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Millennials are Better Prepared for Retirement than Their Parents, J.D. Power FindsCOSTA MESA, Calif., May 24, 2018 /PRNewswire/ -- "Best prepared for retirement." That's not a superlative one might expect to describe Millennials,1 but according to the J.D. Power 2018 Group Retirement Satisfaction Study,SM released today, it's true. Millennials are most likely of all demographic groups to have set specific retirement goals and have the highest amount of savings—relative to age—in group retirement plans. The inaugural study evaluates participant satisfaction with providers of group retirement plans, such as 401(k)s, based on six factors: interaction across live and digital channels; investment and service offerings; fees and expenses; plan features; information resources; and communications. Plan providers are ranked in three categories based on their overall mix of business in terms of average plan size. "The fact that many in the youngest generation of plan participants are actively preparing for retirement now sends a clear message to providers," said Mike Foy, Senior Director of the Wealth Management Practice at J.D. Power. "They need to be focused on upping their game on their digital and mobile offerings to meet the expectations of this digitally engaged customer segment, not only to help differentiate themselves with plan sponsors who make provider selection decisions on behalf of the employees, but to position themselves to benefit from rollover events when employees eventually leave their jobs. With roughly $5.3 trillion in wealth currently sitting in 401(k) plans, getting the group plan participant satisfaction formula right now is crucial for the future of the wealth management industry." Following are some key findings of the 2018 study:
Study Rankings Charles Schwab ranks highest in group retirement plan satisfaction in the large plan segment (824). Nationwide ranks highest in the mixed plan segment (770) and PNC Retirement Solutions ranks highest in the small plan segment (806). The 2018 study is based on responses from more than 9,500 group retirement plan members. The study was fielded in February-March 2018. For more information about the 2018 Group Retirement Plan Satisfaction Study, visit See the online press release at http://www.jdpower.com/pr-id/2018072. J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer. Study Rankings
Study Rankings
Media Relations Contacts About J.D. Power and Advertising/Promotional Rules www.jdpower.com/about-us/press-release-info 1 J.D. Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); and Gen Y (1977-1994); and Gen Z (1995-2004). Xennials (1978-1981) and Millennials (1982-1994) are subsets of Gen Y.
View original content with multimedia:http://www.prnewswire.com/news-releases/millennials-are-better-prepared-for-retirement-than-their-parents-jd-power-finds-300654028.html SOURCE J.D. Power |