Meeting the retirement challenge


Meeting the retirement challenge

New approaches and solutions for the financial services industry

The Deloitte Center for Financial Services conducted a survey among nearly 4,500 consumers. The goal was to generate insights into how financial institutions might develop approaches and solutions by better understanding constraints preventing consumers from achieving better retirement outcomes.

Executive summary

  • Respondents with a formal plan to generate retirement savings and income were four times more likely to feel very secure (52%) about their retirement compared to those without a formal plan (only 13%)
  • 40% of those using financial advisors felt very secure about their retirement, versus only 22% of those who do not seek professional advice; 66% of respondents with a financial advisor have a formal plan for retirement savings and income, versus only 28% of those without an advisor
  • Retirement savings are a first or second priority for 69% among those between 5 and 15 years from retirement, and 74% among those within 5 years of retiring 
  • Six in ten surveyed by Deloitte say they have not had interactions in the past two years with any financial institution about their retirement savings and income needs 
  • 48% had not heard of target date mutual funds, nearly 40% surveyed by Deloitte do not know anything about annuities or understand how they work and 25% either do not know about non-term life insurance or, if they are aware of it, do not know what these products can do to bolster retirement savings and income
  • Nearly two-thirds of those surveyed by Deloitte do not consult with a professional financial advisor for their retirement needs
  • Among respondents with formal plans for retirement, 83% of those who have a high level of trust in advisors used one to help put their plan together, compared with only 32% of those who have a low level of trust in such intermediaries
PDF file - size: 778kb

Performance issue 11 – May 2013

Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients. 

Performance issue 11 - PDF file - size: 4.6mb
Did you find this useful?