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Published by: Mintel International Group Ltd.
Published: Mar. 1, 2009
Table of Contents
- SCOPE AND THEMES
- What you need to know
- Data sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
- EXECUTIVE SUMMARY
- Industry highlights
- Investor confidence
- The regulatory environment
- Advertising and promotion
- Innovations
- The retirement investor
- The gender gap
- MARKET SIZE AND FORECAST
- Key points
- How popular are retirement plans?
- Figure 1: Retirement plan assets, year-end 2000-07
- Government employees
- 401(k)s are the most popular
- The message about retirement savings has been heard
- Demographics support continued strength
- Figure 2: Population of each age group, 2007 and 2040
- Figure 3: Percentage of workers aged 65-69, 1987-2005
- COMPETITIVE CONTEXT
- Key points
- Consolidation
- More participants may be up for grabs
- SEGMENT PERFORMANCE
- Key points
- Figure 4: Retirement plan assets (in trillions), by plan segment (year-end, 2007)
- 401(k) plans
- Figure 5: Characteristics of 401(k) plans, 2007
- Size of 401(k) accounts
- Figure 6: Distribution of 401(k) account balances, 2007
- Figure 7: Year-end average account balances, 2000-07
- Age distribution of 401(k) holders
- Figure 8: How 401(k) accounts are distributed, by age, 2007
- How 401(k)s are invested
- IRAs
- Figure 9: Number and share of U.S. households owning IRAs, 2000-08
- Figure 10: Growth of IRA assets, 2000-07
- Age distribution of IRA owners
- Figure 11: Age distribution of IRA owners, 2008
- Figure 12: Where IRA assets are held, 1981 and 2007
- Figure 13: Multiple ownership of IRAs, March 2008
- MARKET DRIVERS
- Key points
- Boomers are feeling the worst
- Figure 14: Confidence in ability to retire comfortably, change in the past 12 months, by generation, 2008
- People are spending more time planning
- Figure 15: Amount of savings workers estimate they will need for retirement, 2008
- Impact of auto-enrollment and auto-escalation
- Demise of the company match
- Legislative developments
- 401(k)s and the democrats
- LEADING COMPANIES
- Key points
- Who are the leaders?
- Figure 16: Largest DC managers, ranked by total DC assets in millions, as of 12/31/07
- INNOVATIONS AND INNOVATORS
- Key points
- Credit cards to the rescue
- Debit cards offer 401(k) loans
- Easy access to retirement advice
- Free retirement consultations
- Innovations in retirement distribution
- ADVERTISING AND PROMOTION
- Key points
- Overview
- Notable print advertising
- Figure 17: Charles Schwab’s ad for real life retirement services, Jan.-Feb. 2009
- Figure 18: Ad for retirement seminar, New York Life, December 2008
- Figure 19: Ad for a no-annual fee IRA from Wells Fargo, promoting commission-free online trading, December 2008
- Figure 20: Ad from Ameritrade offering WealthRuler, September 2008-February 2009
- Figure 21: Ad promoting annuities from John Hancock, December 2008
- Figure 22: Ad for T. Rowe Price’s SmartChoice Rollover IRA™, August 2008-February 2009
- Figure 23: An ad for Fidelity’s personal retirement annuity product, July 2008
- Direct mail
- Figure 24: Direct mail piece from New York Life, September 2008
- Figure 25: Direct mail piece from New York Life, September 2008
- Figure 26: Direct mail piece from New York Life, September 2008
- Figure 27: Direct mail piece from Fidelity promoting 401(k) enrollment, November-December 2008
- Figure 28: Direct mail from AARP offering retirement counseling from AARP representatives, December 2008
- Broadcast advertising
- Figure 29: Charles Schwab ad, 2008
- Figure 30: Charles Schwab—I may not be a financial genius, but that doesn’t mean I’m an idiot, 2008.
- Figure 31: TIAA-CREF ad, 2008
- Figure 32: Fidelity’s retirement income program ad, 2008
- Figure 33: AXA Equitable annuity—the 800 lb. gorilla in the room ad, 2008
- THE CONSUMER
- Key points
- Who has a retirement plan—and what kind do they have?
- Figure 34: Type of retirement accounts owned, by gender, December 2008
- Figure 35: Type of retirement accounts owned, by age, December 2008
- Figure 36: Type of retirement accounts owned, by income, December 2008
- THE CONSUMER—RETIREMENT ACCOUNT BALANCES
- Figure 37: Personal retirement account balances, by gender, December 2008
- Figure 38: Personal retirement account balances, by age, December 2008
- Figure 39: Personal retirement account balances, by race/Hispanic origin, December 2008
- Figure 40: Personal retirement account balances, by income, December 2008
- Figure 41: Household retirement account balances, by gender, December 2008
- Figure 42: Average household retirement account balance, by age, December 2008
- Figure 43: Average household retirement account balance, by income, December 2008
- Figure 44: Average household retirement account balance, by race/Hispanic origin, December 2008
- THE CONSUMER—ATTITUDES ABOUT RETIREMENT AND RETIREMENT SAVING
- Figure 45: Where retirement income is expected to come from, by gender, December 2008
- Figure 46: Where retirement income is expected to come from, by age, December 2008
- Figure 47: Where retirement income is expected to come from, by race/Hispanic origin, December 2008
- Figure 48: Where retirement income is expected to come from, by income, December 2008
- THE CONSUMER—RETIREMENT PLANNING AND INVESTMENT DECISIONS
- Figure 49: Type of retirement planning already done, by gender, December 2008
- Figure 50: Type of retirement planning already done, by age, December 2008
- Figure 51: Type of retirement planning already done, by race/Hispanic origin, December 2008
- Monitoring retirement accounts
- Figure 52: Monitoring of retirement accounts, by gender, December 2008
- Figure 53: Monitoring of retirement accounts, by age, December 2008
- Figure 54: Monitoring of retirement accounts, by income, December 2008
- Attitudes about retirement investing
- Figure 55: Engagement in retirement investing, total agree, by gender, December 2008
- Figure 56: Engagement in retirement investing, total agree, by race/Hispanic origin, December 2008
- Figure 57: Engagement in retirement investing, total agree, by income, December 2008
- Satisfaction with retirement plan options
- Figure 58: Satisfaction with retirement plan options, total agree, by gender, December 2008
- Figure 59: Satisfaction with retirement plan options, total agree, by income, December 2008
- Understanding of retirement options
- Figure 60: Understanding of retirement investment options, total agree, by gender and age, December 2008
- Figure 61: Understanding of retirement investment options, total agree, by income, December 2008
- THE CONSUMER—INTEREST IN ALTERNATIVE RETIREMENT INVESTMENTS
- Lifecycle or lifestyle funds
- Figure 62: Who invests in lifecycle or lifestyle funds, by gender, December 2008
- Figure 63: Who invests in lifecycle or lifestyle funds, by age, December 2008
- Figure 64: Who invests in lifecycle or lifestyle funds, by race/Hispanic origin, December 2008
- Figure 65: Who invests in lifecycle or lifestyle funds, by income, December 2008
- Figure 66: Who invests in a managed account, by age, December 2008
- ETFs
- Figure 67: Interest in ETFs, by gender, December 2008
- Figure 68: Interest in ETFs, by age, December 2008
- Figure 69: Interest in ETFs, by race/Hispanic origin, December 2008
- Figure 70: Interest in ETFs, by income, December 2008
- Figure 71: Interest in ETFs, by the presence of children in household, December 2008
- THE CONSUMER—WHO THEY TRUST FOR ADVICE
- Figure 72: Who is trusted to give retirement advice, by gender, December 2008
- APPENDIX—ADDITIONAL CONSUMER GROUPS
- Who has a retirement plan—and what kind do they have?
- Figure 73: Ownership of retirement plan, by gender and presence of children, December 2008
- Figure 74: Ownership of retirement plan, by marital status and presence of children, December 2008
- Figure 75: Retirement plans owned, by gender and age, December 2008
- Figure 76: Retirement plans owned, by gender and income, December 2008
- Figure 77: Retirement plans owned, by gender and age, December 2008
- Figure 78: Retirement plans owned, by race/Hispanic origin and age, December 2008
- Figure 79: Retirement plans owned, by gender and income, December 2008
- Figure 80: Retirement plans owned, by race/Hispanic origin and income, December 2008
- How much is in those retirement accounts?
- Figure 81: Total amount in retirement accounts, by gender and presence of children, December 2008
- Figure 82: Total amount in retirement accounts, by gender and age, December 2008
- Figure 83: Total amount in retirement accounts, by race/Hispanic origin and age, December 2008
- Figure 84: Total amount in retirement accounts, by gender and income, December 2008
- Figure 85: Total amount in retirement accounts, by race/Hispanic origin and income, December 2008
- Attitudes about retirement and retirement savings
- Figure 86: Where retirement income is coming from, by gender and presence of children, December 2008
- Figure 87: Where retirement income is coming from, by gender and age, December 2008
- Figure 88: Where retirement income is coming from, by race/Hispanic origin and income, December 2008
- Interest in retirement investing
- Figure 89: Interest in retirement investing, by gender and presence of children, December 2008
- Figure 90: Interest in retirement investing, by gender and age, December 2008
- Figure 91: Interest in retirement investing, by gender and income, December 2008
- Monitoring retirement accounts
- Figure 92: How often retirement account is monitored, by gender and age, December 2008
- Figure 93: How often retirement account is monitored, by race/Hispanic origin and age, December 2008
- Types of retirement planning done
- Figure 94: Type of retirement planning already done, by gender and presence of children, December 2008
- Figure 95: Type of retirement planning already done, by race/Hispanic origin and age, December 2008
- Figure 96: Type of retirement planning already done, by gender and income, December 2008
- Satisfaction with retirement plan options
- Figure 97: Satisfaction with retirement investment options, by gender and presence of children, December 2008 90
- Figure 98: Satisfaction with retirement plan options, by race/Hispanic origin and income, December 2008
- Understanding of retirement options
- Figure 99: Understanding of retirement options, by gender and presence of children, December 2008
- Figure 100: Understanding of retirement options, by race/Hispanic origin and age, December 2008
- Interest in alternative retirement investments
- Figure 101: Interest in lifecycle funds, by gender and presence of children, December 2008
- Figure 102: Interest in lifecycle funds, by race/Hispanic origin and age, December 2008
- Figure 103: Interest in lifecycle funds, by race/Hispanic origin and income, December 2008
- Figure 104: Interest in ETFs, by gender and presence of children, December 2008
- Figure 105: Interest in ETFs, by gender and income, December 2008
- Who is trusted to give retirement planning advice?
- Figure 106: Who trusted to give retirement planning advice, by gender and presence of children, December 2008
- Figure 107: Who trusted to give retirement planning advice, by gender and age, December 2008
- Figure 108: Who trusted to give retirement planning advice, by race/Hispanic origin and age, December 2008
- APPENDIX: TRADE ASSOCIATIONS
AbstractAn industry overview
In terms of the customer base, the retirement plan market is extremely fragmented, with each demographic group differing in its financial needs, priorities and resources. The key to success in the retirement plan market, therefore, is the ability to segment the market effectively and communicate to the various segments the ability to meet their needs.
Automatic enrollment is making a tremendous difference in increasing the participation rate of other demographic groups to levels closer to those of white males—the groups with the highest rate of participation.
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