Study Also Shows that 18 to 34-Year Olds Are Motivated to Prepare for the Future
RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE: LNC) announced today results of its Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that many Millennials are struggling with financial priorities and how to plan for the future. According to the research, four in five 18 to 34-year olds say their top challenges include trying to understand their options for insurance coverage (83%) and retirement planning (79%). By comparison, 70 percent of the general population feels overwhelmed by insurance options and 67 percent reported feeling the same way about retirement choices.
“Lincoln Financial believes that education and empowerment are the keys to taking charge of your financial future,” said Mark Konen, president, Insurance and Retirement Solutions, for Lincoln Financial Group. “By providing not only Millennials, but all generations, with access to information that helps deepen their knowledge and understanding on this topic, we can help people to live the kind of lives they envision in retirement.”
As part of Lincoln Financial’s campaign to provide Millennials with informative tips and tools, the company has a dedicated section on its website. The resource is designed to drive positive outcomes by helping Millennials focus on beginning their financial action plan.
The most popular financial planning information source for Millennials, family members excluded, is online research (38%). This demographic is also more likely than any other generation to cite company shares on social media and sponsored digital ads as influential sources of information about a financial services company or product.
Steps in the Right Direction
Despite facing financial planning challenges, Millennials are trying to be good savers. Eighty-three percent report they save money from every paycheck, as compared to 78 percent of the general population. They are also driven by significant events to take action. Most Millennials (83%) say they are more motivated to plan for their financial future around the time of a major life milestone such as getting married, having a child or purchasing a new home (versus 72 percent of the general population).
Even though Millennials are high users of technology when planning for their various financial needs, the majority polled (71%) would still rather purchase financial products like life insurance or annuities in-person or over the phone, rather than online.
“It’s encouraging to see that Millennials are motivated to save and plan for their financial future,” said Kristen Phillips, head of marketing and strategy for Lincoln’s Insurance and Retirement Solutions business. “The evolution of today’s insurance and retirement products, which can help consumers in more ways than ever before, holds promise. Now, we have the opportunity to understand how to engage these savers at various touchpoints to provide solutions and services to help meet their specific needs and stage of life.”
Millennials may be less likely than the general population right now to work with a financial advisor (25% versus 37%) , but nearly three out of four Millennials say they feel empowered when talking to one about their future. Among the one in four Millennials who do work with advisors, 94 percent trust them to do what is in their best interest and 93 percent are satisfied with the job they have done on their behalf.
Lincoln Financial’s 2015 M.O.O.D. of America Survey is the fourth in a series where the company has polled Americans on various topics, including financial attitudes and behaviors. The first survey was conducted in late 2011, and released early in 2012.
Lincoln Financial Group plans to release additional M.O.O.D. of America data throughout 2015 and into early 2016. Upcoming releases will cover wealth protection; perspectives on life insurance products; annuities and group benefits; attitudes and behaviors among women; generational differences; and other demographic insights. Special Report: M.O.O.D. of America on Employee Benefits study is a companion piece that more closely examines non-medical workplace benefits and the ability of these products to heighten a worker’s confidence in their financial future.
For more information on the tools and tips that help Millennials plan for their financial future, please visit the Be A Chief Life Officer microsite.
For more information on the Millennial-focused M.O.O.D. of America survey results, including documentation supporting the findings covered in this news release, please reference the PDF via this link.
About the M.O.O.D. of America
Results for the 2015 M.O.O.D. (Measuring Optimism, Outlook and Direction) of America poll are based on a national survey conducted by Whitman Insight Strategies (WINS) on behalf of Lincoln Financial Group from March 31 to April 9, 2015 among 2,273 adults 18 years of age and older across the United States. The sample was weighted to reflect the proportion of adults 18 years of age or older by gender, age, region, race and Hispanic ethnicity based on data from the U.S. Census Bureau. The margin of error is ±1.9% at the 95% confidence interval for the entire sample.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower Americans to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $223 billion in assets under management as of June 30, 2015. Learn more at: www.LincolnFinancial.com. Find us on Facebook, Twitter, LinkedIn and YouTube. To sign up for email alerts, please visit our Newsroom at http://newsroom.lfg.com.