Younger workers, a majority of whom will not have pensions, will need to make complicated decisions about their target amounts of retirement savings, portfolio allocation, and asset management using 401(k) plans, individual retirement accounts, and other, non-tax advantaged, accounts. Financial products have also become more complex, adding a significant degree of difficulty to the important task of managing one’s own retirement savings.
Consumers need information and education to understand their saving and investment options, to make the best choices for themselves and their families, and to help them implement and monitor these choices over time. In short, your efforts to identify, address, and meet the financial education needs of consumers in all stages of the life-cycle have never been more urgent.