According to a recent survey, nearly 9 out of 10 consumers worldwide are not informed about retirement products offered by insurance companies. This survey was conducted by Accenture from a survey of more than 8,000 consumers across 15 different countries. They found that 62% of consumers have little awareness of the retirement products offered by life insurers and 24% had no awareness. These staggering rates compare to just 14% who say they have a good awareness of retirement products offered by insurance companies.
This lack of knowledge is most troubling when seeing that 82% of these same consumers are worried about their post-retirement finances. The fact that such a large majority of consumers are worried about their retirement finances while only 25% are actually informed about retirement products from insurance companies is startling. Although insurance products are not the magical answer to everybody’s needs, they can certainly play a vital role in many consumers’ retirement plans. If you are one who falls into the little to no awareness of retirement products from the insurance industry, then please make an effort to educate yourself by either doing research on-line or by meeting with a retirement income specialist. If you are one of the 14% who are aware, then please do your friends and family a favor and inform them of their options.