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Witches, ghosts, and boogie men trail Wall Street hobgoblins on list of workers' top fears, finds Manulife study Boston – Although witches, ghosts and boogie-men are the traditional symbols of fear at Halloween, a new Manulife study reveals that unexpected expenses and Wall Street hobgoblins top American workers’ list of fears this year. According to the Manulife Dreams and Fears of American Workers Survey, the majority of workers identified suffering financially due to an unexpected expense (72%), losing money due to stock market volatility (69%), or being inadequately prepared for retirement (64%) as their top fears. “American workers’ top fears didn’t surprise us,” said Kendall Kay, Chief Strategy Officer for Manulife USA’s Group Pensions division. “What is interesting is that employees continue to look to their employer for assistance in overcoming their fears and to help achieve their dreams. Based on our survey results, employers were identified as the source of assistance that can make the biggest difference in helping their employees achieve financial goals. Despite the management scandals at some larger high-profile corporations, we have found that the relationship between most employers and their employees remains intact.” The feedback also revealed that more than half of the workers fear other situations, including making big mistakes on investment decisions (63%) and using up long-term savings on short-term goals (59%). Some More Fearful Than Others While more than half the respondents reported at least 6 of the nine fears measured, the study found that women have more financial fears (5.9 out of the nine fears measured) than men (averaging 5.2 out of the nine fears measured). Not surprisingly, workers with household incomes under $50,000 have more financial fears (5.9), on average, than those with household incomes above $100,000 (4.8). Likewise, workers who describe themselves as behind in their savings pace for retirement are more fearful than those who report positively about their savings pace, averaging 4.9 fears to 6.2 respectively. Employer Key to Allaying Fears There is clear support in the survey for various ways that employers can help workers achieve their financial goals and overcome fears, including having more easy-to-use retirement planning and investment selection tools (81% important) and having employer-sponsored programs that would enable people to save and invest more (80% important). Employers are most often identified as the source of assistance that can make the biggest difference in helping to achieve financial goals (28%), as well as in helping people avoid situations that would have a negative impact on their financial security (32%). The survey of 400 workers over the age of 21 conducted via telephone in June and July, identified Americans’ most important financial dreams, worst fears, and opinions about their employers’ responsibility in helping to achieve them. For copies of the abridged study contact Wendy Smith. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Group annuity contracts are issued by Manulife USA. Product features and availability may differ by state. In New York, products are issued by The Manufacturers Life Insurance Company of New York (Manulife New York). Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$87.8 billion (Cdn$139.2 billion) as at September 30, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. -30- Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 wendy_smith@manulife.com |
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