We asked Bruce Temkin, a VP at Forrester Research, his thoughts on why Forrester’s survey revealed such a high proportion (72%) of Gen X males with life insurance providers compared with Gen X females (only 61%). He theorizes that “when it comes to Gen Xers, who are typically in their 30s, males are more likely to be the primary financial providers in the family. So it would make sense that they’d be more likely to carry life insurance policies to protect their families from a loss of income.” What this may mean for advisors, however, is that their Gen X female clients may be underinsured.
We also asked whether any reason stood out as to why younger boomers seemed so much less satisfied with all of their financial relationships, particularly insurers. Said Temkin, “Younger boomers–who are typically in their 40s–are entering a very active stage in their lives. This group has more complicated financial and family situations than do Gen Xers. But they are a bit younger than the target of many financial institutions–since business models have been built around serving older boomers and seniors. So many of the younger boomers are still trying to see how financial providers can best serve their needs.”