OneAmerica® survey finds generational retirement “confidence donut”
By Jim Gavin
OneAmerica Financial Partners
Indianapolis, Ind. - February 18, 2013 – According to a recent survey of retirement plan participants conducted by the companies of OneAmerica, the youngest and oldest working age adults are the most confident in their ability to retire and maintain current lifestyle. Forty-four percent of those age 20 to 30 and 45 percent of those over 50 are either “confident” or “very confident.” Only 37 percent of those 30 to 40 years old and 35 percent of those 40 to 50 responded with such confidence.
The 40- to 50-year-old group is also the group with the most respondents (25 percent) who said they were “completely doubtful” or “not confident” in their ability to retire and maintain current lifestyle.
“The drivers of retirement confidence likely vary from generation to generation,” said Marsha Whitehead, vice president of marketing communications for the retirement services division. “Younger people may be overly confident because retirement seems so far off to them whereas older people may be drawing confidence from their life experience or may have adjusted their expectations.”
The companies of OneAmerica recently surveyed visitors to its participant website to determine how they learned about finances and prepared for retirement, what resources are most effective and how confident they are with their retirement preparations. 6,360 participants responded to the online survey, which OneAmerica plans to replicate in coming years to gauge progress in helping participants prepare for retirement.
The OneAmerica companies have also developed a guidance program for plan sponsors interested in improving the education they deliver to employees that helps them understand how to reach different generations with tailored education and information.
“It’s imperative that plan sponsors and providers dialogue with participants who don't feel as confident to discover the reasons for their hesitations and anxieties and work to instill confidence,” added Whitehead.
OneAmerica Financial Partners, Inc. (www.oneamerica.com), 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 at @OneAmericaNews.
All group variable annuity contracts are issued by American United Life Insurance Company® (AUL), One American Square, P.O. Box 368, Indianapolis, IN 46206-0368, 1-800-249-6269. 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, 1-877-285-3863, which is a wholly owned subsidiary of AUL.
Jim Gavin, Media Relations Manager
(317) 285-4168 or firstname.lastname@example.org