It is the classic situation of the doctor who does not have time to exercise or the hairdresser with unkempt hair. Financial services employees appear to have fallen in the same trap as other Americans who are unconfident about their retirement savings (see Americans Know They’re Not Saving Enough).
According to a press release from MetLife, more than half (54%) of financial services employees surveyed said they are behind schedule for achieving their retirement financial goals— a greater number than employees across all industries that say the same (47%). Less than one-third of employees in the financial services industry report being on track with their retirement savings goals.
MetLife, an insurance provider, also found that the surveyed employees are no more knowledgeable about insurance products than people in other industries. Sixty-one percent of employees surveyed are unfamiliar with variable universal life, almost half (48%) are unfamiliar with long-term care insurance, and 29% are unfamiliar with accidental death and dismemberment policies.
For financial services employees in the study making more than $100,000, more than 35% have not considered annuities as an option to provide income in retirement, 45% have not evaluated the costs of long-term care for elderly parents or spouses, and nearly half (45%) have not discussed how they will afford medical care in retirement with a financial professional.
A free paper from Metlife, What Financial Services Companies Can Do to Stand Out in a Competitive Talent Market: Innovative Employee Benefits Solutions for the Financial Services Industry, is available at www.whymetlife.com.
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