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Home  > Business/Finance  >  Financial Services  >  Financial Management

Retirementality - US

Published Date: May 2006
Published By: Mintel International Group Ltd.
Page Count: 133
Order Code: R560-2111
 
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INTRODUCTION
Other relevant reports
Scope of the report
Abbreviations and terms
Abbreviations

EXECUTIVE SUMMARY
EXPECTATIONS FOR “PRIME TIME”
CHANGING TERMINOLOGY REFLECTS THE EVOLUTION
NEED FOR AN INDIVIDUALIZED APPROACH
IMPLICATIONS FOR THE INDUSTRY


THE PSYCHOLOGY OF RETIREMENT
THE “NEW” OLD
AGING NO LONGER A LIABILITY
KEY CHARACTERISTICS OF THE BABY BOOMER GENERATION
Figure 1: How financially secure do you feel about your retirement?, respondents age 55+, January-September 2005
Baby Boomers envision retirement
Healthcare concerns dominate as a financial worry
Importance of personal savings
Shifts in retirement destinations
Figure 2: Current top ten relocation states for retirees age 60+
PSYCHOLOGICAL PREPARATION AS A PRELUDE TO FINANCIAL PLANNING
Figure 3: Positive responses to “If I won the lottery I would never work again”, by age, January-September 2005
New retirement mindscape
The five stages of retirement
Figure 4: Positive responses to “Would rather have a boring job than no job”, by age, January-September 2005
Figure 5: Positive responses to “I am happy with my standard of living”, by age, January-September 2005
Regional differences
Retirement priorities
Figure 6: Positive responses to “How I spend my time is more important than money”, by age, January-September 2005
Figure 7: Positive responses to “Prefer to work as part of a team rather than alone”, by age, January-September 2005
Figure 8: Positive responses to “I feel secure financially”, by age, January-September 2005
Figure 9: Positive responses to “I provide my kids with things I didn’t have”, by age, January-September 2005
Paths of retirement
Finding new identities in retirement
Need for psychological preparation
Coping with retirement

WORK PATTERNS AND THE NEW “RETIREMENTALITY”
Working longer and phasing in
Working while retired
Figure 10: Positive responses to “Money is the best measure of success”, by age, January-September 2005
Older workers still needed
Reasons for working
Figure 11: Factors in the decision to work in retirement, 2003
Benefits of phased retirement
Preparing for a working retirement
Figure 12: Positive responses to “I would like to set up my own business”, by age, January-September 2005
Retiring, then returning to work
Why non-working retirees return to work
Reasons for returning to work
Household debt and the need to keep working
Figure 13: Home ownership rate, by age, 2001 and 2004
Figure 14: Household holdings of debt, by age, 2001-04
Figure 15: Number of respondents who have home equity loan, by age, January-September 2005

FINANCIAL ATTITUDES
ANXIETIES ABOUT RETIREMENT INCREASING
RETIREMENT PLANNING GAPS
Inadequate planning for income management
Figure 16: Positive responses to “I am very good at managing money”, by age, January-September 2005
Lack of asset allocation strategy
Need for withdrawal strategies
Figure 17: Positive responses to “I enjoy taking risks”, by age, January-September 2005
Figure 18: Positive responses to “Investing in the stock market is too risky”, by age, January-September 2005
Planning gaps among pre-retirees
Figure 19: Positive responses to “I know nothing about finances/investments”, by age, January-September 2005
Figure 20: Positive responses to “I want to know as much as possible before committing to financial products”, by age, January-September 2005
Figure 21: Positive responses to “I shop for the best deal for financial services products”, by age, January September 2005
Figure 22: Positive responses to “I leave financial arrangements to someone else”, by age, January-September 2005
Figure 23: Positive responses to “I find ads for financial services interesting”, by age, January-September 2005
FINANCIAL ATTITUDES WITHIN ETHNIC GROUPS
People feel responsible for their own success
Ethnic influence on retirement attitudes
Attitudes among African-Americans, Asians and Hispanics
Figure 24: Positive responses to “I don’t like the idea of being in debt”, by age, January-September 2005
Asian-Americans and financial attitudes—a closer look
African-Americans and financial attitudes—a closer look
Hispanics and financial attitudes—a closer look
Figure 25: Attitudes of English-dominant vs Spanish-dominant Hispanic Baby Boomers, 2006
Financial attitudes of women
Sexual preference and retirement attitudes
Legacy planning among the generations
Influence of the “alpha” child

FINANCIAL BEHAVIORS
Baby Boomers’ financial responsibilities
Savings habits of affluent Baby Boomers
Sources of retirement income
DEBT ACTIVITY
Figure 26: Positive responses to “Often prefer to pay cash for things I buy”, by age, January-September 2005
Credit card ownership
Figure 27: Positive responses to “credit cards—do you have or use?”, by age, January-September 2005
Figure 28: Positive responses to “Have a debit card (MasterCard or Visa)”, by age, January-September 2005
Figure 29: Respondents who have three of more credit cards, by age, January-September 2005
Credit card usage
Figure 30: Positive responses to “Any credit cards used in the last 30 days”, by age, January-September 2005
Debit card usage
Figure 31: Positive responses to “Used MasterCard debit card 20 or more times per month”, by age, January September 2005
Figure 32: Positive responses to “Used MasterCard debit card between one and five times per month”, by age January-September 2005
Figure 33: Positive responses to “Used Visa debit card between one and five times per month”, by age, January September 2005
Figure 34: Proportion of monthly bill paid—Visa, MasterCard, Discover, Amex, by age, January-September
WHERE ASSETS ARE HELD
Figure 35: Have a retirement account, by gender and age, March 2006
Figure 36: Type of institution with retirement assets, age 55+, March 2006
Figure 37: Have a non-retirement account, by age, January-September 2005
Figure 38: Type of brokerage account held, by age, January-September 2005
Figure 39: Online account usage, by age, January-September 2005
Figure 40: Have mutual fund/brokerage accounts, by age, January-September 2005
Figure 41: Respondents who own any investments, type of investment owned, by age January-September 2005
Figure 42: Positive responses to “Own Keogh/SEP IRA/pension”, by age, January-September 2005
Figure 43: Positive responses to “own IRA” and “own 401k”, by age, January-September 2005
Figure 44: Financial transactions with credit unions, by age, January-September 2005
Figure 45: Senior Citizens Club participation, by age, January-September 2005
Figure 46: Relationship with mutual fund/brokerage firm, by age, January-September 2005
ROLLOVER TRENDS
Figure 47: Original and new providers, asset-weighted share of transactions, 2004

REASONS FOR ROLLING OVER ASSETS TO SPECIFIC INSTITUTIONS
Importance of an established relationship
Figure 48: Importance of an established relationship and online banking for rollover respondents, March 2006
Easy access through electronic services
Preferred investment menu
Figure 49: Importance of investment type and investment return to rollover respondents, March 2006
Returns on investments
Money management philosophy
Figure 50: Importance of conservative approach, consolidation of assets, and personal recommendation to rollover respondents, March 2006
Good place to consolidate
Influence of friends
Primary sources of financial information
Figure 51: Primary advisors as source of financial information, March 2006
Technology facilitating rollovers


PRODUCTS WHICH ADDRESS THE NEW “RETIREMENTALITY”
Reverse mortgages as a new retirement planning tool
Figure 52: Reverse mortgages issued, 2001-Q3 2005
Solo 401(k)s
RETIREMENT INCOME PRODUCTS AND SERVICES
Acceptance of electronic services
Figure 53: Positive responses to “Use a debit card and electronic funds transfer”, by age January-September 2005
Income planning services
Obtaining advice
Retirement plan advice through the workplace
Trust of financial companies

APPENDIX A: ADVERTISING
ATTITUDES ABOUT ADVERTISING
ADVERTISING TO SENIORS ONLINE
African-Americans and the Internet
Hispanics and the Internet
ADVERTISING APPROACHES
Fidelity
Figure 54: Fidelity print advertisement, 2006
Figure 55: Fidelity print advertisement, 2006
Figure 56: Fidelity print advertisement, 2006
Ameriprise
Figure 57: Ameriprise print advertisement, 2006
AIG
Figure 58: AIG print advertisement, 2006
Prudential
Figure 59: Prudential print advertisement, 2006
Figure 60: Prudential print advertisement, 2006
Figure 61: Prudential print advertisement, 2006
Figure 62: Prudential print advertisement, 2006
The Principal
Figure 63: Principal Financial Group print advertisement, 2006
Figure 64: Principal Financial Group print advertisement, 2006
Transamerica
Figure 65: Transamerica print advertisement, 2006
Vanguard
Figure 66: Vanguard print advertisement, 2006
Figure 67: Vanguard print advertisement, 2006
T Rowe Price
Figure 68: T Rowe Price print advertisement, 2006
Figure 69: T Rowe Price print advertisement, 2006
AG Edwards
Figure 70: AG Edwards print advertisement, 2006
Edward Jones
Figure 71: Edward Jones print advertisement, 2006
Figure 72: Edward Jones print advertisement, 2006
American Century
Figure 73: American Century print advertisement, 2006
Figure 74: American Century print advertisement, 2006
Lincoln Financial Group
Figure 75: Lincoln Financial Group print advertisement, 2006
New York Life
Figure 76: New York Life print advertisement, 2006

APPENDIX B: OTHER RELEVANT STUDIES
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• Financial Planning & Advice in the US - Industry Risk Rating Report
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• Plimsoll Analysis- Independent Financial Advisors (UK)
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• Aging Population in the Western World - Investment Opportunities
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• Financial Planning & Investment Advice in Australia - Industry Risk Rating Report
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• Financial Advisors' Views of Service
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• Financial Planning & Investment Advice in Australia - Industry Market Research Report
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• Annuities - UK
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• Munder Capital Management
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