Consumer Attitudes and Perceptions About Retirement Income

An important qualitative and quantitative segmentation research study of older consumers' understanding, use of, and need for unique strategies to manage income and preserve assets during retirement.

The Project Overview:

There is a trend underway in this country toward an increasingly older, longer-living population, consisting of more and more retirees. This older segment of the population controls a substantial pool of assets, both in defined contribution retirement plans as well as personal savings. For this and future generations, much of these assets must be used to provide a significant portion of their spendable cash throughout retirement.

Helping consumers with investable assets in excess of $250,000 prepare for, and manage, their retirement income situation is fast becoming a major business opportunity for many financial service firms. For companies who want to achieve competitive advantage in this new, growing market, key questions must be answered:

• What are the key drivers of consumers' financial decisions in this market, and how can they be identified?
• What are likely/desirable target segments, and what are their particular needs, attitudes, and behaviors?
• What are optimal marketing approaches and the optimal retirement income solutions for serving particular target segments?
• Ultimately, how can your firm best approach this market and achieve the highest payback for your efforts?

Significant research has already been conducted that looks at these consumers, but much of it tends to be repetitive, looking primarily at key demographics and trends. As important as this information may be, there is a need to extend the understanding of this cohort in order to provide practical marketing-oriented ideas. To that end, The Diversified Services Group, Inc. (DSG) has produced a comprehensive qualitative and quantitative consumer research effort, which has already attracted a significant number of major company sponsors.

This latest in DSG’s series of syndicated research initiatives (RM²Reports™) consists of two separate, but inter-related projects: a qualitative study based on a series of focus groups, followed by a quantitative segmentation study based on a survey of near-retirees and recent retirees (ages 55-70). As a part of the study, unique attributes and needs of single women were examined. Although results from the qualitative study were used to help formulate questions for the quantitative survey, each study provides a stand-alone report.

A sampling of topics covered in the research includes:

• Self defined consumer segments reflecting attitudes towards their financial future may offer the best opportunity for new business development?
• Some of the unique needs, perceptions, attitudes, and decision triggers of various consumer segments, both before and after retirement.
• The appropriate retirement income solutions for different segments along with those solutions that have been rejected or not yet considered.
• Consumer satisfaction levels with their financial advisors and of retirement income producing solutions being selected.
• Ideas pertaining to best approaches to reach targeted groups for marketing and advice-giving.
• The role of the employer in assisting their retirees with financial planning.

Consumers targeted for this research were screened to have a minimum of $250,000 in household investable assets. In addition, each phase of the overall study examined the nuances between pre and post retirees and isolated a group of unmarried women (single, divorced or widowed) to identify any unique needs or solutions for this group.

The final reports include a thorough review and assessment of the findings, with a focus on actionable distribution and marketing-oriented recommendations. Each of the two studies can be purchased separately, although a significant discount will be offered to those firms that opt to purchase both modules together.

Project Deliverables:

The Study of Consumer Attitudes and Perceptions About Retirement Income is the latest in the RM² Reports Series™, focused on business and marketing issues pertaining to pre-retired and retired individuals and households.

The Report provides a useful framework, actionable insights, and relevant market information to help management better understand and act on consumers' perspectives on retirement income management market opportunity.

Project Results are contained in three Volumes and the deliverables include:

• The final qualitative Report, summarizing the focus group research findings. This report also includes the topic guide used to lead the focus group discussions and dvd copies of the six focus groups comprised of pre-retirees and recent retirees (individual heads of households and single women).
• The final quantitative research Report, including an executive summary and the on line survey questionnaire.
• A notebook containing the complete data tables.
• A disk containing a copy of the Reports and the data tables in PDF format.

For more information, please contact Borden Ayers, by calling 610-989-1710, ext:21, sending an e-mail to BordenA@dsg-network.com or click below to submit a request.

Discussion and Presentation:

DSG Principals will be glad to discuss the study and their findings informally with study sponsors via telephone. Should you desire, DSG will facilitate an in-depth client meeting including a formal presentation of results and discussion of implications and opportunities for your firm. There would be an additional charge for this program.

Prospectus:

Please click here to submit a request.

Table of Contents:

Pricing: The Study consisted of two research modules (qualitative and quantitative). If purchased separately, the cost for each research Report is as follows:

• Qualitative — Consumer Focus Groups    $10,000
• Quantitative — Consumer Survey    $15,000

If both studies are purchased together, the total fee will be $18,500. Reduced pricing is available to RMEF member firms and BISA Members.

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