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Life Health > Health Insurance > Your Practice

MetLife: Many Want To See Advisors

By Allison Bell

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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.

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