Abstract
The consumer intelligence series of reports published from 2001 displays Mintels commitment to the US market, providing market intelligence based on original and unique data, as well as years of experience.
This research is supported by our dedicated US editorial team and industry experts with proven experience to answer the needs of our clients. The US reports consist of 12 sectors including Travel, Food, Beauty and Internet. With a growing catalogue of over 170 published titles, Mintel is now producing more than 100 reports each year, covering pre-researched titles ranging from Vitamins and Minerals to Movie Theaters.
Throughout the reports, exclusive, original and quantitative current user data is combined with market analysis of each category. As with all Mintel reports, there is one primary objective--to increase your profitability.
Table of Contents
- Introduction
- Other relevant reports
- Scope of the report
- Abbreviations and terms
- Abbreviation
- sExecutive Summary
- Expectations for "prime time"
- Changing terminology reflects the evolution
- Need for an individualized approach
- Implications for the industry
- The Psychology of Retirement
- The "new" old
- Aging no longer a liability
- Key characteristics of the Baby Boomer generation
- Figure 1: How financially secure do youfeel about your retirement?,
respondents age 55+, January-September 2005
- Baby Boomers envision retirement
- Healthcare concerns dominate as a financial worry
- Importance of personal savings
- Shifts in retirement destinations
- Figure 2: Current top ten relocationstates for retirees age 60+
- Psychological preparation as a prelude to financial planning
- Figure 3: Positive responses to "If Iwon the lottery I would never work
again", by age, January-September2005
- New retirement mindscape
- The five stages of retirement
- Figure 4: Positive responses to "Wouldrather have a boring job than no
job", by age, January-September 2005
- Figure 5: Positive responses to "I amhappy with my standard of living",
by age, January-September 2005
- Regional differences
- Retirement priorities
- Figure 6: Positive responses to "How Ispend my time is more important
than money", by age, January-September2005
- Figure 7: Positive responses to "Preferto work as part of a team rather
than alone", by age,January-September 2005
- Figure 8: Positive responses to "I feelsecure financially", by age,
January-September 2005
- Figure 9: Positive responses to "Iprovide my kids with things I didn't
have", by age,January-September 2005
- Paths of retirement
- Finding new identities in retirement
- Need for psychological preparation
- Coping with retirement
- Work Patterns and the New "Retirementality"
- Working longer and phasing in
- Working while retired
- Figure 10: Positive responses to "Moneyis the best measure of success",
by age, January-September 2005
- Older workers still needed
- Reasons for working
- Figure 11: Factors in the decision to workin retirement, 2003
- Benefits of phased retirement
- Preparing for a working retirement
- Figure 12: Positive responses to "Iwould like to set up my own
business", by age, January-September 2005
- Retiring, then returning to work
- Why non-working retirees return to work
- Reasons for returning to work
- Household debt and the need to keep working
- Figure 13: Home ownership rate, by age,2001 and 2004
- Figure 14: Household holdings of debt, byage, 2001-04
- Figure 15: Number of respondents who havehome equity loan, by age,
January-September 2005
- Financial Attitudes
- Anxieties about retirement increasing
- Retirement planning gaps
- Inadequate planning for income management
- Figure 16: Positive responses to "I amvery good at managing money", by
age, January-September 2005
- Lack of asset allocation strategy
- Need for withdrawal strategies
- Figure 17: Positive responses to "Ienjoy taking risks", by age,
January-September 2005
- Figure 18: Positive responses to"Investing in the stock market is too
risky", by age,January-September 2005
- Planning gaps among pre-retirees
- Figure 19: Positive responses to "I knownothing about
finances/investments", by age, January-September 2005
- Figure 20: Positive responses to "I wantto know as much as possible
before committing to financial products",by age, January-September 2005
- Figure 21: Positive responses to "I shopfor the best deal for financial
services products", by age,January-September 2005
- Figure 22: Positive responses to "Ileave financial arrangements to
someone else", by age,January-September 2005
- Figure 23: Positive responses to "I findads for financial services
interesting", by age, January-September2005
- Financial attitudes within ethnic groups
- People feel responsible for their own success
- Ethnic influence on retirement attitudes
- Attitudes among African-Americans, Asians and Hispanics
- Figure 24: Positive responses to "Idon't like the idea of being in
debt", by age, January-September2005
- Asian-Americans and financial attitudes--a closer look
- African-Americans and financial attitudes--a closer look
- Hispanics and financial attitudes--a closer look
- Figure 25: Attitudes of English-dominantvs. Spanish-dominant Hispanic
Baby Boomers, 2006
- Financial attitudes of women
- Sexual preference and retirement attitudes
- Legacy planning among the generations
- Influence of the "alpha" child
- Financial Behaviors
- Baby Boomers' financial responsibilities
- Savings habits of affluent Baby Boomers
- Sources of retirement income
- Debt activity
- Figure 26: Positive responses to "Oftenprefer to pay cash for things I
buy", by age, January-September 2005
- Credit card ownership
- Figure 27: Positive responses to "creditcards--do you have or use?", by
age, January-September 2005
- Figure 28: Positive responses to "Have adebit card (MasterCard or
Visa)", by age, January-September 2005
- Figure 29: Respondents who have three ofmore credit cards, by age,
January-September 2005
- Credit card usage
- Figure 30: Positive responses to "Anycredit cards used in the last 30
days", by age, January-September 2005
- Debit card usage
- Figure 31: Positive responses to "UsedMasterCard debit card 20 or more
times per month", by age,January-September 2005
- Figure 32: Positive responses to "UsedMasterCard debit card between one
and five times per month", by age,January-September 2005
- Figure 33: Positive responses to "UsedVisa debit card between one and
five times per month", by age,January-September 2005
- Figure 34: Proportion of monthly billpaid--Visa, MasterCard, Discover,
Amex, by age, January-September 2005
- Where assets are held
- Figure 35: Have a retirement account, bygender and age, March 2006
- Figure 36: Type of institution withretirement assets, age 55+, March 2006
- Figure 37: Have a non-retirement account,by age, January-September 2005
- Figure 38: Type of brokerage account held,by age, January-September 2005
- Figure 39: Online account usage, by age,January-September 2005
- Figure 40: Have mutual fund/brokerageaccounts, by age, January-September
2005
- Figure 41: Respondents who own anyinvestments, type of investment owned,
by age, January-September 2005
- Figure 42: Positive responses to "OwnKeogh/SEP IRA/pension", by age,
January-September 2005
- Figure 43: Positive responses to "ownIRA" and "own 401k", by age,
January-September 2005
- Figure 44: Financial transactions withcredit unions, by age,
January-September 2005
- Figure 45: Senior Citizens Clubparticipation, by age, January-September
2005
- Figure 46: Relationship with mutualfund/brokerage firm, by age,
January-September 2005
- Rollover trends
- Figure 47: Original and new providers,asset-weighted share of
transactions, 2004
- Reasons for Rolling over Assets to Specific Institutions
- Importance of an established relationship
- Figure 48: Importance of an establishedrelationship and online banking
for rollover respondents, March 2006
- Easy access through electronic services
- Preferred investment menu
- Figure 49: Importance of investment typeand investment return to
rollover respondents, March 2006
- Returns on investments
- Money management philosophy
- Figure 50: Importance of conservativeapproach, consolidation of assets,
and personal recommendation torollover respondents, March 2006
- Good place to consolidate
- Influence of friends
- Primary sources of financial information
- Figure 51: Primary advisors as source offinancial information, March 2006
- Technology facilitating rollovers
- Products Which Address the New "Retirementality"
- Reverse mortgages as a new retirement planning tool
- Figure 52: Reverse mortgages issued,2001-Q3 2005
- Solo 401(k)s
- Retirement income products and services
- Acceptance of electronic services
- Figure 53: Positive responses to "Use adebit card and electronic funds
transfer", by age, January-September2005
- Income planning services
- Obtaining advice
- Retirement plan advice through the workplace
- Trust of financial companies
- Appendix A: Advertising
- Attitudes about advertising
- Advertising to seniors online
- African-Americans and the Internet
- Hispanics and the Internet
- Advertising approaches
- Fidelity
- Figure 54: Fidelity print advertisement,2006
- Figure 55: Fidelity print advertisement,2006
- Figure 56: Fidelity print advertisement,2006
- Ameriprise
- Figure 57: Ameriprise print advertisement,2006
- AIG
- Figure 58: AIG print advertisement, 2006
- Prudential
- Figure 59: Prudential print advertisement,2006
- Figure 60: Prudential print advertisement,2006
- Figure 61: Prudential print advertisement,2006
- Figure 62: Prudential print advertisement,2006
- The Principal
- Figure 63: Principal Financial Group printadvertisement, 2006
- Figure 64: Principal Financial Group printadvertisement, 2006
- Transamerica
- Figure 65: Transamerica printadvertisement, 2006
- Vanguard
- Figure 66: Vanguard print advertisement,2006
- Figure 67: Vanguard print advertisement,2006
- T. Rowe Price
- Figure 68: T. Rowe Price printadvertisement, 2006
- Figure 69: T. Rowe Price printadvertisement, 2006
- A.G. Edwards
- Figure 70: A.G Edwards printadvertisement, 2006
- Edward Jones
- Figure 71: Edward Jones printadvertisement, 2006
- Figure 72: Edward Jones printadvertisement, 2006
- American Century
- Figure 73: American Century printadvertisement, 2006
- Figure 74: American Century printadvertisement, 2006
- Lincoln Financial Group
- Figure 75: Lincoln Financial Group printadvertisement, 2006
- New York Life
- Figure 76: New York Life printadvertisement, 2006
- Appendix B: Other relevant studies
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