How the industry, influencers can help more Americans become financially secure
As Americans mark National Retirement Planning Week, fewer of us are financially secure and fewer are taking the necessary steps to enhance their long-term financial security, compared to 15 years ago. Those sobering facts are part of the results from the Sightlines project, research covering the last two decades and conducted by the Stanford Center on Longevity.
"Across the board, the study found more Americans in the 21st century are struggling to achieve even a measure of financial security," says Rodney Branch, senior vice president, Product and Marketing for Prudential Annuities. "Specifically, the study found that Americans are less able to manage financial emergencies, fewer of them are investing and participation in investments and retirement plans has dropped."
The financial services industry and other influencers, says Branch, can help Americans prepare and plan by expanding access to investment plans and programs, encouraging a different balance between short-term consumption and long-term investment, and “educating Americans on products and services designed to improve their financial security.”
Branch notes that according to the study, financial security is one part of an equation that could help lead to a longer life. "Based on the findings," he says, "living to 100 and beyond could be more realistic for those who are socially engaged, adopt healthy living behaviors and are able to build financial security."
Interested in learning more? Read the report on the Sightlines project. Want to speak to Rodney? Contact Lisa Bennett.
The Prudential Insurance Company of America, Newark, NJ