New Syndicated Research Study Reveals American Millennial Attitudes Toward Life Insurance; 8 in 10 Millennials Believe “People Like Me” Need Life Insurance

Washington, DC, January 26, 2021 – Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, today released a new syndicated research study powered by response:AI. The study shares survey data on Millennial Americans’ experiences with and attitudes toward life insurance. Through an online study fielded in November and December 2020, the study details the impact of the COVID-19 pandemic on Millennial attitudes, research, and buying behavior related to life insurance.

The COVID-19 pandemic has undeniably caused each generation to think critically about their financial security and what the future may hold, and Millennials are no different. Survey findings show that the primary financial change that Millennials have made in response to the pandemic has been to set aside savings or start an emergency fund (26%). Fifteen percent have had to decrease the amount they put into their retirement plan, while 36% have not made any changes to their financial situation. COVID-19 has also driven them to think more about life insurance, with concerns for their families’ health and safety as well as their own being the primary reason for this marked shift in priorities.

Lisa Greenwald, CEO of Greenwald Research, sees this change as an opportunity for Millennials. “The global COVID-19 pandemic has radically changed each generation’s outlook on both their physical and financial health and wellbeing—especially Millennials’. The end of 2020 provided a great opportunity to connect with them to get insight into how they’ve been reevaluating their priorities and how the pandemic has shifted their attitudes toward life insurance in particular. Our findings were immensely valuable for insurance providers, as they aim to help millennials prepare for their future.”

The survey revealed that Millennials need guidance on how much life insurance coverage they need, and nearly all are open to using online tools to accomplish this. Fewer than half of Millennials surveyed report knowing how much coverage they require, with only 38% saying they’ve done the calculations.

The survey offered helpful information about how and where Millennials purchase life insurance. It revealed that seven in ten want their carrier to offer a variety of insurance and investment products but also want life insurance expertise. Similarly, high shares say the ability to research and purchase a policy online is important, but they also value the ability to meet with agents in person.

“Being an online generation, it makes sense that Millennials are looking for ways to research and purchase life insurance policies online,” said Fred Barber, CEO of response:AI. “But it is affirming to know that insurance agents and advisors, their expertise, and their time, is valued.”

Armed with new knowledge from the Millennial Life Insurance Survey findings, professionals in the financial services industries will now be better prepared to educate and provide valuable life insurance options to Millennials nationwide—both in-person and online.

Complete findings from the Millennial Life Insurance Survey are available for public purchase along with Greenwald’s recently released Rethinking Retirement study. To become a partner and gain early access to results in future studies, contact Greenwald.

About the Survey

Enabled by the automated platform response:AI, which allows sponsors to receive reliable and actionable findings quickly, the Millennial Life Insurance Survey included a nationally representative sample of Millennial consumers ages 24–39 who are either married or have dependent children with a household income of at least $50K. The Millennial Life Insurance Survey supports professionals in the industry by allowing them to gain a greater understanding of how American Millennials perceive the need for both life insurance and financial security. It provides valuable insight into how Millennials prefer to research, choose, and purchase life insurance, which insurance agents, financial advisors, and other industry professionals can utilize in their day-to-day work.

About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative and quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. Visit greenwaldresearch.com to learn more.

Contact
Mike Mills
mikem@sagefrog.com
267-454-2947

###

 

More than a Third of Adult Americans Are Unwilling or Unsure about Taking a COVID-19 Vaccine

Sixteenth Annual Consumer Engagement in Health Care Survey (CEHCS) Highlights Views on COVID-19 Vaccinations & Behavioral Differences Between HDHP Enrollees & Traditional Plan Enrollees

Washington, DC, December 10, 2020 – The Employee Benefit Research Institute (EBRI), a private, nonpartisan, nonprofit research group, and independent research firm Greenwald Research (Greenwald) released their annual Consumer Engagement in Health Care Survey (CEHCS) aimed at examining consumer engagement in health care and health insurance decisions.

Now in its sixteenth year, the CEHCS provides reliable national data on the growth of consumer-driven health plans (CDHPs) and high-deductible health plans (HDHPs) and their impact on health care consumers’ behavior and attitudes. This year’s study offers valuable new findings on the effects of the COVID-19 pandemic, including consumer outlook data on telemedicine, the coronavirus vaccine, and health care plan enrollment.

The COVID-19 Vaccine: Who Will Take It & Who Should Pay for It?

The COVID-19 vaccine is on its way, and the 2020 Consumer Engagement in Health Care Survey shares an interesting overview of where Americans stand on receiving and paying for the vaccine when it becomes available.

The CEHCS found that only 55 percent of the adult population is willing to receive a COVID-19 vaccine, and 24 percent, or nearly a quarter of those surveyed, said they would not get the vaccine. Nine percent say it depends, and 12 percent are still unsure about their vaccination decision.

When it comes to paying for the vaccine, 89 percent of survey respondents indicated they strongly or somewhat felt that their insurance company should cover the vaccine’s full cost. Yet 50 percent strongly or somewhat felt they would be willing to pay $100 or less for the vaccine, and 28 percent were willing to pay more than $100.

“The American public is clearly conflicted about taking a COVID-19 vaccine, but not about who should pay for it,” said Paul Fronstin, director of EBRI’s health research program and co-author of the report. “It does appear that those who are committed to taking the vaccine are willing to pay up to $100 for it, even if they feel the responsibility should lie elsewhere.”

The Impact on Health Care Access During COVID-19

COVID-19 has largely impacted consumers’ ability to access health care. One in five Americans surveyed delayed a medical procedure as a result of the COVID-19 pandemic. Many expect delayed health care to be rescheduled later in 2020 or 2021.

The survey also showed consumers’ growing interest in increasing access to care through telemedicine. Over three in ten respondents gave a high rating to the importance of having telemedicine as an option for medical care in certain situations. Still, six in ten have not had a telemedicine visit in 2020. Among those that had at least one telemedicine visit this year, 67 percent, or two-thirds, had a telemedicine visit with a doctor they had seen before.

“While telemedicine is often mentioned as a way of easing access to health care, most people are using it with a doctor they have an ongoing relationship with,” said Edna Vasquez-Dretzka, Managing Director at Greenwald Research . “It will be interesting to see how telemedicine use during the pandemic will impact its post-pandemic use.”

The Accelerated CDHP & HDHP Enrollment in 2020

Traditional plan enrollees are much less likely to be familiar with consumer-driven health plans. Just 47 percent of traditional plan enrollees are at least somewhat familiar with consumer-driven plans, compared to the 74 percent of Americans enrolled in HDHPs.

One in five traditional plan owners with a choice of plans have the option for an HDH or CDHP. While most people making health care insurance enrollment decisions are concerned about having access to a good network of doctors and hospitals and easy access to health care and prescription drug coverage, there are differences between those who ultimately choose traditional plans and HDHPs. Enrollees in traditional health plans value low out-of-pocket costs, while HDHP enrollees value lower premiums.

Among consumers with HSAs, 69 percent use their accounts to pay for current expenses, and 67 percent of account holders view their HSA account as a savings account. Four in ten report they would be more likely to accumulate and invest unused funds if provided with an annual review of their HSA balance.

Consumers enrolled in an HDHP were 16 percent more likely than those with traditional coverage to say that they had checked whether the plan would cover care or medication. HDHP enrollees are more likely to review the quality rating of a doctor or hospital before receiving care; verify the price of a doctor’s visit, medication, or other service before receiving care; talk to their doctor about other treatment options and costs; talk to their doctor about prescription options and costs; use an online cost-tracking tool provided by the health plan; develop a budget to manage health care expenses; or decline a medical procedure because of costs.

Prescription drug use data from the CEHCS revealed that those in an HDHP were also more likely than those with traditional coverage to request a generic drug instead of a brand name or ask their doctor to recommend a less costly prescription drug.

“It is clear that HDHP enrollees value low premiums over low out-of-pocket costs, while traditional plan enrollees value low out-of-pocket costs over low premiums,” said Fronstin. “Therefore it’s not surprising that traditional plan and HDHP enrollees behave differently when it comes to their health care.”

More information about the Consumer Engagement in Health Care Survey can be found at www.ebri.org.

About the Consumer Engagement in Health Care Survey The 2020 survey of 2,032 individuals was conducted online using Dynata/ResearchNow’s online research panel between July 28 and September 11, 2020. All respondents were between the ages of 21 and 64. The national sample is weighted by gender, age, income, ethnicity, education and region to reflect the actual proportions in the population. The CDHP and HDHP samples are weighted by gender, age, income, and ethnicity. The survey was underwritten by Blue Cross and Blue Shield Association, Conduent HR, HealthEquity, Inc., National Rural Electric Cooperative Association, Prudential Financial, Segal, TIAA, UMB Financial and Voya.

About EBRI The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and financial security issues. EBRI does not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, who include a broad range of public, private, for-profit, and nonprofit organizations. For more information, go to ebri.org.

About Greenwald Research Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald offers comprehensive services to answer strategic business questions. For more information, go to greenwaldresearch.com.

Contact:

Betsy Jaffe Director, Marketing and Public Relations

Employee Benefit Research Institute

press-media@ebri.org

202.775.6347

Greenwald Research Receives 2020 Confirmit AIR Award

Washington, DC, October 6, 2020 – Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, has been awarded the AIR (Achievement in Insight and Research) Award in the AIR Agency category by Confirmit, a leading vendor for market research, customer experience, and employee engagement solutions. This award is a testament to Greenwald’s commitment to delivering insight that drives business performance and innovation.

The AIR Awards, now in their third year, were created to recognize innovation and excellence in market research and insight practices. These exclusive awards, open only to Confirmit and Dapresy clients, celebrate companies who remain dedicated to delivering actionable research that guides success for businesses in a range of dynamic industries. Greenwald is celebrated this year as an AIR Agency. Other award categories include AIR Project and Innovation and AIR Professionals.

Confirmit says the AIR Agency category rewards research firms that continue to provide “exceptional guidance and value to clients” in addition to furthering the field of market research by “designing and implementing new approaches” and “breaking new ground in the merging of market research, insight, and voice of the customer.”

Greenwald’s AIR Agency Award demonstrates its ability to transform complex data into actionable insights, enabling clients to stay competitive and navigate industry change. The firm’s recently released  2020 Workplace Wellness Survey and forthcoming research studies add to the collection of resources businesses have to navigate an uncertain future, offering new findings on the impact of the COVID-19 pandemic on the health and wealth industries.

Kyle Ferguson, CEO of Confirmit, said of Greenwald’s award, “Combining effective data collection capabilities with actionable and inspiring data interpretation is central to enabling MR businesses to deliver value to their clients. We are proud to partner with Greenwald as they continue to make this combination possible and drive the future of the MR market forward.”

“Our team works hard to design and execute research programs that enable our clients to stay competitive and navigate change in health, wealth, and employee benefits,” said Lisa Greenwald, CEO of Greenwald. “We’re proud of the work we do and excited to be recognized for our ability to give our clients the tools they need to stay successful.”

The Confirmit AIR Award comes as Greenwald announces a new CEO, brand identity, and renewed focus on the future, all while celebrating thirty-five years of guiding intelligent insights through specialized subject matter expertise.

About Confirmit
Confirmit is the world’s leading vendor for market research, customer experience, and employee engagement solutions. Confirmit platforms enable data collection, analysis, visualization, and action management to empower businesses to make smarter decisions that drive business growth. Confirmit supports over 650 clients in more than 50 countries, including many of the world’s leading brands. Visit www.confirmit.com for more information.

About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative and quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. Visit greenwaldresearch.com to learn more.

New Study: Workers Stressed About their Financial Future

New Study Finds Workers Stressed About their Financial Future, but Very Satisfied with Employment-Based Benefits

Benefits Critical to Feeling Financially Secure, Furloughed Workers Most Concerned

WASHINGTON – September 30, 2020 – The inaugural Workplace Wellness Study conducted by the Employee Benefit Research Institute (EBRI) and independent research firm Greenwald Research finds that two in three employees feel stressed when thinking about their financial future. Nearly half of employees are concerned with their household’s financial wellbeing, citing saving for retirement and having savings in case of an emergency as top sources of financial stress. Yet, only 42 percent of employees are satisfied with their financial wellness benefits and would not trade them with their wages; an equal share would be willing to have fewer financial wellness benefits for higher wages.

“Seven in ten employees believe employees need their employer’s help to be healthy and financially secure, and nearly as many feel the employer has a responsibility to ensure the health and financial security of employees,” said Lisa Greenwald, CEO of Greenwald Research.

With some trended results dating back to 2012 or earlier, the Workplace Wellness Survey examines worker attitudes towards employment-based benefits in the workplace, as well as a broad spectrum of financial wellbeing, employment-based health insurance, and retirement benefit issues.

Since the pandemic began, just under three in ten (28 percent) feel their employer’s efforts to improve their overall well-being has increased, and 61 percent say it stayed the same. However, employees rate their employers’ efforts positively, with 48 percent saying their employer has done an excellent or very good job helping them improve their physical wellbeing, and 42 percent say the same about their emotional and financial wellbeing.

The survey also finds that furloughed workers who maintain access to at least one of their employee benefits are less likely to be satisfied with their primary job and employee benefits than other workers. They are also less likely to feel confident in their ability to make informed decisions about their employee benefits.

The Good News: Employment-Based Health Insurance is a Bright Spot

On the positive side, however, nearly half of employees, 47 percent, are extremely/very satisfied with their benefits package, with 58 percent stating that they are satisfied with their employment-based retirement savings plan and 54 percent being satisfied with their current health insurance plan. Majorities indicate they are satisfied with the retirement and health benefits they have now, and do not want to trade their benefits with their wages.

Health insurance continues to be valued: the benefit employees say contributes most to their feelings of financial security. Nearly two-thirds say their health insurance “contributes a lot” to their security, and more than half (55 percent) say their retirement plan contributes a lot to feeling financially secure.  Roughly four in ten cite life insurance, financial wellness, and benefits like accident and critical illness as contributing a lot to their financial security. One-third feel disability insurance contributes a great deal.

“Health insurance remains the benefit employees are most likely to consider when making employment decisions, followed by retirement savings plans, and these benefits play a critical role in employees’ feelings of financial security” said Paul Fronstin, Director of EBRI’s Health Research and Education Program. “Interestingly, the study finds newer benefits, including health wellness programs, critical illness or cancer insurance, and financial wellness programs are increasing in popularity.”

While some were concerned that the pandemic and subsequent financial downturn could lead to employers decreasing or eliminating health care and other benefits, that fear has largely remained unrealized. “Although we’ve heard anecdotal reports that some have terminated benefits coverage for part-time and seasonal workers, employers have largely stayed the course on benefits offered to full-time employees,” said Fronstin.

Open-Enrollment During COVID-19

Three-quarters of employees find their health benefits easy to understand, higher than the six in ten expressing the same level of understanding about their non-health benefits. Employees are confident in their ability to make informed decisions about employee benefits, with two in three stating they are very or extremely confident.

“About half of employees feel their employer has done an excellent or very good job communicating about online benefits resources during COVID, which is important as we go into open enrollment season this year,” said Greenwald. “However, given the pandemic, 37 percent would like more information and guidance during open enrollment than they usually get.” For their next open enrollment, employees are most interested in a portal for selecting benefits, a tool to help make decisions, and online brochures.

Many employees – just under half – say they would welcome advice, either from a third-party benefits advisor or from an online program. Nine of ten surveyed-employees report that they would be likely to use a free online program offering benefit advice, including nearly half who are very or extremely likely.

Employees are also keenly interested in receiving education or advice on how to invest money in their retirement plans and on how much they should be saving for retirement. Three in ten employees take advantage of offered education and advice about benefits. Those that leverage this advice have higher levels of understanding and satisfaction.

Other key COVID-19 related findings include:

  • Since the start of the COVID-19 pandemic, employees report that employers have most frequently reacted by furloughing or laying off workers (26 percent), promoting telemedicine benefits (18 percent), and increasing leave availability (17 percent). Only one percent suspended or cut back benefits.
  • Slightly more than half (54 percent) report their employer has done an excellent/very good job communicating about COVID-19 policies and procedures. Roughly half (49 percent) feel communication about health benefits has been strong, and nearly as many feel their employer has done a good job communicating about mental health and work-life balance during the pandemic.

A summary of the survey report, The 2020 Workplace Wellness Survey, is available at ebri.org.

About the Survey:

The 2020 survey of 1,028 American workers was conducted online July 13 through August 6, 2020. All respondents were age 21-64, and were weighted by age, race, gender and education. This report focuses on those currently employed, with significant differences for furloughed workers called out, including 900 who are currently employed full or part-time in their primary job, and 128 who are currently furloughed from their primary job, but still have access to their employee benefits. The margin of error at the 95% confidence level for the total sample of current workers in this study (n=900) is approximately plus or minus 3.3 percentage points.

“The Workplace Wellness Survey” builds on previous EBRI/Greenwald collaborative studies including “The Health and Workplace Benefits Survey “ held from 2013 through 2018, “The Health Confidence Survey”, held from 1998 through 2012, and “The Value of Benefits Survey” held in 1999 and 2001.

The 2020 WWS was underwritten by Cigna, MassMutual, Mercer, Prudential Financial, Segal, Unum and Voya Financial.

About EBRI:

The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and economic security issues. EBRI conducts objective research and education to inform plan design and public policy, does not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, which include a broad range of public, private, for-profit and nonprofit organizations. For more information go to www.ebri.org.

About Greenwald Research:

Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald offers comprehensive services to answer strategic business questions. For more information, go to www.greenwaldresearch.com

Greenwald & Associates Announces New CEO, Brand Identity, & Renewed Focus

Washington, DC, September 29, 2020 – Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, announced today significant changes in the Company’s leadership and brand. Years in the making, these updates include a new CEO, company name, and brand identity that reflect Greenwald’s position as a strong, knowledgeable consultant to its clients.

The transition coincides with Greenwald’s celebration of thirty-five years guiding intelligent insights through specialized subject matter expertise. Setting the tone for other businesses looking to support their brands through the global pandemic, Greenwald Research stands well prepared to help clients respond effectively to the impact of the current crisis on their industries and customers and navigate success with strategic research.

A Future-Focused Leadership Team

Under the leadership of Dr. Mathew Greenwald, who founded the Company in 1985, Greenwald Research has carved its own space in the field of market research to become a trusted research partner serving the dynamic health and wealth industries. As the Company celebrates thirty-five years in business, its founder has appointed Executive Vice President Lisa Greenwald as the new CEO of Greenwald Research.

Lisa, who joined Greenwald Research in 2004, will provide strategic direction in her new position, managing the brand and pursuing expansion opportunities for the Company and its clients in financial services, healthcare, and employee benefits. Throughout her career, Lisa Greenwald has specialized in designing thought leadership research; exploring financial education, protection, and product needs in the workplace; and overseeing the Company’s marketing efforts to promote research conducted on behalf of its clients.

“After decades conducting financial services and healthcare research, Greenwald Research has so much more to offer our clients than just data collection,” said Lisa Greenwald. “Our ability to design, as well as execute, research programs and thought leadership for our clients is unparalleled. This a legacy I aim to continue and embolden as CEO.”

Matt Greenwald will support strategic Company initiatives and research projects as he has for the past thirty-five years. Respected as one of the nation’s leading experts, Matt has more than forty years of experience in financial services research. His primary focus moving forward will be maintaining the Company’s thought leadership in the industry, managing existing and emerging executive forums, and leading several of the firm’s well-known syndicated studies.

“I am excited to support Lisa through this next phase of our Company’s growth,” said Matt Greenwald. “Lisa and her leadership team bring astute strategic thinking to Greenwald Research and our client engagements. One of my key goals is to  contribute to these strategic initiatives.”

Lisa Weber, formerly Senior Vice President of Greenwald Research, will be assuming a new position as Chief Research Officer to spearhead the Company’s research operations. Since joining the Company in 2006, Weber has served as the methodology lead, conducting advanced statistical analysis that includes regression, conjoint, segmentation, and complex sampling and weighting schemes designed for both established and emerging methodologies.

“Greenwald Research has always been committed to focusing on custom approaches and finding the right methods and tools for each project,” said Lisa Weber of the Company’s direction. “Now we have a renewed focus on implementing automation to meet our clients’ demands for speed and access and do so without sacrificing quality.”

A New Face for a Trusted Partner

As part of its strategic expansion plans, Greenwald Research has updated its brand strategy to better reflect the Company’s internal restructuring and the evolution of its mission, vision, and unique differentiators after thirty-five years serving its clients.

Greenwald & Associates is now known as Greenwald Research, a name that encourages easy brand recognition for long-time clients and awareness for health and wealth businesses searching for custom research and a consultative partner. This is supported by a refreshed logo and color palette to create a cohesive visual identity.

Activating the brand is the new Greenwald Research website, which features a modern design and improved user experience and reflects the Greenwald team and its new leadership. New messaging also highlights Greenwald’s various research solutions, subject area expertise, and core capabilities across financial services, healthcare, and employee benefits.

A Commitment to Custom Research

For more than three decades, Greenwald Research has specialized in studying trends, designing impactful research campaigns, and translating results for financial services companies, healthcare companies, employee benefits providers, nonprofits, and other businesses and their forward-thinking leaders. Under the strategic direction of new CEO Lisa Greenwald, the Company intends to expand its solutions as a trusted industry consultant to help clients better market and sell their products through the use of intelligent research.

About Greenwald Research Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative and quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. Visit greenwaldresearch.com to learn more.

Contact:

Mike Mills
mikem@sagefrog.com
267-454-2947

###

Confidence in Retirement Security Remains High Despite Pandemic, but Signals Change With Widespread Unemployment

Workers’ Satisfaction With DC Plans Is High, but Reveals Some Crisis Impact

WASHINGTON – April 23, 2020 – The 2020 Retirement Confidence Survey (RCS), fielded in January, found 77 percent of retirees are confident in their ability to live comfortably throughout retirement, down slightly from 82 percent in 2019. Despite the subsequent pandemic, that number barely changed when the survey was re-fielded in late March (76 percent).

Now in its 30th year, the annual RCS is the longest-running survey of its kind, measuring worker and retiree confidence about retirement. It is conducted by the Employee Benefit Research Institute (EBRI) and independent research firm Greenwald Research. The RCS was conducted in early January, prior to the coronavirus crisis that is greatly impacting U.S. and global markets, businesses, and unemployment. Recognizing the impact these events may have had on RCS results and key metrics, the researchers refielded a supplemental survey of key questions from March 20–30, 2020.

Workers also remain surprisingly confident, except when job security was threatened. In January, 69 percent of all workers reported being very or somewhat confident in their ability to live comfortably throughout their retirement years, comparable to 2019. In March 2020, the percentage of workers feeling confident is statistically unchanged at 63 percent. However, those who fear the current pandemic may impact or has impacted their employment status exhibit lower confidence.

“Understandably, retirement confidence is significantly lower among those who say their employment status has negatively changed or anticipate it to negatively change within the next six months. Those who have experienced or worry about negative employment changes lag about 20 percentage points behind other respondents when it comes to confidence in having enough money to live comfortably in retirement, take care of basic needs, and cover medical and long-term care expenses in retirement,” said Craig Copeland, EBRI senior research associate and co-author of the report.

“In an attempt to give some context to the current crisis, the supplemental survey asked which of seven major issues is most critical in America today, and more than a third of retirees identify ‘health care’ as most pressing, followed by a quarter who cite ‘the economy.’ Workers are split evenly between the two. Only 3 percent cite Americans’ retirement readiness as most critical,” said Lisa Greenwald of independent research firm Greenwald Research.

“Retirement confidence continues to be closely related to having a retirement plan,” said Copeland. “Of workers who are confident, 96 percent contribute to a defined contribution (DC) plan, and 94 percent are currently saving for retirement. Good health also impacts confidence, with 68 percent of confident workers citing being in very good to excellent health.”

January’s results show that three-quarters of workers are offered a defined contribution plan, and of those, about 9 in 10 claim they participate. As of late March, these findings remain unchanged. Workers who have a retirement plan, either an employer-sponsored DC plan or an individual retirement account (IRA), overwhelmingly report better retirement savings behaviors. More than 8 out of 10 workers with a retirement plan (84 percent) report that they have personally saved for retirement, compared with 17 percent without a plan. Similarly, workers with a plan are dramatically more likely to report total savings and investments of $100,000 or more (56 percent with a plan vs. 7 percent without).

Plan participants are, and remain, highly satisfied with their employer-sponsored retirement plan. In January, 83 percent were very or somewhat satisfied with their plan overall. The same share expressed satisfaction with the investment options in their plan, which they select primarily based on performance/growth (43 percent), alignment with risk tolerance (34 percent), and consideration of fees (29 percent). While the selection criteria remain the same, satisfaction with plans both overall and with the investment options available is lower, but still strong, in March (76 percent each express satisfaction with the plan overall and with investment options).

Nearly half of workers (48 percent) in 2020 say they tried to calculate how much they need to save for retirement, an influential planning step, up from 42 percent in 2019 and 38 percent in 2018. Four in ten estimate they will need to save $1 million or more, also up from 34 percent in 2019 and 27 percent in 2016. Workers who have attempted this calculation continue to be more confident in their retirement security than those who do not try.

Workers commonly save in their workplace retirement plans. Consequently, 8 in 10 workers (82 percent) expect income from a workplace retirement savings plan (separate from a pension plan) to be a major or minor source of income in retirement, while half of retirees (49 percent) report this is a major or minor source of income.

Furthermore, 57 percent of retirees report that they had savings in a workplace retirement savings plan at the time they retired. Of those, slightly more than 4 in 10 (44 percent) rolled their savings into an IRA, while 3 in 10 (31 percent) kept it in the plan. Retirees with DC plan and/or IRA assets do not report significant withdrawals for income, as 3 in 10 withdraw only the required minimum distribution and nearly as many report that they do not withdraw at all. In fact, three-quarters of retirees state that they aim to maintain, or even increase, their assets.

“Income remains a high priority for retirees. When asked to identify their guiding principle for managing finances in retirement — income stability vs. preserving principal and wealth — 3 in 4 of both retirees (76 percent) and workers (75 percent) select ’Income Stability: Ensuring a set amount of income for life,’” said Greenwald. Also notable, over half of workers suggest they expect a product that guarantees income for life, such as an annuity, will be a source of retirement income for them, whereas only about a third of retirees (36 percent) receive income from this type of product.

At the same time, half of retirees report that their overall expenses in retirement are as they expected. A third of retirees (34 percent in both January and March) report overall expenses in retirement are higher than expected. In January, pluralities of retirees reported that spending in several different categories was as expected, including health expenses. There is some indication of a changing scenario in March, as more retirees indicate spending on entertainment and leisure is higher than expected (21 percent in January vs. 30 percent in March) and more report spending to support a family member is  higher than expected (14 percent in January vs. 21 in March). Experiences with health care expenses were comparable from January to March, with 38 percent reporting higher than expected costs in January and 40 percent in March.

The survey report, 2020 Retirement Confidence Survey Summary Report, is available at www.ebri.org.

About the Survey:
The 2020 survey of 2,042 Americans was conducted online January 6 through January 21, 2020. All respondents were ages 25 or older. The survey included 1,018 workers and 1,024 retirees. In light of the potential impact the COVID-19 pandemic may likely have had on RCS results and key metrics, a supplemental survey of key questions was refielded from March 20–30, 2020. Data were weighted by age, gender, education, household income, and race using Census CPS data to reflect the composition of Americans ages 25 or older.

The survey was underwritten by Capital Group, Columbia Threadneedle, Invesco, J.P. Morgan, LGIMA, Lincoln Financial, Mercer, MetLife, Nationwide Financial, PIMCO, Principal Financial Group, T. Rowe Price, Segal, and Vanguard.

About Greenwald Research:
Greenwald Research is a leading, independent research firm that has been specializing in retirement, employee benefits, and health care research for nearly 35 years. For more information, go to www.greenwaldresearch.com

About EBRI:
The Employee Benefit Research Institute is a private, nonpartisan, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and economic security issues. EBRI conducts objective research and education to inform plan design and public policy, does not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members and sponsors, which include a broad range of public, private, for-profit and nonprofit organizations. For more information go to www.ebri.org.

Press Inquiries:

Lisa Greenwald
Executive Vice President
Greenwald Research
LisaGreenwald@greenwaldresearch.com
202.686.0300 ext. 108		 Betsy Jaffe
Director, Marketing and Public Relations
Employee Benefit Research Institute
press-media@ebri.org
202.775.6347