2 Financial Literacy Pays We believe: –Educated consumers make the best prospects and customers –Individuals face enormous, often crippling, financial complexity –The remedy is public/private sector partnership that encourages people to act Americans know they must act—and want to—but don’t know how to get started. –Purchase barriers impede consumer action –Simply creating more awareness is not the answer The solution is financial literacy efforts that generate active engagement to drive consumer action
3 Social Security 3.4 million Google searches a month for “Social Security” A major source of retirement income –For two thirds of older Americans, Social Security represents 50% or more of their income –First baby boomer takes retirement in Jan 2008 –58% of women and 53% of men start benefits at 62 Life expectancy of the average American at age 66 is 17.5 years, yet only 33% delay Social Security to normal retirement age Depending on your situation, it may pay to take benefits later. The New York Times, May 2007
7 Emergence of “Benefits Consumers” Continuing shift of benefit decision making to employees – strong desire for tools Inertia and uncertainty in making best benefit choices –44% experience major life events in last 12 months; –75% make no changes to their benefits Employees looking for interactive, personalized, simple decision tools
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