The Accenture Global Retirement Services Survey has established that consumers are anxious about their retirement finances and willing to invest. The next big question is clear: assuming they can afford it, whom will they turn to for help?
The good news
Our survey found that 61 percent of respondents would list life insurance companies among their top three choices when seeking help to set up a retirement product. That puts life insurers on par with independent financial advisors, and stock or insurance brokers—and ahead of banks, price comparison websites and employers.
The bad news
When pressed for a first choice, however, only 17 percent chose a life insurer as their preferred advisor. Independent advisors and stock/insurance brokers led the way with 23 percent, followed by price comparison websites (21 percent) and banks (18 percent).
Consumers are clearly familiar with life insurance companies, but only 14 percent of our survey respondents said they have a good awareness and understanding of insurers’ retirement products. More specifically:
- 45 percent of those who have a low awareness have never received simple retirement information from a life insurer.
- 20 percent have never been approached by a life insurer to discuss retirement options.
- 18 percent cannot recall any retirement-related advertising by life insurers.
For life insurers hoping to gain ground in the retirement services market, consumer awareness and education will be critical.
Visit this blog every week for interesting insights from the Accenture Global Retirement Services Survey. Read other posts in the series: