Gen X Consumers Might Be Good Annuity Prospects: F&G
Consumers born from 1964 through 1980 like the idea of retirement savings principal protection.
An annuity issuer has new evidence that members of Generation X might want annuities.
F&G came across the information when it organized a proprietary survey of Gen X, baby boomer and “silent generation” consumers.
The Pew Research Center has set the cut-offs at 1965 through 1980 for Gen X, 1946 through 1964 for baby boomers, and 1928 through 1945 for most of the silent generation.
The Gen X participants were interested in having retirement products that protect principal: 90% of those surveyed said 100% principal protection is a very or somewhat important retirement product feature, according to a summary of the results that F&G sent to ThinkAdvisor.
F&G also found evidence that Gen X participants at least think they have been paying attention to discussions about annuities: 24% of the Gen X survey participants said they knew annuity features well.
Only 20% of the baby boomers in the sample, and just 15% of the silent generation participants, said they were very familiar with annuity features.
Earlier this summer, the Alliance for Lifetime Income and Cannex published another batch of survey results suggesting that Gen X investors might make good annuity prospects.
More than 55% of the Gen Xers in the Alliance for Lifetime Income and Cannex sample said they were at least moderately interested in buying a retirement income annuity.
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