A fundamental lack of trust is one major reason why a large segment of consumers may be reluctant to allow financial services providers to help them with their retirement savings and income planning, a survey by Deloitte's Center for Financial Services has revealed.
Deloitte's survey of nearly 4,500 consumers from a wide range of age and income groups found trust issues to be one of five barriers preventing insurers and their intermediaries from more effectively reaching prospects when it comes to retirement products and services.
Our prior blogs on this survey focused on the first three barriers — conflicting financial priorities, a failure to communicate effectively with potential prospects (particularly via the workplace), as well as a basic lack of retirement-related product knowledge among consumers. Later this month, we'll examine the often self-defeating "do it myself" mentality prevalent among many consumers when it comes to retirement planning.
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