Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

MetLife: Many Want To See Advisors

Your article was successfully shared with the contacts you provided.

More than a quarter of U.S. workers born after 1964 have put “meet with a financial advisor” on their personal to-do lists.

Researchers at MetLife Inc., New York, have published that finding in a summary of results from a Web-based survey of 2,243 U.S. adults conducted in January.

About 56% of the participants said they are concerned about losing their jobs in the coming year as a result of the recent economic turmoil, and 50% believe they could meet financial obligations for only one month if they lost their jobs, the MetLife researchers report.

Many of the participants, especially those in “Generation Y” — the group of workers born between 1978 and 1994 — said they have regrets about some of the major purchases they have made in recent years.

Only 21% of the survey participants born before 1946 said they have regrets about their major participants, but 49% of the youngest workers said they have regrets about their purchases.

“One silver lining of the current crisis may be a more proactive approach to personal finances,” MetLife researchers write about the survey results.

When researchers asked about steps survey participants have taken toward securing their finanial future, 26% of all the participants said they want to meet with their financial advisors, and 12% said they already have done so.

About 22% of the boomer participants, 27% of the Generation X participants and 38% of the Generation Y participants said they want to meet with financial advisors.

The researchers also found that 16% of the GenX participants — participants born from 1965 to 1967 — and 19% of the GenY participants claimed that they already have re-evaluated their life insurance needs as a result of all of the turmoil.

If the survey participants make good on their intentions, 42% of the GenX participants and 45% of the GenY participants will be re-evaluating their life insurance needs sometime soon.

Many of the GenX and GenY participants are showing a strong interest in strengthening their “financial safety nets” by making more use of employer-sponsored benefit programs, the MetLife researchers report.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.