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Generation X, Baby Boomer and Millennial Workers who are Saving in 401(k)s
RETIREMENT SAVINGS AND SPENDING 3
GEN X AND ADVICE
February 5, 2018
2
 Methodology
 Attitudes about Retirement
 Household Financial Objectives
 Advice Preferences
 Current Sources of Financial Advice
 401(k) Saving
 Profiles
Agenda
3
Methodology
 Representative national study of 3,022 adults 18+ never retired, currently
contributing to a 401(k) plan or eligible to contribute and have a balance of $1,000+
 Conducted by Brightwork Partners for T. Rowe Price, online, March 3rd through
March 14th 2017. Brightwork Partners LLC is now part of NMG Consulting
 Design included oversamples which were then weighted back to naturally occurring
proportions:
Actual N =
Actual
Proportion
Weighted
Proportion
Millennial (18-35) 1,007 33% 33%
Gen X (36 -51) 1,506 50% 38%
Baby Boomer (52 or older) 509 17% 29%
Total 3,022 100% 100%
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting)
ATTITUDES ABOUT RETIREMENT
5
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
35%
30% 30%
47%
40% 41%
34%
46%
Total Millennial Gen X Baby Boomer
2015 2017
In the past 12 months have you considered delaying your retirement beyond your
original target age, or haven’t you?
Have Considered Delaying Retirement
Trend By Generation
Q. 10
As of 2017. Base: total interviews
6
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
49% 49%
44%
35%
24%
28%
24%
47%
38%
35% 33%
22% 23%
19%
You will work
at least part
time in
retirement
You will have
to reduce
your standard
of living
You will have
enough
money
to pay for
health care
You will live
as well or
better as you
did when you
were working
You will be
able to leave
money to family
members or
charities
You will
run out of
money
You will be able
to help out
younger family
members with
tuition or
housing
expenses
2015 2017
Given the retirement savings you have in place right now and the rate at which you are
adding to those savings, which of the statements below do you expect will be true for
you in retirement?
Retirement Expectations
Trend By Gen X
Q. 32
As of 2017. Base: total interviews
7
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
9%
13%
6%
10%
28%
23%
20%
23%
44%
45%
47%
45%
19%
19%
27%
22%
Baby Boomer
Gen X
Millennial
Total
Not comfortable at all Not very comfortable Somewhat comfortable Very comfortable
All things considered, how comfortable are you that you are on track to meet your
financial goals?
As of 2017. Base: total interviews
On Track to Meet Financial Goals
Trend By Generation
Q. 33
12%
7%
4%
7%
23%
25%
18%
22%
51%
53%
57%
53%
14%
16%
20%
17%
2017 2015
HOUSEHOLD FINANCIAL OBJECTIVES
9
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
15%
18%
12%
6%
4%
4%
39%
32%
38%
29%
23%
21%
46%
50%
50%
65%
73%
75%
Saving for retirement outside your workplace plan or plans including
traditional contributory (not rollover) IRAs and savings accounts
Reducing what you owe on debt such as college loans, credit cards or
home equity lines of credit (2)
Managing and budgeting for day-to-day expenses
Saving for retirement through your current 401(k),or other workplace
retirement plans currently held by you or other members of your household
or through previous workplace retirement plans held by you or other…
Maintaining an acceptable quality of life
Overall, having financial peace of mind
Not an Objective Minor Objective Major Objective
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews, (2) Base: have other HH or student loan debt
Importance of Financial Objectives
Q. 12
10
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
38%
23%
15%
10%
12%
30%
42%
44%
48%
46%
32%
34%
42%
42%
43%
Saving for college or other educational expense for any members of your
household or grandchildren you may have (1)
Saving to fund health care expenses in retirement
Managing to a plan which targets a specific income for your retirement
Contributing to your Health Savings Account or HSA (3)
Saving for emergencies such as losing your job or having unexpected
expenses
Not an Objective Minor Objective Major Objective
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews, (1) Have children <18, adult children or grandchildren, (3) Enrolled in a HSA.
Importance of Financial Objectives (cont’d)
Q. 12
11
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
68%
39%
41%
53%
25%
18%
46%
37%
24%
46%
14%
15%
23%
24%
29%
Saving to start a business
Contributing to charities or other not-for-profit organizations
Leaving money for your heirs
Saving to purchase a primary residence
Saving for a major expenditure at some point in the future apart from a
primary residence such as a car, travel or a vacation home
Not an Objective Minor Objective Major Objective
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews
Importance of Financial Objectives (cont’d)
Q. 12
12
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting)
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews, (2) have other HH or student loan debt. "Major Objective"
Importance of Financial Objectives
By Generation
Q. 12
75%
73%
65%
50%
50%
46%
69%
68%
58%
52%
52%
42%
77%
70%
65%
53%
50%
48%
80%
83%
71%
45%
47%
49%
Overall, having financial peace of mind
Maintaining an acceptable quality of life
Saving for retirement through your current 401(k),or other workplace
retirement plans currently held by you or other members of your
household or through previous workplace retirement plans held by
you or other members of your household
Reducing what you owe on debt such as college loans, credit cards
or home equity lines of credit (2)
Managing and budgeting for day-to-day expenses
Saving for retirement outside your workplace plan or plans including
traditional contributory (not rollover) IRAs and savings accounts
Total Millennial Gen X Baby Boomer
13
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews, (1) Have children <18, adult children or grandchildren, (3) Enrolled in a HSA.
"Major Objective"
Importance of Financial Objectives (cont’d)
By Generation
Q. 12
43%
42%
42%
34%
32%
46%
44%
39%
36%
47%
45%
42%
41%
33%
40%
36%
39%
46%
34%
11%
Saving for emergencies such as losing your job or having
unexpected expenses
Contributing to your Health Savings Account or HSA (3)
Managing to a plan which targets a specific income for your
retirement
Saving to fund health care expenses in retirement
Saving for college or other educational expense for any members of
your household or grandchildren you may have (1)
Total Millennial Gen X Baby Boomer
14
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
For each financial objective below please indicate how important it is to your household.
As of 2017. Base: total interviews. "Major Objective“,
Importance of Financial Objectives (cont’d)
By Generation
Q. 12
29%
24%
23%
15%
14%
37%
41%
30%
21%
26%
30%
21%
24%
13%
13%
19%
9%
13%
10%
2%
Saving for a major expenditure at some point in the future apart from
a primary residence such as a car, travel or a vacation home
Saving to purchase a primary residence
Leaving money for your heirs
Contributing to charities or other not-for-profit organizations
Saving to start a business
Total Millennial Gen X Baby Boomer
15
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
For each financial objective below [overall, having financial peace of mind], please
indicate how important it is to your household.
As of 2017. Base: total interviews. "Major Objective"
Importance of Financial Peace of Mind
By Generation and Gender
Q. 12
71%
63%
73%
77%
83%
79%
84%
85%
Total
Millennial
Gen X
Baby Boomer
Male Female
16
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
For each financial objective below [maintaining an acceptable quality of life], please
indicate how important it is to your household.
As of 2017. Base: total interviews. "Major Objective"
Importance of Acceptable Quality of Life
By Generation and Gender
Q. 12
71%
64%
69%
82%
76%
75%
72%
85%
Total
Millennial
Gen X
Baby Boomer
Male Female
17
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting).
For each financial objective below [saving for retirement through your current 401(k),or
other workplace retirement plans currently held by you or other members of your
household or through previous workplace retirement plans held by you or other
members of your household], please indicate how important it is to your household.
As of 2017. Base: total interviews. "Major Objective"
Importance of Saving for Retirement
Through Workplace Plans
By Generation and Gender
Q. 12
63%
55%
63%
71%
68%
62%
69%
72%
Total
Millennial
Gen X
Baby Boomer
Male Female
18
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
5%
3%
4%
3%
2%
2%
18%
15%
15%
15%
13%
11%
42%
45%
44%
43%
45%
45%
35%
37%
38%
40%
41%
42%
Reducing what you owe on debt such as college loans, credit cards or
home equity lines of credit
Contributing to your Health Savings Account or HSA
Overall, having financial peace of mind
Saving for retirement through your current 401(k),or other workplace
retirement plans currently held by you or other members of your household
or through previous workplace retirement plans held by you or other…
Managing and budgeting for day-to-day expenses
Maintaining an acceptable quality of life
Practically none Not very much Some Great Deal
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective
Progress Toward Financial Objectives
Q. 13
19
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective
Progress Toward Financial Objectives (cont’d)
Q. 13
11%
12%
7%
11%
7%
24%
21%
21%
22%
20%
37%
39%
44%
37%
41%
29%
29%
29%
30%
32%
Saving for college or other educational expense for any members of your
household or grandchildren you may have
Saving to start a business
Managing to a plan which targets a specific income for your retirement
Saving to purchase a primary residence
Saving for retirement outside your workplace plan or plans including
traditional contributory (not rollover) IRAs and savings accounts
Practically none Not very much Some Great Deal
20
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective
Progress Toward Financial Objectives (cont’d)
Q. 13
7%
11%
9%
6%
7%
28%
25%
25%
24%
22%
43%
39%
40%
44%
43%
22%
25%
26%
26%
28%
Contributing to charities or other not-for-profit organizations
Leaving money for your heirs
Saving to fund health care expenses in retirement
Saving for a major expenditure at some point in the future apart from a
primary residence such as a car, travel or a vacation home
Saving for emergencies such as losing your job or having unexpected
expenses
Practically none Not very much Some Great Deal
21
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective, “Great deal or some” Progress
Progress Toward Financial Objectives
By Generation
Q. 13
87%
85%
83%
82%
82%
77%
85%
84%
78%
82%
84%
79%
86%
84%
83%
82%
80%
75%
89%
88%
86%
83%
83%
76%
Maintaining an acceptable quality of life
Managing and budgeting for day-to-day expenses
Saving for retirement through your current 401(k),or other workplace
retirement plans currently held by you or other members of your
household or through previous workplace retirement plans held by
you or other members of your household
Contributing to your Health Savings Account or HSA
Overall, having financial peace of mind
Reducing what you owe on debt such as college loans, credit cards
or home equity lines of credit
Total Millennial Gen X Baby Boomer
22
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective, “Great deal or some” Progress
Progress Toward Financial Objectives (cont’d)
By Generation
Q. 13
73%
73%
72%
71%
68%
71%
71%
71%
76%
72%
71%
71%
70%
68%
65%
78%
78%
75%
67%
51%
Saving for retirement outside your workplace plan or plans including
traditional contributory (not rollover) IRAs and savings accounts
Managing to a plan which targets a specific income for your
retirement
Saving for emergencies such as losing your job or having
unexpected expenses
Saving for a major expenditure at some point in the future apart from
a primary residence such as a car, travel or a vacation home
Saving to start a business
Total Millennial Gen X Baby Boomer
23
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
How much progress would you say your household is making toward each objective—is it:
As of 2017. Base: major or minor objective, “Great deal or some” Progress
Progress Toward Financial Objectives (cont’d)
By Generation
Q. 13
67%
67%
65%
65%
64%
72%
68%
69%
65%
65%
66%
62%
64%
62%
63%
54%
71%
59%
66%
64%
Saving to purchase a primary residence
Saving to fund health care expenses in retirement
Saving for college or other educational expense for any members of
your household or grandchildren you may have
Contributing to charities or other not-for-profit organizations
Leaving money for your heirs
Total Millennial Gen X Baby Boomer
ADVICE PREFERENCES
25
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
31%
30%
30%
29%
28%
27%
69%
70%
70%
71%
72%
73%
Saving to fund health care expenses in retirement (34%)
Saving for retirement outside your workplace plan or plans
including traditional contributory (not rollover) IRAs and
savings accounts (46%)
Saving for college or other educational expense for any
members of your household or grandchildren you may have
(32%)
Saving for retirement through your current 401(k) or other
workplace retirement plans currently held by you or other
members of your household (65%)
Managing to a plan which targets a specific income for your
retirement (42%)
Saving to start a business (14%)
OK without advice or support to achieve this objective Net: Any Advice
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
Base: major or minor objective; parenthetical citation is major objective
Advice Needed to Achieve Financial
Objectives
Q. 14
26
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
Base: major or minor objective; parenthetical citation is major objective
Advice Needed to Achieve Financial
Objectives (cont’d)
Q. 14
46%
45%
43%
35%
33%
32%
54%
55%
57%
65%
68%
68%
Reducing what you owe on debt such as college loans,
credit cards or home equity lines of credit (50%)
Contributing to your Health Savings Account or HSA (42%)
Saving for emergencies such as losing your job or having
unexpected expenses (43%)
Leaving money for your heirs (23%)
Saving for retirement through previous 401(k)s or other
workplace retirement plans held by you or other members
of your household (65%)
Saving to purchase a primary residence (24%)
OK without advice or support to achieve this objective Net: Any Advice
27
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
Base: major or minor objective; parenthetical citation is major objective
Advice Needed to Achieve Financial
Objectives (cont’d)
Q. 14
62%
61%
49%
47%
46%
38%
39%
51%
53%
54%
Maintaining an acceptable quality of life (73%)
Overall, having financial peace of mind (75%)
Managing and budgeting for day-to-day expenses (50%)
Saving for a major expenditure at some point in the future
apart from a primary residence such as a car, travel or a
vacation home (29%)
Contributing to charities or other not-for-profit
organizations (15%)
OK without advice or support to achieve this objective Net: Any Advice
28
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting)
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (incidence represents % major)
Advice Needed to Achieve Financial Objectives
Net Any Advice By Generation
Q. 14
73%
72%
71%
70%
70%
69%
74%
71%
70%
71%
72%
71%
Saving to start a business (14%)
Managing to a plan which targets a specific income for your
retirement (42%)
Saving for retirement through your current 401(k) or other
workplace retirement plans currently held by you or other
members of your household (65%)
Saving for college or other educational expense for any
members of your household or grandchildren you may have
(32%)
Saving for retirement outside your workplace plan or plans
including traditional contributory (not rollover) IRAs and
savings accounts (46%)
Saving to fund health care expenses in retirement (34%)
Total Gen X
29
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting)
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (incidence represents % major)
Advice Needed to Achieve Financial Objectives
(cont’d)
Net Any Advice By Generation
Q. 14
68%
68%
65%
57%
55%
54%
63%
65%
65%
55%
53%
53%
Saving to purchase a primary residence (24%)
Saving for retirement through previous 401(k)s or other
workplace retirement plans held by you or other members of
your household (65%)
Leaving money for your heirs (23%)
Saving for emergencies such as losing your job or having
unexpected expenses (43%)
Contributing to your Health Savings Account or HSA (42%)
Reducing what you owe on debt such as college loans, credit
cards or home equity lines of credit (50%)
Total Gen X
30
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting)
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (incidence represents % major)
Advice Needed to Achieve Financial Objectives
(cont’d)
Net Any Advice By Generation
Q. 14
54%
53%
51%
39%
38%
52%
50%
47%
38%
35%
Contributing to charities or other not-for-profit organizations
(15%)
Saving for a major expenditure at some point in the future
apart from a primary residence such as a car, travel or a
vacation home (29%)
Managing and budgeting for day-to-day expenses (50%)
Overall, having financial peace of mind (75%)
Maintaining an acceptable quality of life (73%)
Total Gen X
31
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 71% 79% 70% 65%
Selecting investments to achieve this objective 21 22 22 20
Figuring out how much you need to save to achieve
this objective 27 32 27 22
Tracking your progress toward this objective and
making changes as necessary 33 38 33 29
Deciding whether this objective is more important
than others and whether it should be funded first or
later 13 15 13 11
No advice needed 29 22 30 35
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (65% major)
Type of Financial Advice Needed:
"Saving for retirement through your current 401(k) or other workplace retirement
plans currently held by you or other members of your household"
Q. 14
32
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 68% 76% 65% 62%
Selecting investments to achieve this objective 20 22 19 18
Figuring out how much you need to save to achieve
this objective 26 31 26 23
Tracking your progress toward this objective and
making changes as necessary 29 32 28 26
Deciding whether this objective is more important
than others and whether it should be funded first or
later 12 16 12 8
No advice needed 33 24 35 39
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (65% major)
Type of Financial Advice Needed:
"Saving for retirement through previous 401(k)s or other workplace
retirement plans held by you or other members of your household"
Q. 14
33
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 70% 71% 72% 67%
Selecting investments to achieve this objective 19 21 21 17
Figuring out how much you need to save to achieve
this objective 26 25 31 23
Tracking your progress toward this objective and
making changes as necessary 31 30 31 31
Deciding whether this objective is more important
than others and whether it should be funded first or
later 14 16 15 12
No advice needed 30 30 28 33
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (46% major)
Type of Financial Advice Needed:
"Saving for retirement outside your workplace plan or plans including
traditional contributory (not rollover) IRAs and savings accounts"
Q. 14
34
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting).
Total Millennial Gen X
Baby
Boomer
Any advice (net) 72% 76% 71% 68%
Selecting investments to achieve this objective 21 24 20 20
Figuring out how much you need to save to achieve
this objective 26 29 28 23
Tracking your progress toward this objective and
making changes as necessary 31 32 32 27
Deciding whether this objective is more important
than others and whether it should be funded first or
later 12 12 13 10
No advice needed 28 24 29 32
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (42% major)
Type of Financial Advice Needed:
"Managing to a plan which targets a specific income for your
retirement"
Q. 14
35
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 69% 72% 71% 62%
Selecting investments to achieve this objective 16 17 19 12
Figuring out how much you need to save to achieve
this objective 28 29 30 23
Tracking your progress toward this objective and
making changes as necessary 28 31 28 24
Deciding whether this objective is more important
than others and whether it should be funded first or
later 13 13 16 9
No advice needed 31 28 29 38
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (34% major)
Type of Financial Advice Needed:
"Saving to fund health care expenses in retirement"
Q. 14
36
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 54% 62% 53% 44%
Selecting investments to achieve this objective N/A N/A N/A N/A
Figuring out how much you need to save to achieve
this objective N/A N/A N/A N/A
Tracking your progress toward this objective and
making changes as necessary 41 47 41 34
Deciding whether this objective is more important
than others and whether it should be funded first or
later 16 19 16 11
No advice needed 46 38 48 56
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (50% major where Base: have other HH or student loan debt)
Type of Financial Advice Needed:
"Reducing what you owe on debt such as college loans, credit cards or
home equity lines of credit"
Q. 14
37
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Any advice (net) 70% 73% 71% 58%
Selecting investments to achieve this objective 18 15 22 12
Figuring out how much you need to save to achieve
this objective 28 30 29 17
Tracking your progress toward this objective and
making changes as necessary 29 31 27 26
Deciding whether this objective is more important
than others and whether it should be funded first or
later 16 18 14 12
No advice needed 30 27 29 42
When it comes to each of the objectives below, which types of advice or support, if any,
would be useful to you in achieving this objective?
As of 2017. Base: major or minor objective (32% major where Base: Have children <18, adult children or grandchildren)
Type of Financial Advice Needed:
"Saving for college or other educational expense for any members of
your household or grandchildren you may have"
Q. 14
38
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
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9%
8%
7%
7%
5%
6%
4%
13%
14%
11%
11%
12%
10%
5%
43%
42%
45%
44%
44%
43%
34%
34%
36%
37%
38%
39%
40%
56%
Builds your education on how best to achieve your
financial objectives
Fits into your work schedule
Is based on personalized recommendations tailored
to your financial situation
Is flexible in terms of when you can access advice
Requires a limited amount of your time
Alerts you to critical developments in your account
Is easy to use
Not important at all Not very important Somewhat important Very important
Thinking about advice to help you achieve your lifetime financial goals, how important is
having advice that does the following?
As of 2017. Base: total interviews
Importance of Advice Attributes
Q. 16
39
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
15%
14%
20%
15%
12%
10%
23%
20%
19%
20%
15%
16%
40%
42%
34%
36%
42%
41%
22%
24%
28%
29%
31%
33%
Includes referrals to other financial professionals as
needed such as tax or insurance experts
Includes digital prompts and updates to help keep
you on track
Is accessible on mobile devices
Includes a relationship with a specific professional
advisor
Gives you access to advice when you need it for life
events such as having children or losing your job
Motivates you to stay on track
Not important at all Not very important Somewhat important Very important
Thinking about advice to help you achieve your lifetime financial goals, how important is
having advice that does the following?
As of 2017. Base: total interviews
Importance of Advice Attributes (cont’d)
Q. 16
40
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Thinking about advice to help you achieve your lifetime financial goals, how important is
having advice that does the following?
As of 2017. Base: total interviews, "Very Important"
Importance of Advice Attributes
By Generation
Q. 16
56%
40%
39%
38%
37%
36%
34%
53%
40%
42%
41%
38%
40%
40%
57%
42%
39%
39%
37%
37%
33%
59%
39%
36%
32%
34%
30%
31%
Is easy to use
Alerts you to critical developments in your account
Requires a limited amount of your time
Is flexible in terms of when you can access advice
Is based on personalized recommendations tailored to
your financial situation
Fits into your work schedule
Builds your education on how best to achieve your
financial objectives
Total Millennial Gen X Baby Boomer
41
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Thinking about advice to help you achieve your lifetime financial goals, how important is
having advice that does the following?
As of 2017. Base: total interviews, "Very Important"
Importance of Advice Attributes (cont’d)
By Generation
Q. 16
33%
31%
29%
28%
24%
22%
40%
35%
31%
40%
30%
27%
34%
31%
27%
28%
26%
21%
25%
26%
31%
14%
16%
20%
Motivates you to stay on track
Gives you access to advice when you need it for life
events such as having children or losing your job
Includes a relationship with a specific professional advisor
Is accessible on mobile devices
Includes digital prompts and updates to help keep you on
track
Includes referrals to other financial professionals as
needed such as tax or insurance experts
Total Millennial Gen X Baby Boomer
42
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Irrespective of which types of advisors you may use now, if any, which one type of
advisor do you think would be best for you:
As of 2017. Base: total interviews
Preference for Human or Digital Advisor
Q. 17
44%
12%
32%
12% Human advisor
Digital, automated or algorithm-driven
advisor
Combination of human and digital,
automated or algorithm-driven advisor
None
43
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
16%
10%
9%
12%
21%
39%
34%
32%
11%
11%
15%
12%
52%
40%
42%
44%
Baby Boomer
Gen X
Millennial
Total
None
Combination of human and digital, automated or algorithm-driven advisor
Digital, automated or algorithm-driven advisor
Human advisor
Irrespective of which types of advisors you may use now, if any, which one type of
advisor do you think would be best for you:
As of 2017. Base: total interviews
Preference for Human or Digital Advisor
By Generation
Q. 17, 18
44
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Irrespective of which types of advisors you may use now, if any, which one type of
advisor do you think would be best for you:
As of 2017. Base: total interviews
Preference for Human or Digital Advisor with
Fees
Q. 18
30%
17%31%
23%
Human advisor charging you an annual fee of
1.00% of the value of your assets, say $500 per
year on an account of $50,000
Digital, automated or algorithm-driven advisor
charging you 0.35% of the value of your assets,
say $175 per year on an account of $50,000
Combination of human and digital, automated or
algorithm-driven advisor at a blended fee
between $175 and $500 per year on an account
of $50,000 depending on how much you use the
human advisor
None
45
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
32%
23%
14%
23%
24%
34%
34%
31%
11%
15%
23%
17%
32%
28%
28%
30%
Baby Boomer
Gen X
Millennial
Total
None
Combination of human and digital, automated or algorithm-driven advisor at a blended fee between $175 and
$500 per year on an account of $50,000 depending on how much you use the human advisor
Digital, automated or algorithm-driven advisor charging you 0.35% of the value of your assets, say $175 per
year on an account of $50,000
Human advisor charging you an annual fee of 1.00% of the value of your assets, say $500 per year on an
account of $50,000
Irrespective of which types of advisors you may use now, if any, which one type of
advisor do you think would be best for you:
As of 2017. Base: total interviews
Preference for Human or Digital Advisor with
Fees
By Generation
Q. 17, 18
CURRENT SOURCES FOR FINANCIAL ADVICE
47
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
21%
20%
34%
36%
21%
14%
25%
21%
19%
17%
20%
19%
37%
40%
29%
27%
39%
41%
17%
19%
19%
20%
21%
26%
Friends, family members and co-workers
Tools, calculators and educational material available
to you through a workplace retirement plan
A human advisor available to you through a
workplace retirement plan
A human advisor not connected to your workplace
retirement plan whom you pay through fees or
commissions
Digital tools and calculators you access yourself via
the internet, not through a workplace retirement plan
The company that manages your 401(k) or workplace
retirement plans for any member of your household
Not at all Not very much Somewhat Great Deal
When it comes to advice and support about how to achieve your lifetime financial goals,
to what extent do you rely today on each of the following sources?
As of 2017. Base: total interviews
Sources for Financial Advice
Q. 15
48
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
44%
33%
49%
38%
24%
21%
27%
17%
21%
24%
26%
29%
24%
29%
36%
9%
11%
11%
11%
16%
Instructional videos and applications similar to
YouTube which you access yourself via the internet
Newspapers or magazines including digital editions
or TV
A digital, automated advisor sometimes called a robo
advisor such as Betterment or Wealthfront, not
through a workplace retirement plan
Online investing communities or discussion boards
such as Morningstar or The Motley Fool
Your employer
Not at all Not very much Somewhat Great Deal
When it comes to advice and support about how to achieve your lifetime financial goals,
to what extent do you rely today on each of the following sources?
As of 2017. Base: total interviews
Sources for Financial Advice (cont’d)
Q. 15
49
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
When it comes to advice and support about how to achieve your lifetime financial goals,
to what extent do you rely today on each of the following sources?
As of 2017. Base: total interviews, Rely on a "Great Deal or Somewhat"
Sources for Financial Advice
By Generation
Q. 15
67%
59%
59%
54%
52%
48%
71%
71%
68%
72%
66%
60%
69%
58%
59%
52%
49%
48%
59%
48%
48%
37%
40%
34%
The company that manages your 401(k) or workplace
retirement plans for any member of your household
Digital tools and calculators you access yourself via the
internet, not through a workplace retirement plan
Tools, calculators and educational material available to
you through a workplace retirement plan
Friends, family members and co-workers
Your employer
A human advisor available to you through a workplace
retirement plan
Total Millennial Gen X Baby Boomer
50
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
When it comes to advice and support about how to achieve your lifetime financial goals,
to what extent do you rely today on each of the following sources?
As of 2017. Base: total interviews, Rely on a "Great Deal or Somewhat"
Sources for Financial Advice (cont’d)
By Generation
Q. 15
47%
41%
40%
35%
34%
55%
56%
50%
51%
48%
46%
39%
37%
34%
33%
41%
26%
33%
19%
21%
A human advisor not connected to your workplace
retirement plan whom you pay through fees or
commissions
Online investing communities or discussion boards such
as Morningstar or The Motley Fool
Newspapers or magazines including digital editions or TV
Instructional videos and applications similar to YouTube
which you access yourself via the internet
A digital, automated advisor sometimes called a robo
advisor such as Betterment or Wealthfront, not through a
workplace retirement plan
Total Millennial Gen X Baby Boomer
RETIREMENT SAVING – 401(K)S
52
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Thinking about your 401(k) plan, what would you say is the current market value of that
account?
As of 2017. Base: total interviews
Market Value of 401(k) Plan
Trend By Generation
Q. 7
$59
$138
$201
$80
$141
$220
Millennial Gen X Baby
Boomer
Average ($000s)
2015 (Total: $134)
2017 (Total: $145)
$16
$67
$103
$23
$68
$95
Millennial Gen X Baby
Boomer
Median ($000s)
2015 (Total: $51)
2017 (Total: $60)
53
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
1-2% 12% 13% 11% 11%
3-4% 14 17 15 10
5-6% 22 22 21 21
7-9% 11 11 12 10
10-14% 22 22 23 22
15-19% 8 7 9 10
20-24% 7 5 6 9
25%+ 4 3 3 8
2017 Average % 9 8 9 10
2017 Median % 7 6 7 8
2015 Average % 8 8 8 9
2015 Median % 7 6 7 8
About what percentage of your personal income does this contribution represent?
AS of 2017. Base: Expect to contribute to 401(k) (96%)
Personal Deferral Rate
By Generation
Q. 26
54
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
8%
9%
13%
10%
62%
55%
42%
53%
30%
36%
45%
37%
Baby Boomer
Gen X
Millennial
Total
Lower Same Higher
As a percentage of your income, how does that compare to the past twelve months?
As of 2017. Base: total interviews
Contribution Compared to Past Twelve Months
Trend By Generation
Q. 25
7%
11%
12%
10%
72%
59%
47%
59%
22%
30%
41%
31%
2017 2015
55
11%
9%
11%
13%
11%
9%
11%
13%
Total
Millennial
Gen X
Baby Boomer
2017 2015
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting)
As far as you know, what percentage of your income do financial experts typically
recommend someone your age save to make sure you have a comfortable retirement?
As of 2017. Base: total interviews, Average %
Perceptions of Recommended Contribution
Rate for a Comfortable Retirement
Q. 27
Trend
56
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
91%
89%
2017
2015
How much, if anything, do you expect your employer to contribute to your retirement
account in the next 12 months?
As of 2017. Base: Expect to contribute to 401(k) (96%)
Expect an Employer 401(k) Contribution
Trend
Q. 29
57
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
19%
15%
9%
14%
15%
20%
27%
21%
66%
65%
65%
65%
Baby Boomer
Gen X
Millennial
Total
On factors other than the match terms To take partial advantage of this match To take full advantage of this match
To what extent is your contribution rate determined by this match?
As of 2017. Base: Expect an employer match (87%)
Influence of Match on Contribution
Trend By Generation
Q. 30
25%
11%
10%
15%
11%
23%
31%
22%
64%
66%
59%
63%
2017 2015
58
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
As you probably know, you are contributing less to your 401(k) than the IRS permits you
to defer from income. Please indicate below the extent to which any of the items below
are a reason for this.
As of 2017. Base: Contributing below the maximum allowed to 401(k) (87%)
Major Reasons for Contributing Below the
Maximum
By Generation
Q. 28
49%
26%
23%
21%
20%
16%
10%
45%
32%
22%
28%
30%
30%
15%
51%
27%
21%
20%
23%
14%
9%
50%
19%
27%
14%
6%
3%
6%
You're contributing all you can afford
You are paying back debt other than college loans
You are saving for retirement through other vehicles
You don't want to lock up in a 401(k) money you might need
soon
You are saving for a child's education
You are paying back college loans
You don't need to save for retirement
Total Millennial Gen X Baby Boomer
59
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
46%
57%
45%
36%
Total
Millennial
Gen X
Baby Boomer
Are you enrolled through work in what’s known as a health savings account or HSA, or
aren’t you?
As of 2017. Base: total interviews
Enrolled in a Health Savings Account
By Generation
Q. 11
60
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting)
If you suddenly faced an emergency that required more cash than you had on hand, to
which of the following sources of funds would you turn?
As of 2017. Base: total interviews
Sources of Funds for Emergency
By Generation
Total Millennial Gen X
Baby
Boomer
Credit cards 48% 52% 51% 38%
A special emergency fund account you have
established for such needs 36 37 37 34
Family members or friends 32 46 33 16
Your after-tax personal savings and
investments 27 22 27 32
Home equity loan 18 16 21 18
Other bank loan 15 17 15 12
Your balances in tax-deferred workplace
retirement accounts 13 14 15 10
No source of emergency cash 3 4 3 4
Q. 23
PROFILE DATA
62
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
None 64% 44% 64% 87%
Any to under $5,000 9 14 7 5
$5,000 to <$50,000 17 28 17 6
$50,000 to <$500,000 9 14 11 2
$500,000 or more 1 1 1 0
2017 Average $ in thousands (Excluding None) $56 $52 $65 $47
2017 Median $ in thousands (Excluding None) $21 $21 $24 $12
2015 Average $ in thousands (Excluding None) $38 $31 $50 $27
2015 Median $ in thousands (Excluding None) $17 $16 $20 $12
How much debt does your household have when it comes to student loans?
As of 2017. Base: total interviews
Student Loan Debt
By Generation
Q. 46
63
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
None 19% 14% 15% 31%
Any to under $5,000 14 15 13 16
$5,000 to <$50,000 35 36 36 34
$50,000 to <$500,000 29 34 33 18
$500,000 or more 2 2 3 2
2017 Average $ in thousands (Excluding None) $72 $73 $84 $53
2017 Median $ in thousands (Excluding None) $32 $37 $38 $20
2015 Average $ in thousands (Excluding None) $57 $54 $67 $43
2015 Median $ in thousands (Excluding None) $23 $24 $27 $20
Excluding first mortgages on real estate you may own, loans extended to businesses you
may own and any student loans, about how much debt does your household have in total
when it comes to things like home equity loans, car loans, credit card debt, or other
consumer credit? How much debt does your household have when it comes to student
loans?
As of 2017. Base: total interviews
Other Household Debt Plus Student Loan
Debt (total non-mortgage debt)
By Generation
Q. 45, 46
64
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Including Social Security (if any) but not counting any income earned by other adults in your
household, what was your personal income from all sources before taxes in 2016?
As of 2017. Base: total interviews
Personal Income
By Generation
Q. 67
Total Millennial Gen X
Baby
Boomer
Under $40k 22% 27% 18% 22%
$40k to <$75k 31 34 31 27
$75k to <$125k 27 24 30 27
$125k + 17 12 18 22
2017 Average $ in thousands $83 $73 $88 $88
2017 Median $ in thousands $69 $61 $74 $75
2015 Average $ in thousands $82 $69 $90 $85
2015 Median $ in thousands $70 $57 $79 $72
65
73%
14%
8%
78%
77%
22%
11%
67%
80%
11%
6%
83%
59%
6%
7%
87%
Has a living parent
You live with parent in their home*
Parent lives with you in your home*
No, I do not live with a parent or in-law
Total Millennial Gen X Baby Boomer
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Do you have at least one living parent or mother- or father-in law? Do you live with a
parent or in-law?
As of 2017. * Base: Has a living parent or in-law
Living Arrangements
By Generation
Q. 52, 53
66
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Do you have at least one adult child 18 or older? Does that adult child or do any of those
adult children 18 or older live with you in your own home? Thinking about tuition, insurance,
cars or other forms of financial support, about how much support per year do you provide to
an adult child or adult children 18 or over?
As of 2017. *Base: At least 36 years old, * Have children 18 years or older
Supporting Adult Children
Trend By Generation
Q. 54-56
2017 2015
Total Gen X
Baby
Boomer Total Gen X
Baby
Boomer
Have children 18 or older 47% 32% 67% 41% 38% 71%
Adult child or children live in my home * 41 52 35 44 58 33
Share of cohort with adult child or
children at home 13 17 23 18 22 23
Financial support provided: *
None 47 31 57 40 33 46
Less than $1,000 11 11 11 12 13 12
$1,000 to < $2,500 7 11 5 14 18 12
$2,500 to < $5,000 12 16 9 11 10 11
$5,000 to < $10,000 13 17 10 11 12 10
$10,000 to < $25,000 6 8 5 7 9 6
$25,000 or more 4 7 3 5 6 4
Average $ in thousands (Excluding none) $7.5 $7.9 $7.1 $7.1 $7.4 $6.8
Median $ in thousands (Excluding none) $4.3 $4.5 $4.1 $3.4 $3.2 $3.3
67
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
Total Millennial Gen X
Baby
Boomer
Net: Married or partnered 70% 61% 75% 72%
Married or civil union 63 51 70 70
Living with partner 6 10 6 2
Never married 21 36 15 12
Divorced/Separated/Widowed 9 3 9 16
What is your marital status?
As of 2017. Base: total interviews
Marital Status
By Generation
Q. 61
68
RSS3 © 2017 Brightwork Partners LLC. All rights reserved
Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting)
What is your education level?
As of 2017. Base: total interviews
Education
By Generation
Q. 62
Total Millennial Gen X
Baby
Boomer
High school or less 26% 26% 23% 29%
Some post secondary 29 32 26 30
College degree or more 45 42 51 41

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Retirement Savings and Spending: Generation X

  • 1. Generation X, Baby Boomer and Millennial Workers who are Saving in 401(k)s RETIREMENT SAVINGS AND SPENDING 3 GEN X AND ADVICE February 5, 2018
  • 2. 2  Methodology  Attitudes about Retirement  Household Financial Objectives  Advice Preferences  Current Sources of Financial Advice  401(k) Saving  Profiles Agenda
  • 3. 3 Methodology  Representative national study of 3,022 adults 18+ never retired, currently contributing to a 401(k) plan or eligible to contribute and have a balance of $1,000+  Conducted by Brightwork Partners for T. Rowe Price, online, March 3rd through March 14th 2017. Brightwork Partners LLC is now part of NMG Consulting  Design included oversamples which were then weighted back to naturally occurring proportions: Actual N = Actual Proportion Weighted Proportion Millennial (18-35) 1,007 33% 33% Gen X (36 -51) 1,506 50% 38% Baby Boomer (52 or older) 509 17% 29% Total 3,022 100% 100% RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting)
  • 5. 5 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 35% 30% 30% 47% 40% 41% 34% 46% Total Millennial Gen X Baby Boomer 2015 2017 In the past 12 months have you considered delaying your retirement beyond your original target age, or haven’t you? Have Considered Delaying Retirement Trend By Generation Q. 10 As of 2017. Base: total interviews
  • 6. 6 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 49% 49% 44% 35% 24% 28% 24% 47% 38% 35% 33% 22% 23% 19% You will work at least part time in retirement You will have to reduce your standard of living You will have enough money to pay for health care You will live as well or better as you did when you were working You will be able to leave money to family members or charities You will run out of money You will be able to help out younger family members with tuition or housing expenses 2015 2017 Given the retirement savings you have in place right now and the rate at which you are adding to those savings, which of the statements below do you expect will be true for you in retirement? Retirement Expectations Trend By Gen X Q. 32 As of 2017. Base: total interviews
  • 7. 7 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 9% 13% 6% 10% 28% 23% 20% 23% 44% 45% 47% 45% 19% 19% 27% 22% Baby Boomer Gen X Millennial Total Not comfortable at all Not very comfortable Somewhat comfortable Very comfortable All things considered, how comfortable are you that you are on track to meet your financial goals? As of 2017. Base: total interviews On Track to Meet Financial Goals Trend By Generation Q. 33 12% 7% 4% 7% 23% 25% 18% 22% 51% 53% 57% 53% 14% 16% 20% 17% 2017 2015
  • 9. 9 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 15% 18% 12% 6% 4% 4% 39% 32% 38% 29% 23% 21% 46% 50% 50% 65% 73% 75% Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit (2) Managing and budgeting for day-to-day expenses Saving for retirement through your current 401(k),or other workplace retirement plans currently held by you or other members of your household or through previous workplace retirement plans held by you or other… Maintaining an acceptable quality of life Overall, having financial peace of mind Not an Objective Minor Objective Major Objective For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews, (2) Base: have other HH or student loan debt Importance of Financial Objectives Q. 12
  • 10. 10 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 38% 23% 15% 10% 12% 30% 42% 44% 48% 46% 32% 34% 42% 42% 43% Saving for college or other educational expense for any members of your household or grandchildren you may have (1) Saving to fund health care expenses in retirement Managing to a plan which targets a specific income for your retirement Contributing to your Health Savings Account or HSA (3) Saving for emergencies such as losing your job or having unexpected expenses Not an Objective Minor Objective Major Objective For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews, (1) Have children <18, adult children or grandchildren, (3) Enrolled in a HSA. Importance of Financial Objectives (cont’d) Q. 12
  • 11. 11 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 68% 39% 41% 53% 25% 18% 46% 37% 24% 46% 14% 15% 23% 24% 29% Saving to start a business Contributing to charities or other not-for-profit organizations Leaving money for your heirs Saving to purchase a primary residence Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home Not an Objective Minor Objective Major Objective For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews Importance of Financial Objectives (cont’d) Q. 12
  • 12. 12 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting) For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews, (2) have other HH or student loan debt. "Major Objective" Importance of Financial Objectives By Generation Q. 12 75% 73% 65% 50% 50% 46% 69% 68% 58% 52% 52% 42% 77% 70% 65% 53% 50% 48% 80% 83% 71% 45% 47% 49% Overall, having financial peace of mind Maintaining an acceptable quality of life Saving for retirement through your current 401(k),or other workplace retirement plans currently held by you or other members of your household or through previous workplace retirement plans held by you or other members of your household Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit (2) Managing and budgeting for day-to-day expenses Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts Total Millennial Gen X Baby Boomer
  • 13. 13 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews, (1) Have children <18, adult children or grandchildren, (3) Enrolled in a HSA. "Major Objective" Importance of Financial Objectives (cont’d) By Generation Q. 12 43% 42% 42% 34% 32% 46% 44% 39% 36% 47% 45% 42% 41% 33% 40% 36% 39% 46% 34% 11% Saving for emergencies such as losing your job or having unexpected expenses Contributing to your Health Savings Account or HSA (3) Managing to a plan which targets a specific income for your retirement Saving to fund health care expenses in retirement Saving for college or other educational expense for any members of your household or grandchildren you may have (1) Total Millennial Gen X Baby Boomer
  • 14. 14 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) For each financial objective below please indicate how important it is to your household. As of 2017. Base: total interviews. "Major Objective“, Importance of Financial Objectives (cont’d) By Generation Q. 12 29% 24% 23% 15% 14% 37% 41% 30% 21% 26% 30% 21% 24% 13% 13% 19% 9% 13% 10% 2% Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home Saving to purchase a primary residence Leaving money for your heirs Contributing to charities or other not-for-profit organizations Saving to start a business Total Millennial Gen X Baby Boomer
  • 15. 15 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) For each financial objective below [overall, having financial peace of mind], please indicate how important it is to your household. As of 2017. Base: total interviews. "Major Objective" Importance of Financial Peace of Mind By Generation and Gender Q. 12 71% 63% 73% 77% 83% 79% 84% 85% Total Millennial Gen X Baby Boomer Male Female
  • 16. 16 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) For each financial objective below [maintaining an acceptable quality of life], please indicate how important it is to your household. As of 2017. Base: total interviews. "Major Objective" Importance of Acceptable Quality of Life By Generation and Gender Q. 12 71% 64% 69% 82% 76% 75% 72% 85% Total Millennial Gen X Baby Boomer Male Female
  • 17. 17 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting). For each financial objective below [saving for retirement through your current 401(k),or other workplace retirement plans currently held by you or other members of your household or through previous workplace retirement plans held by you or other members of your household], please indicate how important it is to your household. As of 2017. Base: total interviews. "Major Objective" Importance of Saving for Retirement Through Workplace Plans By Generation and Gender Q. 12 63% 55% 63% 71% 68% 62% 69% 72% Total Millennial Gen X Baby Boomer Male Female
  • 18. 18 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 5% 3% 4% 3% 2% 2% 18% 15% 15% 15% 13% 11% 42% 45% 44% 43% 45% 45% 35% 37% 38% 40% 41% 42% Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit Contributing to your Health Savings Account or HSA Overall, having financial peace of mind Saving for retirement through your current 401(k),or other workplace retirement plans currently held by you or other members of your household or through previous workplace retirement plans held by you or other… Managing and budgeting for day-to-day expenses Maintaining an acceptable quality of life Practically none Not very much Some Great Deal How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective Progress Toward Financial Objectives Q. 13
  • 19. 19 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective Progress Toward Financial Objectives (cont’d) Q. 13 11% 12% 7% 11% 7% 24% 21% 21% 22% 20% 37% 39% 44% 37% 41% 29% 29% 29% 30% 32% Saving for college or other educational expense for any members of your household or grandchildren you may have Saving to start a business Managing to a plan which targets a specific income for your retirement Saving to purchase a primary residence Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts Practically none Not very much Some Great Deal
  • 20. 20 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective Progress Toward Financial Objectives (cont’d) Q. 13 7% 11% 9% 6% 7% 28% 25% 25% 24% 22% 43% 39% 40% 44% 43% 22% 25% 26% 26% 28% Contributing to charities or other not-for-profit organizations Leaving money for your heirs Saving to fund health care expenses in retirement Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home Saving for emergencies such as losing your job or having unexpected expenses Practically none Not very much Some Great Deal
  • 21. 21 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective, “Great deal or some” Progress Progress Toward Financial Objectives By Generation Q. 13 87% 85% 83% 82% 82% 77% 85% 84% 78% 82% 84% 79% 86% 84% 83% 82% 80% 75% 89% 88% 86% 83% 83% 76% Maintaining an acceptable quality of life Managing and budgeting for day-to-day expenses Saving for retirement through your current 401(k),or other workplace retirement plans currently held by you or other members of your household or through previous workplace retirement plans held by you or other members of your household Contributing to your Health Savings Account or HSA Overall, having financial peace of mind Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit Total Millennial Gen X Baby Boomer
  • 22. 22 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective, “Great deal or some” Progress Progress Toward Financial Objectives (cont’d) By Generation Q. 13 73% 73% 72% 71% 68% 71% 71% 71% 76% 72% 71% 71% 70% 68% 65% 78% 78% 75% 67% 51% Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts Managing to a plan which targets a specific income for your retirement Saving for emergencies such as losing your job or having unexpected expenses Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home Saving to start a business Total Millennial Gen X Baby Boomer
  • 23. 23 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) How much progress would you say your household is making toward each objective—is it: As of 2017. Base: major or minor objective, “Great deal or some” Progress Progress Toward Financial Objectives (cont’d) By Generation Q. 13 67% 67% 65% 65% 64% 72% 68% 69% 65% 65% 66% 62% 64% 62% 63% 54% 71% 59% 66% 64% Saving to purchase a primary residence Saving to fund health care expenses in retirement Saving for college or other educational expense for any members of your household or grandchildren you may have Contributing to charities or other not-for-profit organizations Leaving money for your heirs Total Millennial Gen X Baby Boomer
  • 25. 25 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 31% 30% 30% 29% 28% 27% 69% 70% 70% 71% 72% 73% Saving to fund health care expenses in retirement (34%) Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts (46%) Saving for college or other educational expense for any members of your household or grandchildren you may have (32%) Saving for retirement through your current 401(k) or other workplace retirement plans currently held by you or other members of your household (65%) Managing to a plan which targets a specific income for your retirement (42%) Saving to start a business (14%) OK without advice or support to achieve this objective Net: Any Advice When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? Base: major or minor objective; parenthetical citation is major objective Advice Needed to Achieve Financial Objectives Q. 14
  • 26. 26 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? Base: major or minor objective; parenthetical citation is major objective Advice Needed to Achieve Financial Objectives (cont’d) Q. 14 46% 45% 43% 35% 33% 32% 54% 55% 57% 65% 68% 68% Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit (50%) Contributing to your Health Savings Account or HSA (42%) Saving for emergencies such as losing your job or having unexpected expenses (43%) Leaving money for your heirs (23%) Saving for retirement through previous 401(k)s or other workplace retirement plans held by you or other members of your household (65%) Saving to purchase a primary residence (24%) OK without advice or support to achieve this objective Net: Any Advice
  • 27. 27 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? Base: major or minor objective; parenthetical citation is major objective Advice Needed to Achieve Financial Objectives (cont’d) Q. 14 62% 61% 49% 47% 46% 38% 39% 51% 53% 54% Maintaining an acceptable quality of life (73%) Overall, having financial peace of mind (75%) Managing and budgeting for day-to-day expenses (50%) Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home (29%) Contributing to charities or other not-for-profit organizations (15%) OK without advice or support to achieve this objective Net: Any Advice
  • 28. 28 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting) When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (incidence represents % major) Advice Needed to Achieve Financial Objectives Net Any Advice By Generation Q. 14 73% 72% 71% 70% 70% 69% 74% 71% 70% 71% 72% 71% Saving to start a business (14%) Managing to a plan which targets a specific income for your retirement (42%) Saving for retirement through your current 401(k) or other workplace retirement plans currently held by you or other members of your household (65%) Saving for college or other educational expense for any members of your household or grandchildren you may have (32%) Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts (46%) Saving to fund health care expenses in retirement (34%) Total Gen X
  • 29. 29 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting) When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (incidence represents % major) Advice Needed to Achieve Financial Objectives (cont’d) Net Any Advice By Generation Q. 14 68% 68% 65% 57% 55% 54% 63% 65% 65% 55% 53% 53% Saving to purchase a primary residence (24%) Saving for retirement through previous 401(k)s or other workplace retirement plans held by you or other members of your household (65%) Leaving money for your heirs (23%) Saving for emergencies such as losing your job or having unexpected expenses (43%) Contributing to your Health Savings Account or HSA (42%) Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit (50%) Total Gen X
  • 30. 30 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting) When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (incidence represents % major) Advice Needed to Achieve Financial Objectives (cont’d) Net Any Advice By Generation Q. 14 54% 53% 51% 39% 38% 52% 50% 47% 38% 35% Contributing to charities or other not-for-profit organizations (15%) Saving for a major expenditure at some point in the future apart from a primary residence such as a car, travel or a vacation home (29%) Managing and budgeting for day-to-day expenses (50%) Overall, having financial peace of mind (75%) Maintaining an acceptable quality of life (73%) Total Gen X
  • 31. 31 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 71% 79% 70% 65% Selecting investments to achieve this objective 21 22 22 20 Figuring out how much you need to save to achieve this objective 27 32 27 22 Tracking your progress toward this objective and making changes as necessary 33 38 33 29 Deciding whether this objective is more important than others and whether it should be funded first or later 13 15 13 11 No advice needed 29 22 30 35 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (65% major) Type of Financial Advice Needed: "Saving for retirement through your current 401(k) or other workplace retirement plans currently held by you or other members of your household" Q. 14
  • 32. 32 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 68% 76% 65% 62% Selecting investments to achieve this objective 20 22 19 18 Figuring out how much you need to save to achieve this objective 26 31 26 23 Tracking your progress toward this objective and making changes as necessary 29 32 28 26 Deciding whether this objective is more important than others and whether it should be funded first or later 12 16 12 8 No advice needed 33 24 35 39 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (65% major) Type of Financial Advice Needed: "Saving for retirement through previous 401(k)s or other workplace retirement plans held by you or other members of your household" Q. 14
  • 33. 33 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 70% 71% 72% 67% Selecting investments to achieve this objective 19 21 21 17 Figuring out how much you need to save to achieve this objective 26 25 31 23 Tracking your progress toward this objective and making changes as necessary 31 30 31 31 Deciding whether this objective is more important than others and whether it should be funded first or later 14 16 15 12 No advice needed 30 30 28 33 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (46% major) Type of Financial Advice Needed: "Saving for retirement outside your workplace plan or plans including traditional contributory (not rollover) IRAs and savings accounts" Q. 14
  • 34. 34 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC. (Now part of NMG Consulting). Total Millennial Gen X Baby Boomer Any advice (net) 72% 76% 71% 68% Selecting investments to achieve this objective 21 24 20 20 Figuring out how much you need to save to achieve this objective 26 29 28 23 Tracking your progress toward this objective and making changes as necessary 31 32 32 27 Deciding whether this objective is more important than others and whether it should be funded first or later 12 12 13 10 No advice needed 28 24 29 32 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (42% major) Type of Financial Advice Needed: "Managing to a plan which targets a specific income for your retirement" Q. 14
  • 35. 35 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 69% 72% 71% 62% Selecting investments to achieve this objective 16 17 19 12 Figuring out how much you need to save to achieve this objective 28 29 30 23 Tracking your progress toward this objective and making changes as necessary 28 31 28 24 Deciding whether this objective is more important than others and whether it should be funded first or later 13 13 16 9 No advice needed 31 28 29 38 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (34% major) Type of Financial Advice Needed: "Saving to fund health care expenses in retirement" Q. 14
  • 36. 36 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 54% 62% 53% 44% Selecting investments to achieve this objective N/A N/A N/A N/A Figuring out how much you need to save to achieve this objective N/A N/A N/A N/A Tracking your progress toward this objective and making changes as necessary 41 47 41 34 Deciding whether this objective is more important than others and whether it should be funded first or later 16 19 16 11 No advice needed 46 38 48 56 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (50% major where Base: have other HH or student loan debt) Type of Financial Advice Needed: "Reducing what you owe on debt such as college loans, credit cards or home equity lines of credit" Q. 14
  • 37. 37 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Any advice (net) 70% 73% 71% 58% Selecting investments to achieve this objective 18 15 22 12 Figuring out how much you need to save to achieve this objective 28 30 29 17 Tracking your progress toward this objective and making changes as necessary 29 31 27 26 Deciding whether this objective is more important than others and whether it should be funded first or later 16 18 14 12 No advice needed 30 27 29 42 When it comes to each of the objectives below, which types of advice or support, if any, would be useful to you in achieving this objective? As of 2017. Base: major or minor objective (32% major where Base: Have children <18, adult children or grandchildren) Type of Financial Advice Needed: "Saving for college or other educational expense for any members of your household or grandchildren you may have" Q. 14
  • 38. 38 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 9% 8% 7% 7% 5% 6% 4% 13% 14% 11% 11% 12% 10% 5% 43% 42% 45% 44% 44% 43% 34% 34% 36% 37% 38% 39% 40% 56% Builds your education on how best to achieve your financial objectives Fits into your work schedule Is based on personalized recommendations tailored to your financial situation Is flexible in terms of when you can access advice Requires a limited amount of your time Alerts you to critical developments in your account Is easy to use Not important at all Not very important Somewhat important Very important Thinking about advice to help you achieve your lifetime financial goals, how important is having advice that does the following? As of 2017. Base: total interviews Importance of Advice Attributes Q. 16
  • 39. 39 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 15% 14% 20% 15% 12% 10% 23% 20% 19% 20% 15% 16% 40% 42% 34% 36% 42% 41% 22% 24% 28% 29% 31% 33% Includes referrals to other financial professionals as needed such as tax or insurance experts Includes digital prompts and updates to help keep you on track Is accessible on mobile devices Includes a relationship with a specific professional advisor Gives you access to advice when you need it for life events such as having children or losing your job Motivates you to stay on track Not important at all Not very important Somewhat important Very important Thinking about advice to help you achieve your lifetime financial goals, how important is having advice that does the following? As of 2017. Base: total interviews Importance of Advice Attributes (cont’d) Q. 16
  • 40. 40 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Thinking about advice to help you achieve your lifetime financial goals, how important is having advice that does the following? As of 2017. Base: total interviews, "Very Important" Importance of Advice Attributes By Generation Q. 16 56% 40% 39% 38% 37% 36% 34% 53% 40% 42% 41% 38% 40% 40% 57% 42% 39% 39% 37% 37% 33% 59% 39% 36% 32% 34% 30% 31% Is easy to use Alerts you to critical developments in your account Requires a limited amount of your time Is flexible in terms of when you can access advice Is based on personalized recommendations tailored to your financial situation Fits into your work schedule Builds your education on how best to achieve your financial objectives Total Millennial Gen X Baby Boomer
  • 41. 41 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Thinking about advice to help you achieve your lifetime financial goals, how important is having advice that does the following? As of 2017. Base: total interviews, "Very Important" Importance of Advice Attributes (cont’d) By Generation Q. 16 33% 31% 29% 28% 24% 22% 40% 35% 31% 40% 30% 27% 34% 31% 27% 28% 26% 21% 25% 26% 31% 14% 16% 20% Motivates you to stay on track Gives you access to advice when you need it for life events such as having children or losing your job Includes a relationship with a specific professional advisor Is accessible on mobile devices Includes digital prompts and updates to help keep you on track Includes referrals to other financial professionals as needed such as tax or insurance experts Total Millennial Gen X Baby Boomer
  • 42. 42 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Irrespective of which types of advisors you may use now, if any, which one type of advisor do you think would be best for you: As of 2017. Base: total interviews Preference for Human or Digital Advisor Q. 17 44% 12% 32% 12% Human advisor Digital, automated or algorithm-driven advisor Combination of human and digital, automated or algorithm-driven advisor None
  • 43. 43 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 16% 10% 9% 12% 21% 39% 34% 32% 11% 11% 15% 12% 52% 40% 42% 44% Baby Boomer Gen X Millennial Total None Combination of human and digital, automated or algorithm-driven advisor Digital, automated or algorithm-driven advisor Human advisor Irrespective of which types of advisors you may use now, if any, which one type of advisor do you think would be best for you: As of 2017. Base: total interviews Preference for Human or Digital Advisor By Generation Q. 17, 18
  • 44. 44 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Irrespective of which types of advisors you may use now, if any, which one type of advisor do you think would be best for you: As of 2017. Base: total interviews Preference for Human or Digital Advisor with Fees Q. 18 30% 17%31% 23% Human advisor charging you an annual fee of 1.00% of the value of your assets, say $500 per year on an account of $50,000 Digital, automated or algorithm-driven advisor charging you 0.35% of the value of your assets, say $175 per year on an account of $50,000 Combination of human and digital, automated or algorithm-driven advisor at a blended fee between $175 and $500 per year on an account of $50,000 depending on how much you use the human advisor None
  • 45. 45 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 32% 23% 14% 23% 24% 34% 34% 31% 11% 15% 23% 17% 32% 28% 28% 30% Baby Boomer Gen X Millennial Total None Combination of human and digital, automated or algorithm-driven advisor at a blended fee between $175 and $500 per year on an account of $50,000 depending on how much you use the human advisor Digital, automated or algorithm-driven advisor charging you 0.35% of the value of your assets, say $175 per year on an account of $50,000 Human advisor charging you an annual fee of 1.00% of the value of your assets, say $500 per year on an account of $50,000 Irrespective of which types of advisors you may use now, if any, which one type of advisor do you think would be best for you: As of 2017. Base: total interviews Preference for Human or Digital Advisor with Fees By Generation Q. 17, 18
  • 46. CURRENT SOURCES FOR FINANCIAL ADVICE
  • 47. 47 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 21% 20% 34% 36% 21% 14% 25% 21% 19% 17% 20% 19% 37% 40% 29% 27% 39% 41% 17% 19% 19% 20% 21% 26% Friends, family members and co-workers Tools, calculators and educational material available to you through a workplace retirement plan A human advisor available to you through a workplace retirement plan A human advisor not connected to your workplace retirement plan whom you pay through fees or commissions Digital tools and calculators you access yourself via the internet, not through a workplace retirement plan The company that manages your 401(k) or workplace retirement plans for any member of your household Not at all Not very much Somewhat Great Deal When it comes to advice and support about how to achieve your lifetime financial goals, to what extent do you rely today on each of the following sources? As of 2017. Base: total interviews Sources for Financial Advice Q. 15
  • 48. 48 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 44% 33% 49% 38% 24% 21% 27% 17% 21% 24% 26% 29% 24% 29% 36% 9% 11% 11% 11% 16% Instructional videos and applications similar to YouTube which you access yourself via the internet Newspapers or magazines including digital editions or TV A digital, automated advisor sometimes called a robo advisor such as Betterment or Wealthfront, not through a workplace retirement plan Online investing communities or discussion boards such as Morningstar or The Motley Fool Your employer Not at all Not very much Somewhat Great Deal When it comes to advice and support about how to achieve your lifetime financial goals, to what extent do you rely today on each of the following sources? As of 2017. Base: total interviews Sources for Financial Advice (cont’d) Q. 15
  • 49. 49 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) When it comes to advice and support about how to achieve your lifetime financial goals, to what extent do you rely today on each of the following sources? As of 2017. Base: total interviews, Rely on a "Great Deal or Somewhat" Sources for Financial Advice By Generation Q. 15 67% 59% 59% 54% 52% 48% 71% 71% 68% 72% 66% 60% 69% 58% 59% 52% 49% 48% 59% 48% 48% 37% 40% 34% The company that manages your 401(k) or workplace retirement plans for any member of your household Digital tools and calculators you access yourself via the internet, not through a workplace retirement plan Tools, calculators and educational material available to you through a workplace retirement plan Friends, family members and co-workers Your employer A human advisor available to you through a workplace retirement plan Total Millennial Gen X Baby Boomer
  • 50. 50 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) When it comes to advice and support about how to achieve your lifetime financial goals, to what extent do you rely today on each of the following sources? As of 2017. Base: total interviews, Rely on a "Great Deal or Somewhat" Sources for Financial Advice (cont’d) By Generation Q. 15 47% 41% 40% 35% 34% 55% 56% 50% 51% 48% 46% 39% 37% 34% 33% 41% 26% 33% 19% 21% A human advisor not connected to your workplace retirement plan whom you pay through fees or commissions Online investing communities or discussion boards such as Morningstar or The Motley Fool Newspapers or magazines including digital editions or TV Instructional videos and applications similar to YouTube which you access yourself via the internet A digital, automated advisor sometimes called a robo advisor such as Betterment or Wealthfront, not through a workplace retirement plan Total Millennial Gen X Baby Boomer
  • 52. 52 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Thinking about your 401(k) plan, what would you say is the current market value of that account? As of 2017. Base: total interviews Market Value of 401(k) Plan Trend By Generation Q. 7 $59 $138 $201 $80 $141 $220 Millennial Gen X Baby Boomer Average ($000s) 2015 (Total: $134) 2017 (Total: $145) $16 $67 $103 $23 $68 $95 Millennial Gen X Baby Boomer Median ($000s) 2015 (Total: $51) 2017 (Total: $60)
  • 53. 53 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer 1-2% 12% 13% 11% 11% 3-4% 14 17 15 10 5-6% 22 22 21 21 7-9% 11 11 12 10 10-14% 22 22 23 22 15-19% 8 7 9 10 20-24% 7 5 6 9 25%+ 4 3 3 8 2017 Average % 9 8 9 10 2017 Median % 7 6 7 8 2015 Average % 8 8 8 9 2015 Median % 7 6 7 8 About what percentage of your personal income does this contribution represent? AS of 2017. Base: Expect to contribute to 401(k) (96%) Personal Deferral Rate By Generation Q. 26
  • 54. 54 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 8% 9% 13% 10% 62% 55% 42% 53% 30% 36% 45% 37% Baby Boomer Gen X Millennial Total Lower Same Higher As a percentage of your income, how does that compare to the past twelve months? As of 2017. Base: total interviews Contribution Compared to Past Twelve Months Trend By Generation Q. 25 7% 11% 12% 10% 72% 59% 47% 59% 22% 30% 41% 31% 2017 2015
  • 55. 55 11% 9% 11% 13% 11% 9% 11% 13% Total Millennial Gen X Baby Boomer 2017 2015 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting) As far as you know, what percentage of your income do financial experts typically recommend someone your age save to make sure you have a comfortable retirement? As of 2017. Base: total interviews, Average % Perceptions of Recommended Contribution Rate for a Comfortable Retirement Q. 27 Trend
  • 56. 56 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 91% 89% 2017 2015 How much, if anything, do you expect your employer to contribute to your retirement account in the next 12 months? As of 2017. Base: Expect to contribute to 401(k) (96%) Expect an Employer 401(k) Contribution Trend Q. 29
  • 57. 57 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 19% 15% 9% 14% 15% 20% 27% 21% 66% 65% 65% 65% Baby Boomer Gen X Millennial Total On factors other than the match terms To take partial advantage of this match To take full advantage of this match To what extent is your contribution rate determined by this match? As of 2017. Base: Expect an employer match (87%) Influence of Match on Contribution Trend By Generation Q. 30 25% 11% 10% 15% 11% 23% 31% 22% 64% 66% 59% 63% 2017 2015
  • 58. 58 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from income. Please indicate below the extent to which any of the items below are a reason for this. As of 2017. Base: Contributing below the maximum allowed to 401(k) (87%) Major Reasons for Contributing Below the Maximum By Generation Q. 28 49% 26% 23% 21% 20% 16% 10% 45% 32% 22% 28% 30% 30% 15% 51% 27% 21% 20% 23% 14% 9% 50% 19% 27% 14% 6% 3% 6% You're contributing all you can afford You are paying back debt other than college loans You are saving for retirement through other vehicles You don't want to lock up in a 401(k) money you might need soon You are saving for a child's education You are paying back college loans You don't need to save for retirement Total Millennial Gen X Baby Boomer
  • 59. 59 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) 46% 57% 45% 36% Total Millennial Gen X Baby Boomer Are you enrolled through work in what’s known as a health savings account or HSA, or aren’t you? As of 2017. Base: total interviews Enrolled in a Health Savings Account By Generation Q. 11
  • 60. 60 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC (Now part of NMG Consulting) If you suddenly faced an emergency that required more cash than you had on hand, to which of the following sources of funds would you turn? As of 2017. Base: total interviews Sources of Funds for Emergency By Generation Total Millennial Gen X Baby Boomer Credit cards 48% 52% 51% 38% A special emergency fund account you have established for such needs 36 37 37 34 Family members or friends 32 46 33 16 Your after-tax personal savings and investments 27 22 27 32 Home equity loan 18 16 21 18 Other bank loan 15 17 15 12 Your balances in tax-deferred workplace retirement accounts 13 14 15 10 No source of emergency cash 3 4 3 4 Q. 23
  • 62. 62 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer None 64% 44% 64% 87% Any to under $5,000 9 14 7 5 $5,000 to <$50,000 17 28 17 6 $50,000 to <$500,000 9 14 11 2 $500,000 or more 1 1 1 0 2017 Average $ in thousands (Excluding None) $56 $52 $65 $47 2017 Median $ in thousands (Excluding None) $21 $21 $24 $12 2015 Average $ in thousands (Excluding None) $38 $31 $50 $27 2015 Median $ in thousands (Excluding None) $17 $16 $20 $12 How much debt does your household have when it comes to student loans? As of 2017. Base: total interviews Student Loan Debt By Generation Q. 46
  • 63. 63 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer None 19% 14% 15% 31% Any to under $5,000 14 15 13 16 $5,000 to <$50,000 35 36 36 34 $50,000 to <$500,000 29 34 33 18 $500,000 or more 2 2 3 2 2017 Average $ in thousands (Excluding None) $72 $73 $84 $53 2017 Median $ in thousands (Excluding None) $32 $37 $38 $20 2015 Average $ in thousands (Excluding None) $57 $54 $67 $43 2015 Median $ in thousands (Excluding None) $23 $24 $27 $20 Excluding first mortgages on real estate you may own, loans extended to businesses you may own and any student loans, about how much debt does your household have in total when it comes to things like home equity loans, car loans, credit card debt, or other consumer credit? How much debt does your household have when it comes to student loans? As of 2017. Base: total interviews Other Household Debt Plus Student Loan Debt (total non-mortgage debt) By Generation Q. 45, 46
  • 64. 64 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Including Social Security (if any) but not counting any income earned by other adults in your household, what was your personal income from all sources before taxes in 2016? As of 2017. Base: total interviews Personal Income By Generation Q. 67 Total Millennial Gen X Baby Boomer Under $40k 22% 27% 18% 22% $40k to <$75k 31 34 31 27 $75k to <$125k 27 24 30 27 $125k + 17 12 18 22 2017 Average $ in thousands $83 $73 $88 $88 2017 Median $ in thousands $69 $61 $74 $75 2015 Average $ in thousands $82 $69 $90 $85 2015 Median $ in thousands $70 $57 $79 $72
  • 65. 65 73% 14% 8% 78% 77% 22% 11% 67% 80% 11% 6% 83% 59% 6% 7% 87% Has a living parent You live with parent in their home* Parent lives with you in your home* No, I do not live with a parent or in-law Total Millennial Gen X Baby Boomer RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Do you have at least one living parent or mother- or father-in law? Do you live with a parent or in-law? As of 2017. * Base: Has a living parent or in-law Living Arrangements By Generation Q. 52, 53
  • 66. 66 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Do you have at least one adult child 18 or older? Does that adult child or do any of those adult children 18 or older live with you in your own home? Thinking about tuition, insurance, cars or other forms of financial support, about how much support per year do you provide to an adult child or adult children 18 or over? As of 2017. *Base: At least 36 years old, * Have children 18 years or older Supporting Adult Children Trend By Generation Q. 54-56 2017 2015 Total Gen X Baby Boomer Total Gen X Baby Boomer Have children 18 or older 47% 32% 67% 41% 38% 71% Adult child or children live in my home * 41 52 35 44 58 33 Share of cohort with adult child or children at home 13 17 23 18 22 23 Financial support provided: * None 47 31 57 40 33 46 Less than $1,000 11 11 11 12 13 12 $1,000 to < $2,500 7 11 5 14 18 12 $2,500 to < $5,000 12 16 9 11 10 11 $5,000 to < $10,000 13 17 10 11 12 10 $10,000 to < $25,000 6 8 5 7 9 6 $25,000 or more 4 7 3 5 6 4 Average $ in thousands (Excluding none) $7.5 $7.9 $7.1 $7.1 $7.4 $6.8 Median $ in thousands (Excluding none) $4.3 $4.5 $4.1 $3.4 $3.2 $3.3
  • 67. 67 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) Total Millennial Gen X Baby Boomer Net: Married or partnered 70% 61% 75% 72% Married or civil union 63 51 70 70 Living with partner 6 10 6 2 Never married 21 36 15 12 Divorced/Separated/Widowed 9 3 9 16 What is your marital status? As of 2017. Base: total interviews Marital Status By Generation Q. 61
  • 68. 68 RSS3 © 2017 Brightwork Partners LLC. All rights reserved Conducted for T. Rowe Price by Brightwork Partners LLC.. (Now part of NMG Consulting) What is your education level? As of 2017. Base: total interviews Education By Generation Q. 62 Total Millennial Gen X Baby Boomer High school or less 26% 26% 23% 29% Some post secondary 29 32 26 30 College degree or more 45 42 51 41

Editor's Notes

  1. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  2. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  3. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  4. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  5. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  6. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  7. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  8. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  9. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  10. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  11. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  12. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  13. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  14. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  15. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.
  16. Table Style - from the Table Tools > Design tab: Medium Style 1 – Accent 1 The functional colors should not be used in tables. Use the bright blue color or bolding if you need to highlight specific information.