Saving for retirement is a crucial long-term financial goal. But many don’t start until it is too late.
Deloitte surveyed 4,500 consumers from a wide range of income groups and ages. They identified five barriers that prevent insurers, annuity companies and other financial services providers from effectively reaching prospects about retirement products and services.
The barriers identified were conflicting financial priorities, a failure to communicate effectively with potential prospects (especially through the workplace), limited awareness and understanding retirement-related products among consumers, a basic lack of trust in insurers and their intermediaries, and a “do-it-myself” mentality.
There are several barriers that are pertinent to businesses. A failure to communicate about employee benefits and retirement plans in the workplace can be a deterrent for employees who have access to them. Limited awareness only supplements this issue. And finally, the “do-it-myself” mentality, while valid for those with expertise, may not be the most appropriate method for everyone.
It is in both a company’s and individual’s best interests to take advantage of retirement and benefits services offered. For companies, it is a way to take care of your employees and increase retention. For employees, it can have great benefits. Survey results suggest that consumers using professional help and resources feel more secure about their long time financial future, and are much more likely to have a concrete retirement plan than those who don’t.
Retirement planning is one of the biggest financial challenges consumers face, but efforts to help consumers meet these challenges sometimes only see limited success. At Newman Crane, we know how important it is to you to have a strong Benefits plan. It is the single most critical factor in building and preserving health, morale and retention. What’s more, apart from one’s salary, it’s the feature that potential employees review most carefully before accepting a position. Contact us today for more information about Orlando, Florida Employee and Retirement Benefits plans.