

Most people see protecting family income in case of a wage-earners death as bein

important. Single parents, however, see this possibility as a major concern.

Most everyone believes that it is somewhat important to have adequate savings in

wage-earner becomes disabled. Established Couples rated this slightly hi

AGE IMPACTS PRIORITIES

While consumers shared many concerns across different demographics, Age stood oudriver when gauging financial plans for the future.

Older Households and Singles with No Children are more con

having enough money to last throughout their lifetimes as well as having adequatemedical coverage. Younger households focus more on maintaining their planning for retirement.

Single Parents, on the other hand, are more concerned with protecting their case of death.

Young Households are more interested in college savings plans than other


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Figure 2

What issues are most important to you?

Top three objectives per life stage

1 2 3 4 5

SingleNo Children

SingleParent

YoungCouple

YoungHousehold

EstablishedCouple

Having hospital/medical coverage

Being debt free

Having hospital/medical coverage

(in retirement)*

Having adequate savings in case

of job loss

Maintain current lifestyle (in retirement)*

Having an adequate income stream

I cannot outlive

Protecting family income in case

of death

Protecting family income in case

of disability

Funding long-term care expenses

Funding (grand)childrens' college

education

Paying my or my spouse/

partners burial expenses

*Responses based on Household Incomes of $75,000 or more

*These questions were asked only of consumers under age 65 White = Least Important Range Purple =

Life stages:

1 Not married with no children under 18 living in household

2 Not married with 1 or more children under 18 living in household

3 Married, under age 35 with no children under 18 living in household

4 Married with 1 or more children under 18 living in household

5 Married, aged 35 to 55 with no children under 18 living in household

6 M i d 56 d ld ith hild d 18 li i i h h ld


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WHAT ARE CONSUMERS THINKING?

With mounting economic and environmental challenges facing consumers today, the ne

to understand the reality of their financial futures is greater than ever. Do people believ

knowledgeable about the financial options they have in order to prepare for a lifetime o

security?

In our study, we didnt go as far as to test their knowledge, but we did ask how knowled

people thinkthey are when it comes to making financial decisions. We also asked what

have taken to prepare themselves for their future financial stability. In general, there are

financial topics that people feel very knowledgeable about. Whether its managing sa

investments or purchasing life and long-term care insurance, it appears that consumers

some things to learn (See Figure 3).

Consumers think they know the most about

Saving. Just over half (54 percent) feel they are very knowledgeable about sa

this group, wealthier and more elderly people believe theyre even smarter abou

Filing income taxes. Only 45 percent feel they are very knowledgeable about fi

And while 43 percent say they are somewhat knowledgeable, that leaves 12 per

population feeling very uneasy every April 15th. The confidence some people ha

taxes may be due in part to the popularity and availability of software packages

consumers to manage their own tax returns.

Consumers think they know something about

Planning for retirement. Fifty-one percent believe they are somewhat knowle

about preparing for the later stages of their lives.

Life insurance. Like retirement, 51 percent feel that they have some knowledge

topic.


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Consumers say they dont know much about

Long-Term Care insurance. Forty-seven percent say they know very little or nabout LTC insurance, although 40 percent report being somewhat knowledgea

Disability Insurance. Forty-seven percent say they know something about this

while 36 percent say they know little or nothing about it.

Figure 3

Consumers Knowledge of Financial Objectives

14%

16%

17%

22%

24%

26%

30%

41%

45%

54%

40%

36%

47%

48%

50%

51%

51%

50%

43%

42%

38%

36%

30%

25%

22%

21%

17%

9%

8%

4%

6%

6%

12%

9%Long-term care insurance

Medicare

Disability insurance

Investing

Social Security

Life insurance

Planning for retirement

Health insurance

Filing your income taxes

Saving

Very Somewhat Not very Not at a


TAKING ACTION OR JUST THINKING ABOUT IT?

Most people have at least considered the options available to them when it comes to enfuture financial stability. Many consumers have made plans for savings and retirement.

covered their life insurance needs. However, there are a few holes in their plans, particu

comes to long-term care and disability insurance needs (See Figure 3). This makes sens

compare how poorly informed consumers believe they are about those options. Whether


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Consumers have done this:

76 percent have developed a plan to

pay down debt, though that leaves 24 p

of people who are not dealing with their financial futures. Eighty-two percent of co

between the ages of 25 and 34 are taking steps toward managing their debt, which

than any other group.

A majority have decided how theyre going to invest their savings in addition toestablishing an emergency fund.

Well over half have determined their

life insuranceneeds, though that leave

of people who have done nothing to address this need. As might be expected, youn

(between the ages of 25 and 34) make up the majority of those who havent though

Once people reach 35, however, their interest in life insurance continues to rise wi

58 percent of people have calculated theirretirement needs, though 36 peronly considered what they should do.

Consumers have only considered or never even thought about

Long Term Care Insurance. Of the 79 percent of people who havent purc

insurance, just about half have considered it. But, it has never even occurred to alm

quarter.

Disability Insurance. Fifty-five percent of consumers have thought about it,

one quarter have never even considered it.

College expenses. Even though 40 percent of consumers have made plans to p

childrens (or grandchildrens) college education that leaves 60 percent without pl

(These results may be somewhat biased in that parents and grandparents were give

weight. Also, households without children have understandably not considered thi

Results for married couples with children under 18 (still at home) are somewhat hi

Forty-nine percent have already set up a college fund, 45 percent have considered i

6 percent have no plans.


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Figure 4

Steps Consumers are Taking

29%

40%

45%

58%

60%

67%

69%

69%

76%

49%

33%

40%

36%

33%

24%

28%

28

16

2

Determined my long-term care insurance needs

Calculated (grand)child's college expenses

Determined my disability insurance needs

Calculated how much I need to save for retirement

Created a monthly budget

Determined my life insurance needs

Established an emergency fund

Determined how to invest my savings

Developed a plan to pay down debt

Have done this Have considered but not done it Have not thought abou



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THE ROLE OF THE FINANCIAL ADVISO

While many consumers say they have not taken any steps themselves to prepare for thei

financial stability, others have turned to outside advice. Sixty-one percent of consumers

$75K or more seek professional financial advice on a regular basis. Not surprisingly, of

seekers, many more have either seriously considered taking action or actually taken stepto prepare for their future financial security. Whether or not they are satisfied with the c

decision-making is another matter.

Figure 5

Consumers* Who Seek Regular Financial Advice

Non-seekers,

39%

Seekers,

61%


WHO DO CONSUMERS LOOK TO THE MOST FOR FINANCIAL ADVICE?

Among the sixty-one percent of advice-seekers, people rely on different professional ad

different reasons (See Figure 4). There are ten different sources of financial advice cons

from, but there are a few that stand out among the crowd. In some cases, there are demo

cohorts that make certain advisors well-suited to certain customers. For example:

Accountants are the top choice among all consumers, no doubt driven by taxThirty-six percent of people rely on them.


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Lawyers are the advisor of choice by people over the age of 65 as well as peophighest income brackets ($150K or more).

Investment Managers and Stockbrokers are each utilized by onlyof consumers, most frequently by the highest income earners of $200K or more.

Only 8 percent of middle class consumers rely on theirEmployers the most fadvice, mainly by people under the age of 55.

Figure 6

Financial Advisors Used on a Regular Basis

7%

8%

8%

10%

11%

13%

16%

29%

36%

2%Other

Mutual fund broker

Employer

Stockbroker

Investment manager

Banker/loan officer

Lawyer

Life insurance agent/broker

Financial planner or advisor

Accountant



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HOW ADVISORS ARE HELPING

Of those people who currently rely on a financial advisor, particular situations call for d

of advice. People tend to go to their primary advisors when making investment decision

shopping for financial products (See Figure 7). Likewise, there are situations that stand

people dont talk to their financial advisors. Interestingly, financial advisors arent wide

counselors, despite the fact that many advisors may see themselves in that role. It also

as a surprise that people dont go to their financial advisors for their insurance needs. Th

driven by the age old concept of insurance being sold, not bought.

Advisors help the most when it comes to

Getting impartial advice.

Choosing appropriate investments.

Matching products with individual consumers needs.

Advisors help somewhat when it comes to

Identifying how much people need to save.

Providing encouragement on financial goals.

Helping people monitor their financial progress toward their goals.

Advisors dont help at all when it comes to

Serving as a financial counselorIdentifying insurance needs.


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Figure 7

How Primary Advisors Help*

18%

19%

24%

32%

33%

36%

42%

43%

44%

34%

38%

43%

37%

41%

42%

36%

33%

44%

48%

43%

33%

31%

26%

22%

22%

24%

Serving as a "financial counselor"

Identifying my insurance needs

Identifying how much I need in savings

Recommending a specific company's

product or service

Helping me monitor progress t oward

my goals

Providing encouragement to maintain

my financial plan or strategy

Identifying what products are best

for my situation

Selecting app ropriate investments

Providing impartial advice

A great deal Somewhat Not at all


OPPORTUNITIES FOR FINANCIAL ADVICE

People who arent seeking advice are under the impression that something dramatic mu

will push them into it. Among the 39 percent of consumers who are not actively seeking

advice, there are two occasions that would prompt them to do so (See Figure 8):

Being on the receiving end of a financial windfalland/orManaging the family estate after a death in the family

Not to minimize the impact of a financial windfall or a death in the family, but consume

seek advice only under these circumstances obviously dont see the benefits an advisor


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Figure 8

When Consumers Plan to Call Advisors

26%

35%

36%

47%

54%

8%

11%

11%

17%

22%

24%

Birth or adoption of a child

Career change or loss of job

Paying for college expenses

Preparation for marriage or divorce

Saving for retirement

Filing income taxes

Dealing with a serious illness

Purchase or sale of primary or

second home

Starting or selling a business

Dealing with death of sp ouse or

other family member

Receipt of inheritance or other

large sum of money


Different Financial Triggers for Men and Women

Not surprisingly, men and women dont always agree when it is the best time to call on

For example, even though a mere 8 percent of the population would consult an advisor

arrival of a child, 80 percent of those are women. Similar differences, though not quite

observed when it comes to purchasing a home, dealing with a death in the family, and s

selling a business. Most notably, however, women are far more likely to consult a finan

b f tti i d di d (S Fi 9) O lt t th ld ti


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Figure 9

Financial Triggers: Differences between Men and Women

20%

33%

38%

39%

40%

42%

42%

42%

43%

43%

48%

70%

80%

67%

62%

61%

60%

58%

58%

58%

57%

57%

52%

30%

Birth or adoption of a child

Preparation for marriage or divorce

Purchase or sale of p rimary

or second home

Dealing with death of sp ouse or

other family member

Starting or selling a business

Receipt of inheritance or other

large sum of money

Dealing with a serious illness

Filing your income taxes

Saving for retirement

Paying for college expenses

Career change or loss of job

None

M ale Female


SEEKING PROFESSIONAL ADVICEWho are non-seekers likely to consult on that occasion when they may need advice? Fin

planners or advisors were the first choice for 51 percent of non-seekers, followed by law

(45 percent) and accountants (34 percent). This paints a somewhat different picture from

are currently seeking advice Accountants and financial planners are currently the advis


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Figure 10

Who Consumers Plan to Seek Out

51%

45%

34%

17%

8%6%

3% 3% 2% 1%0%

10%

20%

30%

40%

50%

60%Financial planner or advis

Lawyer

Accountant

Investment manager

Life insurance agent/brok

Banker/loan officer

OtherMutual fund broker

Employer

Stockbroker


THE CONFIDENCE GAP

On the surface, it appears that many upper and middle-class consumers have made som

plans when it comes to managing their financial portfolios. But, somewhere along the li

disconnect developed between the actions people are taking and their opinions about th

People recognize the importance of making financial plans, but they are not sure whethe

have done the right thing. Consider the following:

69 percent of consumers have determined how theyre going to invest their savings

54 percent think they know a lot about saving.

67 percent feel they have determined their life insurance needs, but only 26 percen

knowledgeable about the subject. In fact, 68 percent of people report having som

much knowledge at all when it comes to life insurance.

58 percent feel they have established their retirement needs, but only 30 percent of

very knowledgeable about the subject.


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BRIDGING THE DIVIDE BETWEEN KNOWLEDGE AND ACTION

Most people (with household incomes of $75K or more) have made at least some plans

future of their financial security. They have been inundated with information from the f

services industry that has elicited a general awareness among people about the importan

financial plans. Most have some ideas about their options and have even taken steps tow

establishing a plan for the future.

So, why dont they feel more knowledgeable about their finances?

Keep in mind that most people are going it alone when it comes to managing the househThey may feel isolated in their decision-making, creating unease. Furthermore, whether

themselves are responsible for their financial planning or their financial advisors, peopl

appear to be comfortable with the decisions that have been made. Unfortunately, this is

endorsement for the financial advisors of the world, considering that almost two-thirds

class consumers seek professional advice outside their family on a regular basis. One co

that most of those people leave everything up to their financial advisors and let them wo

But, that doesnt really get to the heart of the matter.

When it comes to financial literacy, people need to have certain skills: they need to be i

able to distinguish between a good financial decision and a bad one; and, feel confident

decisions once theyve made them. The question ultimately lies in who is responsible fo

financial literacy of the country consumers, the people advising them or both?

TARGETING LEVELS OF FINANCIAL AWARENESS

Based on our findings, middle to upper-income consumers typically fall into one of thre

when it comes to financial literacy. Among these categories, there appears be a built-in

regarding levels of expertise. For consumers who are basically oblivious about their fin

an education in the basics of financial literacy would be the most logical starting place t

involved. Other research, particularly when it comes to life insurance needs, supports th

educate consumers before selling products to them2. Procrastinators, who have the know

the desire to act, need encouragement and a call to action. Lastly, those who do have an

financial literacy and have begun to take steps need more specific guidance in how to m


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Figure 11

Matching Literacy Levels with Needs

Suggestions for Advisors and Financial Services Companies:

Market products and services targeted to consumers needs based on a clients needIn other words, dont try to sell products to an uneducated consumer; rather, try to

A procrastinator doesn't need educating, but encouragement to take action. An edu

consumer already has knowledge and has taken action. Working with him on the fi

his financial plan would benefit him the most.

Match needs with products, particularly when it comes to insurance. Consumers do

think of how insurance plays a role in their financial futures. This is an opportunity

to educate as well as fine-tune their customer plans. Whether insurance needs are s

long-term, advisors should address insurance concerns when looking at the overall

Emphasize how consumers can help themselves, rather than focusing on selling pe

products than they can handle. Educating people also helps to build relationships.

Clarify the scope of your business to consumers. If you are able to manage a broad

of financial needs, market yourselves as such.

Consider offering workshops and/or courses to consumers so they can become mor

their own decision-making. In turn, advisors can benefit by working with educated

so that the focus of discussions can be on what choices to make, rather than clarify

choices are.


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CONCLUSION

Preparing for the future financial needs of the population has become a great challenge

consumers and financial service providers alike. Consumers feel uneasy about their situ

regardless of whether or not theyve prepared themselves. Financial advisors should tak

heed the call to action. The key to success will be matching needs with the particular fin

services that best meet those needs. Understanding whether or not individual consumers

educating, encouragement to act, or specific advice should be the driving force behind a

target new or existing markets. Clearly, consumers and advisors both have some respon

achieving the overall goal: a financially prepared and literate population that can approa

with confidence.


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RELATED LINKS

The following links are valid as of 01/22/07.

LIMRAEvery Excuse in the Book(2006)

Last year, LIMRA identified the potential for new life sales among 48 million U.S. hou

say they don't have enough life insurance. New insights into why they don't buy the cov

say they need and what it will take to convert them into buyers is the focus of LIMRA's

of the underinsured life market. This report highlights what consumers desire when goi

life insurance buying process, and points out the changes the industry will need to make

to reach these potential customers.

http://www.limra.com/members/abPdf/5370.pdf

Triggers and Thresholds for Financial Advice (2004)

Financial advice is a staple of the financial services industry, but people do not seem to

use of financial professionals in their financial decision making. This report summarize

on use of financial advice by consumers. A model is presented that captures what must

consumers to make use of a financial advisor.

http://www.limra.com/members/abstracts/4741.aspx

Generations X and Y The Financial Attitudes of Tomorrows Market Today (2003)

Generations X and Y have the potential to impact the financial services industry in the U

close to 46 million persons born between 1965 and 1976, Generation X makes up 16 peU.S. population. The 31 million adult members of Generation Y, born between 1977 an

represent 11 percent of the population. Together these two generations comprise more t

quarter of the U.S. population. In the next 20 years, as the majority of baby boomers en

the financial services companies will face at least two challenges: to retain the money th
http://www.limra.com/members/abPdf/5370.pdfhttp://www.limra.com/members/abstracts/4741.aspxhttp://www.limra.com/members/abstracts/4741.aspxhttp://www.limra.com/members/abPdf/5370.pdf


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Issues Surrounding the Use of Financial Advisors (2001)

To better understand what factors consumers weigh when deciding whether to seek assi

financial advisor, the kinds of help they desire, and the attributes they consider importaselection of a financial advisor, LIMRA International conducted a series of eight consu

groups in one Canadian and three U.S. cities. The groups were segmented by life stage

differences in opinions and attitudes among young couples, young families, older famil

empty nesters. Within each of these categories, participants in one group were more up

those in the other. Discussions in the groups centered on what participants perceive to b

financial needs, who in the household is involved in financial decision making, and wh

apt to surround the selection and use of an outside advisor.

http://www.limra.com/members/abPdf/3430.pdf
http://www.limra.com/members/abPdf/3430.pdfhttp://www.limra.com/members/abPdf/3430.pdf


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HARTFORD MIAMI TORONTO LONDON MELBOURNE SHANGHAI

300 Day Hill Road, Windsor, CT 06095-4761, U.S.A. P.O.Box 208, Hartford, CT 06141-0208, U.S.A.

Phone: 860-688-3358 Fax: 860-298-9555 Web: www.limra.com

2007, LIMRA International, Inc.

This publication is a benefit of LIMRA International membership. No part may be shared with

other organizations or reproduced in any form without LIMRAs written permission.

007511-0307-250-LRN0
http://www.limra.com/http://www.limra.com/

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