Insurance.com surveyed 2,000 adult drivers about
the best and worst songs for driving, as well as music that they “secretly
listen to” in the car.
Rounding out the top five were Queen’s “Bohemian
Rhapsody,” AC/DC’s “You Shook Me All Night Long,” Journey’s “Any Way You Want
It” and Tom Cochrane’s “Life Is a Highway.”
The survey also allowed respondents to submit personal
picks: “Highway to Hell” by AC/DC , “Radar Love” by Golden Earring and “I Can’t
Drive 55” by Sammy Hagar topped the write-in choices.
One-hit wonders The Baha Men, country-crossover
superstar Taylor Swift (“We Are Never, Ever Getting Back Together”) and the
usually iconic Cher (“Believe”) take the top three spots for songs that make
drivers want to change the station immediately.
Other dial-spinners included “Feelings” by Morris
Albert, “Papa Don’t Preach” by Madonna, “Firework” by Katy Perry and “Mambo #5”
by Lou Bega.
Drivers were also asked to write in the names of
songs and artists that make them want to tune out immediately. “Baby” by Justin
Bieber, “Wrecking Ball” by Miley Cyrus and “any type of rap” were among the
most popular losers.
Most people have a band, station or artist they
listen to when driving—but that they don’t want others to know about. Bruno
Mars, Taylor Swift, Lady Gaga, Journey, Katy Perry, Coldplay, Justin Bieber and
Madonna all made this list.
Stations or talk shows on the secret-listening
list include National Public Radio, Rush Limbaugh and Howard Stern.
When guilty-pleasure listening is broken down by
gender, tied for the top write-in response for women are gospel music and
Eminem; for men, Adele and 2Pac.
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The results of a survey from asset management firm State
Street Global Advisors (SSgA) shows that despite a bullish outlook on the
market, participants are becoming increasingly conservative in their investment
choices. In addition, participants are showing a preference for fixed-income,
even though they generally lack a solid understanding of its role in building a
portfolio.
Participants are positive about the financial markets and
investing. Almost eight in 10 respondents who invested during the market
downturn say they are contributing as much or more to savings now as they did
five years ago. Survey findings also suggest that participants’ experiences
over the past few years have taught them an important lesson about the cyclical
nature of the markets.
Over three-fourths (76%) of participants say
their defined contribution plan is in the same or better shape than five years
ago;
Over three-fourths (78%) of participants think
that in five years the market will be the same or performing better than it is
today; and
Over three-fourths (79%) say they have
maintained or increased their retirement account contribution levels since the
financial crisis.
However, the experiences of the past few years have also
made participants more cautious. The survey results indicate a shift toward
more conservative investment behavior. Forty-nine percent of participants are
currently investing more conservatively than they did five years ago, and only
7% of participants in defined contribution (DC) plans indicate that they are
taking a more aggressive approach.
“Plan
sponsors need to recognize participants’ new conservative mindset and design a
plan menu that helps them invest to meet their financial goals,” says Fredrik
Axsater, senior managing director and global head of defined contribution at
Boston-based SSgA. “Participants are afraid of losing their retirement savings
and are shying away from making more aggressive allocations. This is
particularly concerning for younger investors, who may not understand how a
conservative approach can limit the growth needed to fund retirement.”
Participants are implementing their more conservative
investment approach by holding larger percentages in fixed income. However,
survey results indicate there may be a fundamental misunderstanding by
participants about bonds and their role in a retirement portfolio. More than
one-third of participants believe bonds help minimize the impact of inflation,
when in fact bond returns are highly vulnerable to inflation increases.
Additionally, many respondents failed to identify features
of bonds that describe their fundamental roles in retirement portfolios.
Roughly half did not choose “lower risk than stocks,” six in 10 did not choose
“better portfolio diversification,” and seven in 10 did not choose “reduced
volatility.”
An earlier SSgA survey, released in January 2013, indicates
that participants want automatic features and guidance when making decisions
about their investments and overall retirement readiness. The earlier survey
also indicates that participants age 25 and under have a desire to learn more
about retirement readiness.
“Our ongoing research into the attitudes and decisions made
by plan participants continues to tell us that automaticity, plan design and
engagement is the key to overcoming the impending retirement crisis,” says
Axsater. “It is critical to understand the mindset of participants in order to
build the right products that help them fund their retirement. Notably, fixed
income allocations within DC core funds and target-date funds need to become
more consistent with employee needs and preferences. A strong participant
engagement program with action-oriented, clear communication can complement
automaticity and strong plan design.”
Based on such feedback, SSgA recommends that plan sponsors:
Take advantage of market optimism and encourage
participants to continue saving more;
Assess portfolios and identify participants who
have allocations out of line with the age-appropriate allocations in
target-date funds;
Build a stronger core offering and ensure that
the plan menu is simplified and easy to understand;
Develop communications campaigns focused on
bonds that help remedy misunderstandings about conservative options in their
portfolios; and
Consider target-date funds that help
participants transition from their accumulated savings to a more secure
retirement income.
More information about the recent survey
results, which were discussed in SSgA’s Winter/Spring 2014 issue of “The
Participant” newsletter, can be found here.