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T. ROWE PRICE STUDY:
UNDERSTANDING INVESTOR
ATTITUDES TOWARD RETIREMENT
February 2017
2017-US-30472
22
Table Of Contents
 METHODOLOGY
 RETIREMENT EXPECTATIONS
 THE GENDER GAP
 THE LONGEVITY BONUS
 FINANCIAL ATTITUDES AND HABITS
33
WHAT
Methodology
 Quantitative study conducted using SONAR™ – J. Walter Thompson’s proprietary online
research tool
WHO
 Sample Size = 2,001
 Country: USA
 Demographics:
- Gen X & Boomers (men and women age 36+)
- Household Income $75k+ (among those still working)
- Have investable assets (e.g. stocks, bonds, mutual funds, annuities, ETFs etc.) other than a
401(k)
- Total Investable Assets (including 401k) worth $50k+
- Cap of 25% who are retired
- Min of 20% age 60-64
 Overarching Criteria:
- Are either currently retired or have taken some steps (financial or logistical) to prepare for
retirement
WHEN
• December 15th – December 21st 2016
RETIREMENT EXPECTATIONS
55
RETIREMENT ATTAINABILITY
Thinking about your “ideal retirement”, how attainable or unattainable do you feel this is?
92% feel their ideal
retirement is attainable
Base: Total Respondents (N=2,001)
66
RETIREMENT EXPECTATIONS
Which ONE of the following phrases best describes what you expect your [retirement/IF RETIRED:
future retirement] years to be?
53% planning a
more active retirement
Base: Total Respondents (N=2,001)
77
RETIREMENT GOALS
Although you may have already mentioned some of these, which of the following would you consider to
be an “ideal retirement”?
71%
59%
58%
50%
50%
47%
45%
41%
37%
33%
24%
23%
22%
21%
21%
21%
19%
14%
14%
13%
11%
11%
10%
10%
8%
5%
4%
3%
2%
74%
49%
40%
50%
54%
50%
53%
40%
42%
39%
37%
48%
38%
19%
26%
27%
30%
23%
30%
21%
22%
21%
10%
21%
15%
16%
6%
7%
11%
0% 50% 100%
Traveling to places I’ve never been
Having the means and money to indulge and enjoy life
Just relaxing more
Taking part in more leisure activities (e.g. golf, reading, biking, crafts, etc.)
Spending more time with family
Spending more quality time with my spouse/partner
Getting healthier/more fit
Enjoying the fruits of my labor
Spending more quality time with my friends
Taking part in more cultural events (e.g. music concerts, theater, sports events, museums, etc.)
Meeting new people/making new friends
Learning new skills/hobbies
Becoming more involved in the local community/volunteering
Accumulating enough wealth so that I can guarantee my children and grandchildren will live comfortably
Downsizing or buying a smaller home
Relocating to a different state or town
Getting back to nature
Getting more spiritually or religiously involved
Doing more bold, adventurous, or courageous things
Keeping up with technological advancements
Becoming more philanthropic
Living in a more environmental/sustainable way
Investing in an additional house or apartment
Reinvigorating my life with an old passion
Living in a different country
Teaching
Focusing on dating/finding a partner
Starting my own business
Going back to school
Relaxers/ Indulgers Personal reinventors/new experiencers
Base: Relaxers/Indulgers (N=760)
Personal Reinventors/NewExperiencers (N=685)
88
RETIREMENT ATTITUDES
To what extent do you agree or disagree with each of the following statements? Please use the scale
below where a "5" means you "Strongly agree"and a "1" means you "Strongly disagree” (Top2 Box %)
64%
70%
71%
73%
70%
81%
76%
78%
0% 20% 40% 60% 80% 100%
To me, personal accomplishment is more
important than personal wealth
As we age, we reinvent ourselves, we don’t just
“get older”
It is important to me that I always stay and feel
relevant
I feel connectedto people of all ages, not just
those who are my “generation”
Relaxers/ Indulgers Personal reinventors/new experiencers
Base: Relaxers/Indulgers (N= 760)
Personal Reinventors/NewExperiencers (N=685)
99
TYPE OF RETIREE
Thinking about the items that you just selected, please rank the top traits that represent the type of
person you would like to be during retirement. (Ranked in Top 3)
38%
36%
28%
25%
22%
15%
14%
14%
12%
12%
8%
6%
6%
30%
33%
25%
31%
29%
19%
7%
8%
11%
19%
24%
10%
12%
0% 10% 20% 30% 40% 50%
Lives in the moment and enjoys every minute
Is more of a "family person” and has a big presence in the
life of their family
Is seen as independent and confident
Is not held back by preconceived notions of age
Leaves the world a better place
Is giving everything their personal best
Is viewed as a success
Has a rhythm and routine to each day
Is more of a “people person” with a focus on newfriends
and relationships
Is passionate about volunteering/giving back
Reinvents their life with a renewed enthusiasm for what the
future holds
Takes risks and is adventurous
Is fulfilling untapped talents and unrealized dreams
Relaxers/ Indulgers Personal reinventors/new experiencers
Base: Relaxers/Indulgers (N= 760)
Personal Reinventors/NewExperiencers (N=685)
1010
FINANCE AS A BARRIER
You indicated that you did not feel your “ideal” retirement is likely to be very attainable. To what extent
do you attribute this to money or finances? (among those who do not feel ideal retirement is “very
attainable”)
Base: Those Who Say Ideal Retirement Is Not “Very Attainable” (N= 1,056)
1111
OTHER BARRIERS
Other than money, which of the following are reasons for not being able to attain your ideal goals? (IF
RETIRED) Thinking about your future retirement years, other than money, which of the following are
reasons for not being able to attain your ideal goals?
Base: Those Who Say Money Not The “Only” Reason For Not Being Able To Attain Retirement (N= 956)
THE GENDER GAP
1313
GENERAL ATTITUDES TOWARD FINANCE
Which ONE of the following phrases best describes what you expect your [retirement/IF RETIRED:
future retirement] years to be?
Base: Men (N=1,097), Women (N=904)
1414
RETIREMENT GOALS
Although you may have already mentioned some of these, which of the following would you consider to
be an “ideal retirement”?
64%
51%
46%
46%
45%
44%
44%
40%
32%
30%
28%
26%
23%
23%
22%
21%
21%
18%
18%
16%
15%
13%
12%
12%
11%
8%
5%
5%
5%
76%
56%
51%
53%
49%
53%
57%
38%
46%
41%
38%
33%
30%
24%
19%
24%
24%
19%
15%
20%
15%
17%
15%
7%
10%
11%
4%
6%
4%
0% 50% 100%
Traveling to places I’ve never been
Having the means and money to indulge and enjoy life
Just relaxing more
Taking part in more leisure activities (e.g. golf, reading, biking, crafts, etc.)
Spending more quality time with my spouse/partner
Getting healthier/more fit
Spending more time with family
Enjoying the fruits of my labor
Spending more quality time with my friends
Taking part in more cultural events (e.g. music concerts, theater, sports events, museums, etc.)
Learning new skills/hobbies
Meeting new people/making new friends
Becoming more involved in the local community/volunteering
Relocating to a different state or town
Accumulating enough wealth so that I can guarantee my children and grandchildren will live comfortably
Getting back to nature
Downsizing or buying a smaller home
Doing more bold, adventurous, or courageous things
Keeping up with technological advancements
Getting more spiritually or religiously involved
Becoming more philanthropic
Living in a more environmental/sustainable way
Reinvigorating my life with an old passion
Teaching
Living in a different country
Investing in an additional house or apartment
Starting my own business
Going back to school
Focusing on dating/finding a partner
Men Women
Base: Men (N=1,097), Women (N=904)
1515
RETIREMENT ATTAINABILITY
Thinking about your “ideal retirement”, how attainable or unattainable do you feel this is?
Base: Men (N=1,097), Women (N=904)
THE LONGEVITY BONUS
1717
LONGEVITY BONUS: Blessing Or Curse?
Do you consider the idea that we could have an additional 30 years added to be more of a blessing or a
curse?
Base: Gen X (N=549), Baby Boomers (N=1,452)
THE LONGEVITY BONUS:In the news, therehave been reportsfrom
economists, professors, and other theorists talking about“the longevity
bonus”, or the idea that we could have an extra 30 years added to our
lifespan.
1818
LONGEVITY BONUS: Emotions
And how do you feel about this idea that we could have an additional 30 years added to our lifespan?
Base: Total Respondents (N=2,001)
1919
LONGEVITY BONUS: Impact
Would this information (that we could have an additional 30 years) impact how you plan and save for
retirement? (% Yes)
Base: Gen X (N=549), Baby Boomers (N=1,452)
2020
LONGEVITY BONUS: Impact
In what ways do you feel this “additional30 years” would impact how you plan to spend your retirement
years? (among those who said “yes”)
Base: Total (N=2,001), Gen X(N=549), Baby Boomers (N=1,452)
FINANCIAL ATTITUDES
AND HABITS
2222
GENERAL ATTITUDES TOWARD FINANCE
How much do you agree or disagree with each of the following statements about finance in general?
(Top 2 Box %, 5 point scale)
Base: Age 36-49 (N=549), Age 50-59 (N=707), Age 60-64 (N=477), Age 65+ (N=268)
2323
GENERAL ATTITUDES TOWARD FINANCE
How much do you agree or disagree with each of the following statements about finance in general?
(Top 2 Box %, 5 point scale)
Base: Age 36-49 (N=549), Age 50-59 (N=707), Age 60-64 (N=477), Age 65+ (N=268)
2424
FINANCIAL RETIREMENT PREPARATION
Do you feel that you should be doing more to financially prepare for your retirement years?
Base: Gen X (N=549), Baby Boomers (N=1,452)
2525
RETIREMENT INVESTMENT BARRIERS
What is holding you back from doing more? (among those who feel they could be doing more)
Base: Total Respondents (N=2,001)
2626
RETIREMENT PREPARATION
And which of the following steps have you already taken [IF RETIRED: did you take] to prepare for
retirement?
Base: Total Respondents (N=2,001)

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T. Rowe Price: Understanding Investor Attitudes Toward Retirement

  • 1. T. ROWE PRICE STUDY: UNDERSTANDING INVESTOR ATTITUDES TOWARD RETIREMENT February 2017 2017-US-30472
  • 2. 22 Table Of Contents  METHODOLOGY  RETIREMENT EXPECTATIONS  THE GENDER GAP  THE LONGEVITY BONUS  FINANCIAL ATTITUDES AND HABITS
  • 3. 33 WHAT Methodology  Quantitative study conducted using SONAR™ – J. Walter Thompson’s proprietary online research tool WHO  Sample Size = 2,001  Country: USA  Demographics: - Gen X & Boomers (men and women age 36+) - Household Income $75k+ (among those still working) - Have investable assets (e.g. stocks, bonds, mutual funds, annuities, ETFs etc.) other than a 401(k) - Total Investable Assets (including 401k) worth $50k+ - Cap of 25% who are retired - Min of 20% age 60-64  Overarching Criteria: - Are either currently retired or have taken some steps (financial or logistical) to prepare for retirement WHEN • December 15th – December 21st 2016
  • 5. 55 RETIREMENT ATTAINABILITY Thinking about your “ideal retirement”, how attainable or unattainable do you feel this is? 92% feel their ideal retirement is attainable Base: Total Respondents (N=2,001)
  • 6. 66 RETIREMENT EXPECTATIONS Which ONE of the following phrases best describes what you expect your [retirement/IF RETIRED: future retirement] years to be? 53% planning a more active retirement Base: Total Respondents (N=2,001)
  • 7. 77 RETIREMENT GOALS Although you may have already mentioned some of these, which of the following would you consider to be an “ideal retirement”? 71% 59% 58% 50% 50% 47% 45% 41% 37% 33% 24% 23% 22% 21% 21% 21% 19% 14% 14% 13% 11% 11% 10% 10% 8% 5% 4% 3% 2% 74% 49% 40% 50% 54% 50% 53% 40% 42% 39% 37% 48% 38% 19% 26% 27% 30% 23% 30% 21% 22% 21% 10% 21% 15% 16% 6% 7% 11% 0% 50% 100% Traveling to places I’ve never been Having the means and money to indulge and enjoy life Just relaxing more Taking part in more leisure activities (e.g. golf, reading, biking, crafts, etc.) Spending more time with family Spending more quality time with my spouse/partner Getting healthier/more fit Enjoying the fruits of my labor Spending more quality time with my friends Taking part in more cultural events (e.g. music concerts, theater, sports events, museums, etc.) Meeting new people/making new friends Learning new skills/hobbies Becoming more involved in the local community/volunteering Accumulating enough wealth so that I can guarantee my children and grandchildren will live comfortably Downsizing or buying a smaller home Relocating to a different state or town Getting back to nature Getting more spiritually or religiously involved Doing more bold, adventurous, or courageous things Keeping up with technological advancements Becoming more philanthropic Living in a more environmental/sustainable way Investing in an additional house or apartment Reinvigorating my life with an old passion Living in a different country Teaching Focusing on dating/finding a partner Starting my own business Going back to school Relaxers/ Indulgers Personal reinventors/new experiencers Base: Relaxers/Indulgers (N=760) Personal Reinventors/NewExperiencers (N=685)
  • 8. 88 RETIREMENT ATTITUDES To what extent do you agree or disagree with each of the following statements? Please use the scale below where a "5" means you "Strongly agree"and a "1" means you "Strongly disagree” (Top2 Box %) 64% 70% 71% 73% 70% 81% 76% 78% 0% 20% 40% 60% 80% 100% To me, personal accomplishment is more important than personal wealth As we age, we reinvent ourselves, we don’t just “get older” It is important to me that I always stay and feel relevant I feel connectedto people of all ages, not just those who are my “generation” Relaxers/ Indulgers Personal reinventors/new experiencers Base: Relaxers/Indulgers (N= 760) Personal Reinventors/NewExperiencers (N=685)
  • 9. 99 TYPE OF RETIREE Thinking about the items that you just selected, please rank the top traits that represent the type of person you would like to be during retirement. (Ranked in Top 3) 38% 36% 28% 25% 22% 15% 14% 14% 12% 12% 8% 6% 6% 30% 33% 25% 31% 29% 19% 7% 8% 11% 19% 24% 10% 12% 0% 10% 20% 30% 40% 50% Lives in the moment and enjoys every minute Is more of a "family person” and has a big presence in the life of their family Is seen as independent and confident Is not held back by preconceived notions of age Leaves the world a better place Is giving everything their personal best Is viewed as a success Has a rhythm and routine to each day Is more of a “people person” with a focus on newfriends and relationships Is passionate about volunteering/giving back Reinvents their life with a renewed enthusiasm for what the future holds Takes risks and is adventurous Is fulfilling untapped talents and unrealized dreams Relaxers/ Indulgers Personal reinventors/new experiencers Base: Relaxers/Indulgers (N= 760) Personal Reinventors/NewExperiencers (N=685)
  • 10. 1010 FINANCE AS A BARRIER You indicated that you did not feel your “ideal” retirement is likely to be very attainable. To what extent do you attribute this to money or finances? (among those who do not feel ideal retirement is “very attainable”) Base: Those Who Say Ideal Retirement Is Not “Very Attainable” (N= 1,056)
  • 11. 1111 OTHER BARRIERS Other than money, which of the following are reasons for not being able to attain your ideal goals? (IF RETIRED) Thinking about your future retirement years, other than money, which of the following are reasons for not being able to attain your ideal goals? Base: Those Who Say Money Not The “Only” Reason For Not Being Able To Attain Retirement (N= 956)
  • 13. 1313 GENERAL ATTITUDES TOWARD FINANCE Which ONE of the following phrases best describes what you expect your [retirement/IF RETIRED: future retirement] years to be? Base: Men (N=1,097), Women (N=904)
  • 14. 1414 RETIREMENT GOALS Although you may have already mentioned some of these, which of the following would you consider to be an “ideal retirement”? 64% 51% 46% 46% 45% 44% 44% 40% 32% 30% 28% 26% 23% 23% 22% 21% 21% 18% 18% 16% 15% 13% 12% 12% 11% 8% 5% 5% 5% 76% 56% 51% 53% 49% 53% 57% 38% 46% 41% 38% 33% 30% 24% 19% 24% 24% 19% 15% 20% 15% 17% 15% 7% 10% 11% 4% 6% 4% 0% 50% 100% Traveling to places I’ve never been Having the means and money to indulge and enjoy life Just relaxing more Taking part in more leisure activities (e.g. golf, reading, biking, crafts, etc.) Spending more quality time with my spouse/partner Getting healthier/more fit Spending more time with family Enjoying the fruits of my labor Spending more quality time with my friends Taking part in more cultural events (e.g. music concerts, theater, sports events, museums, etc.) Learning new skills/hobbies Meeting new people/making new friends Becoming more involved in the local community/volunteering Relocating to a different state or town Accumulating enough wealth so that I can guarantee my children and grandchildren will live comfortably Getting back to nature Downsizing or buying a smaller home Doing more bold, adventurous, or courageous things Keeping up with technological advancements Getting more spiritually or religiously involved Becoming more philanthropic Living in a more environmental/sustainable way Reinvigorating my life with an old passion Teaching Living in a different country Investing in an additional house or apartment Starting my own business Going back to school Focusing on dating/finding a partner Men Women Base: Men (N=1,097), Women (N=904)
  • 15. 1515 RETIREMENT ATTAINABILITY Thinking about your “ideal retirement”, how attainable or unattainable do you feel this is? Base: Men (N=1,097), Women (N=904)
  • 17. 1717 LONGEVITY BONUS: Blessing Or Curse? Do you consider the idea that we could have an additional 30 years added to be more of a blessing or a curse? Base: Gen X (N=549), Baby Boomers (N=1,452) THE LONGEVITY BONUS:In the news, therehave been reportsfrom economists, professors, and other theorists talking about“the longevity bonus”, or the idea that we could have an extra 30 years added to our lifespan.
  • 18. 1818 LONGEVITY BONUS: Emotions And how do you feel about this idea that we could have an additional 30 years added to our lifespan? Base: Total Respondents (N=2,001)
  • 19. 1919 LONGEVITY BONUS: Impact Would this information (that we could have an additional 30 years) impact how you plan and save for retirement? (% Yes) Base: Gen X (N=549), Baby Boomers (N=1,452)
  • 20. 2020 LONGEVITY BONUS: Impact In what ways do you feel this “additional30 years” would impact how you plan to spend your retirement years? (among those who said “yes”) Base: Total (N=2,001), Gen X(N=549), Baby Boomers (N=1,452)
  • 22. 2222 GENERAL ATTITUDES TOWARD FINANCE How much do you agree or disagree with each of the following statements about finance in general? (Top 2 Box %, 5 point scale) Base: Age 36-49 (N=549), Age 50-59 (N=707), Age 60-64 (N=477), Age 65+ (N=268)
  • 23. 2323 GENERAL ATTITUDES TOWARD FINANCE How much do you agree or disagree with each of the following statements about finance in general? (Top 2 Box %, 5 point scale) Base: Age 36-49 (N=549), Age 50-59 (N=707), Age 60-64 (N=477), Age 65+ (N=268)
  • 24. 2424 FINANCIAL RETIREMENT PREPARATION Do you feel that you should be doing more to financially prepare for your retirement years? Base: Gen X (N=549), Baby Boomers (N=1,452)
  • 25. 2525 RETIREMENT INVESTMENT BARRIERS What is holding you back from doing more? (among those who feel they could be doing more) Base: Total Respondents (N=2,001)
  • 26. 2626 RETIREMENT PREPARATION And which of the following steps have you already taken [IF RETIRED: did you take] to prepare for retirement? Base: Total Respondents (N=2,001)