Who’s got your back? Apparently no one. Accenture’s new Global Retirement Services Survey shows that consumers are concerned about underfunded pension schemes and are ready to invest to take care of themselves in retirement.
In our survey of more than 8,000 consumers in 15 countries, several key findings emerged:
- 82 percent of respondents are worried about their post-retirement finances
- 57 percent believe their standard of living will drop when they stop working
- 93 percent realize they are reliant when they retire, to a greater or lesser degree, on their personal savings
Consequently, strong demand is emerging for retirement services and investment products. But are life insurers ready?
How life insurers can respond
In the report, we outline how insurers can deliver better retirement services, noting that:
- Improvements in customer segmentation are essential to helping distinguish among those whose needs are complex, diverse or simple
- Relevant products and advice must be available to engage various customers according to their needs
- Traditional business models won’t ensure success for those who want to take advantage of the opportunity
To learn more:
- Read the survey: Global Retirement Services Survey: Consumers see the light as retirement shortfall looms: Pensions crisis an opportunity for embattled life insurers—if they can respond effectively (PDF; opens in a new window)
- Read the press release at Accenture Newsroom
