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Comfortable retirement & helping children are on workers’ wish list this holiday season, finds Manulife USA study Boston, MA - While visions of sugarplums may be dancing in children's heads again this year, their parents are dreaming of a comfortable retirement and of helping their children when they grow up, finds a recent study commissioned by Manulife USA. According to the Manulife Dreams and Fears of American Workers Survey, 96% of the respondents identified being able to live comfortably in retirement as their top financial dream. About two thirds (69%) report that being able to help adult children financially (69%) and paying for a child’s college education (63%), are among their top financial dreams. “Almost universally, American workers dream of financial stability throughout their retirement, and yet, more than three-quarters of workers (76%) generally admit that they are behind schedule or worse in their financial preparations for achieving their retirement dreams,” said Kendall Kay, Chief Strategy Officer for Manulife USA’s Group Pension division. “Two-thirds (67%) of those surveyed state that they also struggle to balance trade-offs between saving and spending, and determining saving priorities. We provide assistance by partnering with employers and independent financial consultants, who workers identify by 75% and 69% respectively, as sources of assistance that can make the biggest difference in helping to achieve their financial goals.” There is clear support in the survey for various ways that employers can help workers achieve their financial goals, 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). According to Kay, “We see from the research that there continues to be strong demand among workers for employer-sponsored programs that make it easier for employees to save for retirement and select appropriate investments. We believe that providing easy-to-use tools and information, and helping them understand and balance trade-offs, is the key to helping employees achieve a comfortable retirement.” 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. 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- For copies of the abridged study contact Wendy Smith. Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 |
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