DSG-Network.com: RM2 Research Reports

Consumer Attitudes and Perceptions
About Retirement Income Management

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.

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 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 measured or predicted?
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) is initiating a comprehensive, multi-sponsor qualitative and quantitative consumer research effort.

This latest in DSG’s series of syndicated research initiatives (RM²Reports) will consist 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. Although results from the qualitative study will be used to help formulate questions for the quantitative survey, each study will provide a stand-alone report, and may be purchased separately.

A sampling of topics to be covered in the research includes:

How should these consumers be segmented, and how can these segments be targeted?
What are the unique needs, perceptions, attitudes, and decision triggers of various consumer segments, both before and after retirement.
Are there unique, identifiable retirement income solutions for different segments?
What are the best approaches to reach targeted groups for marketing and advice-giving?
Are there unmet needs, including non-financial needs, that should be included in a retirement income solution?

Consumers targeted for this research will be screened to have a minimum of $250,000 in household investable assets. In addition, each phase of the overall study will separate out a group of unmarried women (single, divorced or widowed) to identify any unique needs or solutions for this group.

Sponsors of the research will be able to provide initial input to the objectives and focus of the study, as well as benefit through the sharing of costs. 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.

The final report will include a thorough review and assessment of the findings, with a focus on actionable distribution and marketing-oriented recommendations. To answer your questions, or get a more complete description of the project, please contact Wm. Borden Ayers, Principal.

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