Are You Part Of Generation X or Y?

Do you consider yourself part of either Gen X or Gen Y?  If you are you need to know that a recent survey shows you need to have more information and a better understanding of financial products and how they will affect the rest of your life.

According to a recent LIMRA study more than half of Gen X and Gen Y consumers admit having little or no knowledge about investments and financial products.

The Life Insurance Marketing and Research Association  study supports the notion that “improving general financial literacy could lay the groundwork for improved retirement knowledge. Too few consumers have a good understanding of  basic financial concepts and this lack of knowledge can hinder their retirement planning efforts.

The LIMRA study found that Generation X and Y consumers who work with financial advisors are more likely than those who do not to be very knowledgeable about investments and financial products  The study found that only one in five work with a life insurance professional.

The study found that married Gen X and Gen Y consumers are very slightly more likely than unmarried Gen X and Gen Y consumers to be very knowledgeable.  Gen X and Gen Y consumers who have graduated from college are more likely than those who have not to be very knowledgeable about investments and financial products.

Baby boomers are slightly less likely to indicate that they are “very knowledgeable” about investments and financial products than Gen Xers and Gen Yers. Four percent of baby boomers report being very knowledgeable compared with 7 percent of Gen X and Gen Y consumers. However, Baby Boomers are less likely than Gen X and Gen Y to indicate that they are “not at all knowledgeable” the study noted that comparisons to baby boomers were not a part of the current LIMRA analysis.

The study also found that the market opportunity to offer retirement products and insurance to Gen X and Gen Y households is growing. Some 43 percent of the nearly $3 trillion in Gen X household financial assets is invested in retirement and pension accounts, based on an analysis of the Federal Reserve Board’s 2010 Survey of Consumer Finances. Two thirds of retirement and pension account assets are held in DC savings plans and 30 percent are in IRAs.

When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move.  Give us a call at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com