Only one in six consumers are familiar with target-date investment funds, according to a new report.
LIMRA published this finding in a summary of results from a survey of 3,531 consumers, ages 18 to 84, conducted in May 2012. The respondents were involved in household financial decision-making, worked for pay, were retired or recently unemployed, and randomly assigned to answer questions on TDFs.
The LIMRA survey found that only 16 percent of consumers said they were familiar with TDFs.
The survey also found that fewer women were likely to say they were familiar with TDFs as men (10 percent vs. 22 percent). Consumers under age 50 and those with household incomes of $100,000 or more were the most likely to be familiar with TDFs (20 percent and 30 percent, respectively).