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Consumer Attitudes toward Retirement Planning - US - November 2013

“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.”

– Robyn Kaiserman, Financial Services Analyst

This report looks at the following areas:

  • What will motivate young people to save more?
  • How can employers help employees save for retirement?
  • Why aren’t people doing more about saving for retirement?
  • Where is there opportunity in the retirement planning market?

Although retirement plan balances recovered and have now surpassed pre-recession levels, there are still millions of people who aren’t doing enough to prepare for retirement. It isn’t that people don’t know they have to save, because they do. For any number of reasons, however, they just haven’t gotten around to it.

Consumer Attitudes Toward Retirement Planning focuses on the steps people are taking—or not taking—to provide a comfortable retirement for themselves. It also discusses the approaches employers, plan providers, and financial professionals can take and the tools that are at their disposal to encourage people to focus on preparing for their futures.

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Table of contents

  1. 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

                                                                                                                                                              Companies Covered

                                                                                                                                                              • Bank of America Corporation
                                                                                                                                                              • Citigroup Inc.
                                                                                                                                                              • FMR Corp.
                                                                                                                                                              • JPMorgan Chase & Co
                                                                                                                                                              • Los Angeles Times
                                                                                                                                                              • MassMutual (Massachusetts Mutual Life Insurance Company)
                                                                                                                                                              • Prudential Financial, Inc
                                                                                                                                                              • The New York Times Company
                                                                                                                                                              • UAL Corporation (United Airlines)
                                                                                                                                                              • Visa U.S.A. Inc.
                                                                                                                                                              • Wells Fargo & Company

                                                                                                                                                              Consumer Attitudes toward Retirement Planning - US - November 2013

                                                                                                                                                              £3,174.67 (Excl.Tax)