Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- The market
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- Figure 1: Total retirement plan assets, $trillions, at end of select periods, 2000-Q2 2013
- Market drivers
- Retirement confidence is down
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- Figure 2: Confidence in having enough money to retire, 2003-12
- More people are planning to work longer
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- 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
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- Figure 4: Type of retirement savings account(s) owned, September 2013
- More than half of survey respondents have done no retirement planning
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- Figure 5: Percentage who have conducted retirement planning activities, September 2013
- Incentives may help young people save
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- Figure 6: Interest in incentives to save for retirement, by age, September 2013
- What we think
Issues and Implications
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- What will motivate young people to save more?
- Issues
- Implications
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- 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
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- Figure 8: Labor force participation, by age, 2011-20 (est.)
- Implications
- Why aren’t people doing more about saving for retirement?
- Issues
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- Figure 9: Percentage that have conducted various retirement planning activities, overall, September 2013
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- Figure 10: Median 401(k)/IRA balances for households aged 55-64 who have IRAs, July 2013
- Implications
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- Figure 11: Knowledge/understanding of investments, by age, September 2013
- Where is there opportunity in the retirement planning market?
- Issues
- Implications
Trend Applications
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- Inspire trend: Guiding Choice
- Inspire trend: The Unfairer Sex
- Mintel futures: Generation Next
Market Size and Forecast
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- Key points
- Total retirement assets continue to grow
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- Figure 12: Retirement plan assets, $trillions, at end of period, selected periods 2000-Q2 2013
- 401(k) plan assets continue to increase
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- 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
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- Figure 15: IRA market assets, end of period, select periods, 2000-Q2 2013
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- 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
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- Figure 18: Retirement assets as a percentage of household assets, selected years, 1975-2011
- One third have no retirement account
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- Figure 19: Type of retirement plan owned, September 2013
Market Drivers
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- Key points
- Population of older people is growing
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- 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
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- Figure 22: Unemployment rate, 2003-September 2013
- Retirement confidence is down
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- Figure 23: Confidence in having enough money to retire, 2003-12
- More people planning to work longer
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- 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
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- Figure 25: Trust in sources of retirement planning advice, June-July 2011, September 2013
- Potential pension reform
Innovations and Innovators
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- Key points
- Wells Fargo’s social media centers
- TD Ameritrade launches LikeFolio.com
- Mercer’s “Uncover the Numbers”
- Online retirement education
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- 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
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- Key points
- More people learning about retirement on social media
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- 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
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- Figure 28: Wells Fargo YouTube video, 2013
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- Figure 29: Wells Fargo YouTube video, 2013
- TV presence
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- Figure 30: Wells Fargo, television ad, 2013
- Figure 31: Wells Fargo television ad, 2013
- Direct mail
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- Figure 32: Wells Fargo direct mail ad, 2013
- Figure 33: Wells Fargo direct mail ad, 2013
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- Figure 34: Wells Fargo email ad, 2013
- Figure 35: Wells Fargo email ad, 2013
- Online
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- Figure 36: Wells Fargo online ad, 2013
- Figure 37: Wells Fargo online ad, 2013
- Brand analysis: Fidelity
- Online initiatives
- YouTube
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- Figure 38: Fidelity YouTube video
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- Figure 39: Fidelity YouTube video, 2013
- Figure 40: Fidelity YouTube video, 2013
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- Figure 41: Fidelity YouTube video, 2013
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- Figure 42: Fidelity print ad, 2013
- Direct mail
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- Figure 43: Fidelity direct mail ad, 2013
- Figure 44: Fidelity direct mail ad, 2013
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- Figure 45: Fidelity email ad, 2013
- Figure 46: Fidelity email ad, 2013
- Online
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- Figure 47: Fidelity online ad, 2013
- Brand analysis: Prudential
- Online initiatives
- YouTube
- TV presence
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- Figure 48: Prudential television ad, 2013
- Figure 49: Prudential television ad, 2013
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- Figure 50: Prudential television ad, 2013
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- Figure 51: Prudential print ad, 2013
- Figure 52: Prudential print ad, 2013
- Direct mail
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- Figure 53: Prudential direct mail ad, 2013
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- Figure 54: Prudential email ad, 2013
- Online
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- Figure 55: Prudential online ad, 2013
- Figure 56: Prudential online ad, 2013
- Mobile
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- Figure 57: Prudential mobile ad, 2013
Retirement Savings Account Ownership
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- Key points
- 401(k)s are most popular
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- Figure 58: Type of retirement savings account(s) owned, by gender, September 2013
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- Figure 59: Type of retirement savings account(s) owned, by age, September 2013
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- 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
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- Figure 62: Type of retirement savings account(s) owned, by race, September 2013
Retirement Planning Activities
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- Key points
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- Figure 63: Retirement planning activities conducted, by gender, September 2013
- Figure 64: Retirement planning activities conducted, by age, September 2013
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- Figure 65: Retirement planning activities conducted, by gender and age, September 2013
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- Figure 66: Retirement planning activities conducted, by household income, September 2013
Attitudes Toward Retirement Planning
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- Key points
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- Figure 67: Attitudes about retirement planning, by gender, September 2013
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- Figure 68: Attitudes about retirement planning, by gender and age, September 2013
- Figure 69: Attitudes about retirement planning, by household income, September 2013
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- Figure 70: Attitudes about retirement planning, by race/Hispanic origin, September 2013
Attitudes Toward Own Retirement Plan
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- Key points
- Men are more involved
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- Figure 71: Attitudes about own retirement plan and investing behavior, by gender, September 2013
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- 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
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- Key points
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- Figure 74: Attitudes toward retirement plan investments, by gender, September 2013
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- Figure 75: Attitudes toward retirement plan investments, by age, September 2013
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- Figure 76: Attitudes toward retirement plan investments, by household income, September 2013
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- Figure 77: Attitudes toward retirement plan investments, by race/Hispanic origin, September 2013
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- Figure 78: Attitudes toward retirement plan investments, by marital/relationship status, September 2013
Incentives to Save for Retirement
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- Key points
- How can we get people to save more?
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- 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
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- 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
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- Key points
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- Figure 83: Type of adviser trusted for retirement advice, by gender, September 2013
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- Figure 84: Type of adviser trusted for retirement advice, by age, September 2013
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- Figure 85: Type of adviser trusted for retirement advice, by household income, September 2013
Cluster Analysis
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- 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
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- Figure 86: Target clusters, September 2013
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- Figure 87: Type of retirement savings account(s) owned, by target clusters, September 2013
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- Figure 88: Retirement planning activities conducted, by target clusters, September 2013
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- Figure 89: Attitudes about retirement planning, by target clusters, September 2013
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- Figure 90: Attitudes about own retirement plan and investing behavior, by target clusters, September 2013
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- Figure 91: Attitudes toward retirement plan investments, by target clusters, September 2013
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- Figure 92: Interest in incentives to save for retirement, by target clusters, September 2013
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- Figure 93: Type of adviser trusted for retirement advice, by target clusters, September 2013
- Cluster demographic tables
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- Figure 94: Target clusters, by demographic, September 2013
- Cluster methodology
Appendix – Other Useful Consumer Tables
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- Figure 95: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013
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- Figure 96: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013
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- Figure 97: Type of retirement savings account(s) owned, by attitudes about own retirement plan and investing behavior, September 2013
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Appendix – Trade Associations
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