LIMRA Research 10737441965 Solutions Informing the Debate Matters of Fact: Consumers, Advisors and Retirement Decisions (and Results) Spotlight on Advisors: Consumer Perception, Assessment and Experience Cracks In The Foundation: The Impact of Potential Regulation on Compensation Economic
Majority of Younger American Adults Would Suffer Substantial Financial Consequences If Income Were Interrupted
WINDSOR, Conn., June 23, 2014 — A new LIMRA study found that 6 out of 10 Generation X and Y Americans say losing their income for 6 months due to accident or illness would have a significant or drastic impact on their families' financial well-being.
WINDSOR, Conn., Feb. 14, 2013 — More than half of Gen X and Gen Y consumers admit having little or no knowledge about investments and financial products, according to a recent LIMRA study.
WINDSOR, Conn., April 18, 2013 —LIMRA research reveals that the majority of Generation X and Y consumers have little understanding of financial products and services and less than half make saving for retirement their top priority.
Gen X and Y are almost all online and use the Internet for communication, information, and purchase. How can your company reach them online?
When presenting research on the generations, I'm often asked why so much attention is given to Gen Y and so little to Gen X. LIMRA and other organizations certainly study Gen X (ages 33-50) but it's fair to say they receive less attention than Gen Y (ages 25-32) and Baby Boomers (Ages 51-65).
In a recent LIMRA study, Sowing the Seeds for Retirement: Gen X and Gen Y Markets, fewer than half of Gen X consumers selected retirement as their top reason to save (46 percent), and a larger proportion of Gen Y consumers ranked saving for vacation or travel as more important than saving for retirement (chart).
How can life insurance companies attract more Gen X and Y consumers and deliver higher levels of customer satisfaction?