Consumers have unrealistic expectations about when they will retire, how much money they will need in retirement and where that income will come from, according to The Future of Retirement Income, a survey released today by Genworth.
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According to the “2011 Financial Reality Check Study” conducted by Genworth, 75% of Americans have never had a conversation about long term care with their loved ones. However, 70% would not know what to do if a family member were to require immediate long term care assistance; an alarming statistic considering that 6 out of 10 people will need long term care sometime during their lifetimes. The data also suggests consumers are suffering from overall financial planning inertia; however, the lack of education around long term care (LTC) planning can have significant consequences.
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Consumers perceive annuities more positively than financial professionals give them credit for, according to The Future of Retirement Income, a new study released by Genworth.
The study, a culmination of in-depth interviews, focus groups and quantitative surveys with financial professionals, annuity owners and non annuity owners, revealed that 68 percent of non annuity owners have a neutral to positive impression of annuities. For annuity owners, it’s even higher: 91 percent neutral to positive. In addition, the majority of annuity owners are satisfied with access to their account, fees and asset growth.
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A new global survey suggests that home buyers around the world are poised to re-enter the housing market, but property market instability and worries about their personal finances are holding them back.
The International Mortgage Trends Report, commissioned by Genworth Financial and conducted by independent research firm RFI, is a new global survey of current and aspiring homebuyers aimed at gaining local insight into key world markets. More than 9,000 respondents across five continents in eight countries were interviewed. Countries surveyed were: Australia, Canada, India, Ireland, Italy, Mexico, the United Kingdom and the United States.
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Today, Genworth Financial, Inc (NYSE:GNW) announced the launch of its new website www.longtermcareinsurance.org, designed to help fill the information gap for consumers about the reality of long term care and the importance of planning for the future. The website, named the National Advisory Center for Long Term Care Information (NACLTCI), sponsored by Genworth, is focused on providing clear, concise and unbiased information to consumers faced with making decisions related to long term care.
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Too many Americans have taken themselves out of the market for life insurance as a result of outdated assumptions about pre-existing conditions and insurability. That is one of the conclusions drawn by Genworth life insurance experts from a review of the 2012 Genworth LifeJacketSM Study data.
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Too many Americans who need life insurance coverage are uninsured, putting their families and futures at risk. According to the 2011 Genworth Financial LifeJacketSM Study released today, single parents across all income levels with children living at home represent the widest insurance gap, potentially leaving their children with few or no options when faced with an unexpected death.
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The Genworth Foundation announced today a three-year commitment to strengthen financial education in more than 300 high schools across the Commonwealth of Virginia. The announcement, made at Henrico County’s Hermitage High School, included Lieutenant Governor William “Bill” Bolling and Secretary of Education Gerard Robinson.
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Americans have a bit of a superiority complex when it comes to grading their financial prowess. Genworth’s latest Psychology of Financial Planning research reveals that more than half (52%) of Americans gave themselves an A or B grade on their saving and investing knowledge, while giving the average American a failing grade of D. What nearly everyone (97%) can agree on, however, is the importance of financial literacy and the fact that they don’t have enough (88%). In fact, 58 percent of respondents blamed lack of financial education as a top reason why pre-retirees don’t have enough money saved for retirement.
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More than half (53 percent) of family members serving as primary caregivers for loved ones have lost income due to the demands of providing care. The study, Beyond Dollars: A Way Forward, also found that caregivers whose loved ones did not have long term care insurance face additional stresses including covering the cost of daily living, medical and other support-type needs.
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The cost of long term care continues rising at a rate outpacing inflation creating significant financial planning challenges for the nearly 12 million Americans currently in need of long term care services. According to the Genworth (NYSE: GNW) 2014 Cost of Care Survey released today, the cost of receiving in-home care continues to rise, though at a more moderate rate of growth. This is good news for consumers as almost three quarters of people needing long term care prefer receiving it in their homes, according to Genworth’s extensive claims data (Long term care claims Experience Data for Genworth Life Insurance Company and affiliates – December 1974-June 30, 2013).
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Genworth Financial, Inc. (NYSE: GNW). Keeping their word. This is the number one reason Americans aim to keep a promise, according to the recent Genworth Promises Survey. The survey, designed to uncover why and to whom people make and keep promises, also revealed that people are highly motivated by family priorities. Sixty percent of U.S. adults reported they keep promises to satisfy a loved one, and 59 percent to show they care. When it came to delivering on their promises, more than half of those who have ever made a promise, 65 percent, gave themselves an “A” in keeping promises. The Genworth Promises Survey, which was conducted online by Harris Interactive® among 2,235 U.S. adults aged 18+ on behalf of Genworth Financial was released today.
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