Education may have more of a bearing on who in the United States ends up owning annuities than income does.
Managers of the Longevity Project-Morning Consult Poll have reported data supporting that idea in a collection of results from an online survey of U.S. adults that was conducted in late 2019.
- A link to a Longevity Project – Morning Consult poll page is available here.
- An article about Fidelity’s bank CD-annuity literacy gap survey is available here.
Palisades Media Ventures, a Washington-based company that sets up thought leadership campaigns, organized the Longevity Project together with support from partners such as Principal Financial Group Inc., Wells Fargo-Wealth & Investment Management, Instructure, and Morning Consult.
The list of partners also includes the Stanford Center on Longevity, the Urban Institute, the National Academy of Medicine, and the Milken Institute Center for the Future of Aging.
Ken Stern, the project chair, said Friday, at a press conference in New York, that the goal of the project is to help society grapple with the fact that the average lifespan of people in countries like the United States has doubled in the past 150 years, and that people are much more likely to live to age 100.
The survey team has asked many general questions about attitudes toward longevity and retirement planning.
The team found, for example, that 63% of the 2,200 people who answered one set of questions said they are likely to live longer than their parents, and that 59% support the idea of requiring employers to offer 401(k) plans.
When the team asked, “Which of the following careers will be obsolete, or not as important, in the future?”, just 4% predicted that information technology careers would be less important, and 15% predicted that content creation would be less important.
The team has also posted detailed data on what 989 survey participants said about retirement instrument ownership.
About 12% of those 989 participants said they own annuities.
That result appears to be compatible with the results from the 2019 Insurance Barometer Report, which was released by Life Happens and LIMRA: Those groups found that 12% of the 2,000 U.S. adult household financial decision makers they polled reported having annuities.