New Prudential Retirement research reveals insights to increasing employees' commitment to retirement savings
NEWARK, N.J.--(BUSINESS WIRE)-- Employers are concerned about their employees' willingness to increase savings and readiness to retire with certainty and security. Prudential Retirement's new research, Turning Employees into Lifetime Savers, provides insight based on the principles of behavioral science to help employers motivate their workers to take charge of their financial futures. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYS: PRU) .
"Plan sponsors are looking for solutions to help inspire their workers to save more for retirement," said George Castineiras, senior vice president of Total Retirement Solutions. "This research shows us that most American workers, regardless of age, are not preparing well for retirement. And more than half, who are eligible to participate in their employer sponsored retirement plans, don't believe they will ever be able to save enough for a comfortable retirement."
As a part of the research, Prudential Retirement introduces the Lifetime Saver Commitment Profile to help plan sponsors intensify plan participants' commitment to save for retirement. The Lifetime Saver Commitment Profile index measures motivation levels when it comes to saving for retirement and ultimately provides plan sponsors with the data-driven insights they need to provide programs and tools that inspire individuals to take action. Additionally, employers will be better positioned to develop more personalized approaches to traditional communications and education strategy that could have more meaningful impact on an employee's commitment to lifetime savings.
The Profile categorizes employees based on quality and depth of their motivation to save for retirement. "American workers want guidance. Our research revealed that the more motivated employees, who include a higher proportion of women, older workers and the well educated, share a proactive approach to retirement planning and have more savings, while many other employees still need guidance," continued Castineiras. "Employers can assist their less-motivated employees by simplifying retirement workplace plans and offering solutions that are easier to understand and focus on employees' individual needs."
Prudential Retirementdelivers retirement plan solutions for public, private and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $299.4 billion in retirement account values as of March 31, 2013. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT or its affiliates.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.061 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
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