This project will explore the attitudes, preferences, and emotional mindset Gen Xers have about retirement and savings. Through a statistical analysis of survey data, we hope to identify attitudinal market segments that will provide predictive clues around which retirement income products and messaging will appeal to particular subsets of Gen Xers. This will help firms and advisors customize their offerings, enhancing receptivity to them, and maximizing their appeal.
This project will follow the lead of the 2016 LIMRA Secure Retirement Institute study, “A New Perspective on Retirement Planning.” While that research focused on affluent Baby Boomers, this will focus solely on Gen Xers exploring their:
- Attitudes, sentiments, and knowledge of financial and investment products.
- Financial goals and aspirations.
- Perceptions of retirement products and features.
- Product ownership and attitudes.
- Planning activities and use of advisors.
This study will examine two crucial elements of the HSA marketplace. One through the lens of the Consumer (their perceptions, behaviors, needs and purchasing preferences) and the other through the lens of the Advisor (their motivations, behaviors and marketing needs relative to the HSA market). We will also be conducting one-on-one interviews with employers.
Some of the questions in this study include:
Advisors:
- Do advisors utilize HSAs in financial planning? If so, how?
- How well do advisors understand HSAs? Are there knowledge gaps?
- What criteria do they use when selecting HSA carriers?
Consumers:
- What is the consumer’s general awareness and how did they learn of HSAs?
- Should HSAs be coupled with their 401(k)?
- How are HSAs viewed and utilized by each working generation (millennials, generation x and baby boomers)?
- Planning activities and use of advisors.
Focused on those who have identified a need for life insurance – or more coverage – but have failed to take action acquiring it, this project will investigate what drives their reluctance. In addition, it will explore whether leveraging technology to better develop and promote products, approach buyers, and improve the customer experience will encourage reluctant buyers to take action.
Examples of potential topic areas for the project include:
- What keeps consumers from buying life insurance – or more coverage – in the face of a perceived need?
- For those who own life insurance, what encouraged them to buy in the first place? What’s different now?
- What are more effective methods for marketing life insurance? What themes are apt to be most compelling?
