PLAN PARTICIPANT SURVEY

Transcription

1 PLAN PARTICIPANT SURVEY

2 About the survey In Summer 2012, the companies of OneAmerica surveyed visitors to its participant website to determine how they learned about finances and prepared for retirement what resources are most effective how confident they are with their retirement preparations 6,360 participants responded to the online survey OneAmerica plans to replicate the survey in coming years to gauge progress in helping participants prepare for retirement 2

3 Respondent Profile All Respondents = 6360 Male = 3448 Female = 2882 Age = 993 Age = 1646 Age = 1591 Age 50 or more =

4 Who taught you about finances? 56% 38% 20% 8% 12% Your parents A teacher in school Another family member Your spouse Books 4

5 Who taught you about finances? Significantly more men are taught finances by a teacher or books, while more women are taught by their spouses Your parents A teacher in school Another family member Your spouse Books Male 56% 21% 8% 7% 46% Female 57% 18% 8% 18% 29% Younger respondents were more likely to be taught about finances by their parents or a teacher at school, while older respondents were more likely to learn from books. Your parents A teacher in school Another family member Your spouse Books years old 71% 27% 10% 9% 31% years old 60% 21% 8% 11% 36% years old 55% 18% 9% 11% 39% Over 50 years old 47% 16% 7% 15% 43% 5

6 What resources do you find most helpful with retirement preparation? 52% 55% 41% 28% 17% 14% Calculators Articles Interactive charts Tutorials Videos Mobile Apps 6

7 What areas of retirement preparation do you feel you need help with? All Respondents Overall investing/strategy/choices/risk assessment 23% Saving/budgeting/education planning/making more money 15% Everything/anything 10% Asset allocation/diversification/account management 7% Amount needed to retire/how much to save monthly 7% Retirement plans/rollovers 5% When to retire/where to retire/what to expect 2% Cash flow/distribution post-retirement/supplementing retirement income 2% Not sure/don t know enough to know what to need help with 2% Taxes 1% Health insurance/medical expenses/ltc 1% Projecting/future market analysis/forecasting 1% Making up for lost time/retiring faster 1% Wills/estate planning/living trusts 1% Nothing 22% 7

8 What areas of retirement preparation do you feel you need help with? (By Gender) Male Female Overall investing/strategy/choices/risk assessment 23% 24% Saving/budgeting/education planning/making more money 13% 17% Everything/anything 8% 12% Asset allocation/diversification/account management 7% 6% Amount needed to retire/how much to save monthly 6% 8% Retirement plans/rollovers 5% 4% When to retire/where to retire/what to expect 2% 3% Cash flow/distribution post-retirement/supplementing retirement income 2% 2% Not sure/don t know enough to know what to need help with 1% 2% Taxes 2% N/A Health insurance/medical expenses/ltc 2% N/A Projecting/future market analysis/forecasting 1% N/A Wills/estate planning/living trusts 1% N/A Nothing 24% 20% Other 3% 2% 8

9 What areas of retirement preparation do you feel you need help with? (By Age) Overall investing/strategy/choices/risk assessment 29% 24% 23% 21% Saving/budgeting/education planning/making more money 14% 17% 17% 12% Everything/anything 13% 12% 10% 6% Asset allocation/diversification/account management 9% 7% 8% 6% Amount needed to retire/how much to save monthly 7% 8% 6% 6% Retirement plans/rollovers 8% 6% 5% 3% When to retire/where to retire/what to expect N/A N/A 2% 4% Cash flow/distribution post-retirement/supplementing retirement income N/A N/A N/A 5% Not sure/don t know enough to know what to need help with N/A 2% 2% 1% Taxes N/A 2% 2% N/A Health insurance/medical expenses/ltc N/A N/A N/A 2% Nothing 16% 20% 21% 29% Other 4% 2% 4% 5% 9

10 What resources do you find most helpful with retirement preparation? Significantly more men find articles and mobile apps most helpful with retirement preparation, while women find tutorials helpful. Calculators Articles Interactive charts Tutorials Videos Mobile Apps Male 53% 59% 41% 27% 17% 15% Female 51% 51% 40% 30% 16% 13% Younger respondents were more likely to find calculators, interactive charts, tutorials, videos and mobile apps helpful with retirement preparation, while older respondents find articles most helpful. Calculators Articles Interactive charts Tutorials Videos Mobile Apps years old 61% 45% 56% 33% 21% 24% years old 61% 48% 47% 28% 17% 20% years old 51% 56% 39% 31% 17% 12% Over 50 years old 41% 67% 29% 25% 15% 7% 10

11 Where do you read most about financial issues? 79% 10% 14% 18% 20% Blogs OneAmerica.com Websites Social Media Books 11

12 Where do you read most about financial issues? Significantly more men than women read about financial issues on OneAmerica.com than women, while more women than men read about financial issues via social media. Blogs OneAmerica.com Websites Social Media Books Male 53% 59% 41% 27% 17% Female 51% 51% 40% 30% 16% Younger respondents are more likely to read about financial issues via blogs and social media, while older respondents read about financial issues mainly in books. Blogs OneAmerica.com Websites Social Media Books years old 20% 14% 79% 28% 19% years old 13% 14% 81% 20% 17% years old 9% 15% 79% 16% 19% Over 50 years old 5% 15% 78% 13% 24% 12

13 How educated do you think you are when it comes to retirement preparation? On a scale of 1-10, 1=Not at all knowledgeable and 10=Very knowledgeable % % % % Average=

14 How educated do you think you are when it comes to retirement preparation? Significantly more men than women feel they are knowledgeable when it comes to retirement preparation. Not at all knowledgeable Very knowledgeable Average Male 15% 39% 38% 8% 5.97 Female 28% 44% 23% 5% 5.02 Significantly more respondents over 50 feel they are knowledgeable when it comes to retirement preparation than younger respondents, while those between the ages of 30 and 50 feel they are more knowledgeable than those years old. Not at all knowledgeable Very knowledgeable Average years old 30% 44% 22% 4% years old 24% 45% 26% 5% years old 22% 42% 31% 5% 5.49 Over 50 years old 14% 38% 39% 9%

15 How confident are you that you will be able to retire and maintain your current lifestyle? Not confident/ Completely doubtful 20% Very confident/ Confident 40% Not sure 40% 15

16 How confident are you that you will be able to retire and maintain your current lifestyle? Men were significantly more likely to report being confident or very confident about being able to maintain their current lifestyle after retirement than women. Completely doubtful Not confident Not sure Confident Very confident Male 4% 14% 36% 37% 9% Female 6% 18% 44% 28% 5% The youngest and oldest respondents were significantly more likely to report being confident or very confident About being able to maintain their current lifestyle after retirement than other respondents. Completely doubtful Not confident Not sure Confident Very confident years old 3% 10% 43% 34% 10% years old 4% 14% 44% 31% 6% years old 5% 20% 40% 30% 5% Over 50 years old 5% 15% 35% 37% 9% 16

17 About OneAmerica OneAmerica Financial Partners, Inc. ( headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 years in the insurance and financial services marketplace. OneAmerica s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results. The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals. Follow OneAmerica on Twitter All group variable annuity contracts are issued by American United Life Insurance Company (AUL), One American Square, P.O. Box 368, Indianapolis, IN , Registered group variable annuity contracts are distributed by OneAmerica Securities, Inc., Member FINRA, SIPC, a Registered Investment Advisor, 433 N. Capitol Ave., Indianapolis, IN 46204, , which is a wholly owned subsidiary of AUL. 17