Jackson National Life Insurance Company ® (Jackson), a leading provider of retirement solutions and educational resources for industry professionals and consumers, today released the results of the 2013 Jackson Investor Education Survey, a new study which gauged the opinions of pre-retirees (men and women investors between the ages of 45 and 65) with more than $200,000 in investable assets, on key topics relating to retirement, investing and financial education.
The survey, completed with the help of a third-party provider, polled more than 500 investors in this specific demographic on a variety of different topics focused on financial education. Results revealed that a surprisingly small number of responding investors, only 17.8 percent of men and 10.7 percent of women, said they felt they had the financial education needed to make important investing decisions. 1
Additional key findings from the 2013 Jackson Investor Education Survey include:
- The top financial concern among 74 percent of women and nearly 76 percent of men respondents was “saving enough money for retirement.” 2
- More than 42 percent of men and 55 percent of women who responded said they do not have enough financial knowledge to feel confident making investing decisions. 3 An additional 33.7 percent of women and nearly 40 percent of men who responded reported that while they have a solid level of knowledge about financial products, terms and methods, they would still benefit from professional advice to assist in making appropriate investing decisions. 4
- Nearly half of the men (49.7 percent) who responded reported having “plenty of investing confidence,” compared to 35 percent of women. 5
- The majority of those surveyed don’t believe Social Security will be a significant portion of their retirement income when they retire, with nearly 67 percent of men and 64 percent of women saying they think Social Security will be a small supplement to their retirement income, not a significant source of income. Even worse, more than 17 percent of women and nearly 14 percent of men who responded said Social Security would “not even be enough to purchase a pack of gum” when they retire. 6
Matt Gonring, vice president of corporate communications for Jackson, said that the identification of key constraints for investors in obtaining relevant financial education is an important first step in helping the financial services industry make a positive impact on investors’ confidence in years to come.
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