Speaking Millennial Through Your Retirement Plan
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Speaking Millennial Through Your Retirement Plan
- 1. CLIENT BRANDING Judith Ward, T. Rowe Price Dan Schawbel, Millennial Branding May 2015 Speaking Millennial THROUGH YOUR RETIREMENT PLAN CLIENT WORDMARK CLIENT LOGO
- 3. CLIENT BRANDING 333 Let’s Talk Millennial PEOPLE EMPLOYEES SAVERS
- 5. 5CLIENT BRANDING of managers say millennials are disloyal. 42% Millennial Branding & American Express Study, 2013
- 7. 7CLIENT BRANDING Millennial Branding & Elite Daily Study say a compelling advertisement would make them trust a brand more. 1% ONLY
- 9. 9CLIENT BRANDING ShareThis.com study are likely to make a purchase based on a friend’s social media post. 68%
- 10. Family-oriented.
- 11. 11CLIENT BRANDING had a parent accompany them to a job interview. 8% Adecco
- 12. CLIENT BRANDING 121212 Let’s Talk Millennial PEOPLE EMPLOYEES SAVERS
- 13. Seek a higher purpose.
- 15. Digital natives.
- 16. 16CLIENT BRANDING Millennial Branding & Elite Daily Study use 2-3 tech devices at least once on a daily basis. 87%
- 17. Job hoppers.
- 18. 18CLIENT BRANDING of millennials expect to change jobs within 3 years 91%
- 19. CLIENT BRANDING 191919 Let’s Talk Millennial PEOPLE EMPLOYEES SAVERS
- 21. CLIENT BRANDING 212121 Equal Opportunities PAYING DOWN DEBT SAVING FOR RETIREMENT=
- 22. Seek guidance.
- 23. 23CLIENT BRANDING of Baby Boomers pay for financial guidance 35%
- 24. 24CLIENT BRANDING of Millennials pay for financial guidance 37%
- 25. 25CLIENT BRANDING as many Millennials as Baby Boomers use "robo" advisors3x
- 27. 27CLIENT BRANDING say they would increase contributions if they paid down debt 56%
- 28. CLIENT BRANDING 282828 What Are the Implications? PLAN DESIGN ENGAGEMENTGUIDANCE
- 29. CLIENT BRANDING 292929 are auto enrolled 53% Autos: They Use Them
- 30. CLIENT BRANDING 303030 stick with the default deferral rate 94% Autos: The Use Them Data from T. Rowe Price Retirement Plan Services Participant Database, April 2015.
- 31. CLIENT BRANDING 313131 stick with default auto increase 77% Autos: They Use Them
- 32. CLIENT BRANDING 323232 use target date investments 90% Autos: They Use Them NEARLY
- 33. CLIENT BRANDING 333333 Let’s Meet Maria Default 6% Takes advantage of 2% auto increase/year Match up to 3% Changes jobs every 3 years Maintains retirement savings
- 34. CLIENT BRANDING 343434 Let’s Meet Dave Default 3% No auto-increase No match until later in career Changes jobs every 3 years Cashes out retirement savings
- 35. CLIENT BRANDING 353535 7x salary 14x salary Dave Maria Autos: They Need Them GOAL
- 36. CLIENT BRANDING 363636 are eligible but not contributing 43% Autos: The Use Them
- 37. CLIENT BRANDING 373737 wish they had been auto enrolled at a higher rate 50% Autos: The Use Them Data from T. Rowe Price Retirement Plan Services Participant Database, April 2015. Those auto-enrolled at 3% say they would not have opted out until 7%.
- 38. CLIENT BRANDING 383838 Millennials and Guidance Retirement Paying Off Debt College Health Care Emergency Fund Other Goals
- 39. CLIENT BRANDING 393939 Millennials and Engagement MEETING THE NEEDS OF DIGITAL NATIVES TECHNOLOGY APPS GAMIFICATION 81 SOCIAL MEDIASOCIAL MEDIA CONFIDENCE NUMBER:
- 41. CLIENT BRANDING THANK YOU CLIENT WORDMARK CLIENT LOGO
Hinweis der Redaktion
- Quiet/Bold Headlines The first line establishes a premise with a few well-chosen words. The second line should add meaning to the premise established by the first line.
- § 50% of managers said millennials are entitled § 47% said poor work ethic § 46% said easily distracted § 43% said self-centered § 42% said disloyal
- At retirement…. Maria exceeds her goal of 2/3 of RI Dave is going to have less than half of what he needs
- According to our plan data 43% are eligible but not contributing And the survey found – as you would expect Not as confident Debt strapped Not comfortable planning Higher loan and cash-out activity
- They are ok with a higher deferral rates About half agreed that they wish they had been enrolled at a higher auto rate 80% say that their employer should set the auto rate to take full advantage of the match 54% say they would likely increase their contribution to get the maximum company match from their employer Those auto’d at 3% would not have considered opting out on avg until 7%
- Topics: Financial independence –Beyond retirement –Emergency Fund –Debt –College –House Tone: Transparent and direct –Real life education – not advertising