Windsor, CT…A new consumer survey by Voya Financial’s Annuities and Individual Life businesses revealed that many Americans might be willing to risk their financial security to keep some of their most-valued items. In fact, nearly half (45%) of Americans surveyed were willing to give up their financial security if it meant keeping either their smartphones, cars or vacations.
“We all value the things that make our lives easier, more productive and give us joy — like spending vacation time with family and friends,” said Carolyn Johnson, CEO of Annuities and Individual Life at Voya Financial. “And while the goal of achieving financial security may feel daunting or perhaps even unreachable, Americans recognize its importance. The good news is — with some planning and guidance from the right resource — protecting our families, our income and our financial future is something we can all achieve.”
Voya’s survey examined which of the following items Americans would be least willing to give up: their financial security, smartphones, cars or vacations. Key findings include:
53% of Americans would be less willing to give up their financial security than to give up their smartphones, cars or vacations.
16% of Americans would be less willing to give up their smartphones than to give up their financial security.
15% of Americans would be less willing to give up their vacations than to give up their financial security.
14% of Americans would be less willing to give up their cars than to give up their financial security.
Every generation prioritizes financial security differently
Surprisingly, Voya’s survey found that baby boomers are more attached to their smartphones than millennials — and millennials are the least willing of all generations to give up their financial security. In addition, men and women were fairly well matched, with a few exceptions.
Millennials: 56% of millennials surveyed said they were less willing to give up financial security to keep their smartphones, cars or vacations — more than any other generation (53% of Gen Xers and 50% of baby boomers selected financial security).
Baby boomers: 20% of baby boomers surveyed choose to keep their smartphone and forgo their financial security — more than any other generation (15% of millennials and 14% of Gen Xers selected their smartphones).
Gen X: Gen Xers were the least likely of all generations to give up their vacations to keep their financial security; 20% of Gen Xers selected vacations versus 14% of baby boomers and 13% of millennials.
Men: Males were less willing than females to give up their smartphones (21% vs. 12%) — even if it meant losing financial security.
Women: Women were slightly less willing to give up their financial security than men (56% vs. 51%).
“We understand no one wants to sacrifice modern conveniences like our smartphones and cars to plan for retirement. Fortunately, this is where closely working with a financial professional can help every generation create a holistic plan that works for their lifestyle today, while also preparing them for tomorrow,” explained Johnson. “A financial professional can suggest solutions to help all Americans see financial security could be within their reach.”
Since individuals have different financial needs, Voya Financial offers several life insurance and annuity products that can help all Americans grow, protect and enjoy their retirement savings. For more information, including details about our Voya Indexed Universal Life – Global Choice and the Voya Journey Index Annuity — both designed with financial security in mind, visit voya.com.
To learn how you can prepare for retirement at any life stage, visit Voya’s Retirement Planning by Age website at voya.com/planning-advice/retirement-planning-by-age.
About the Survey:
Survey results are based on findings from a Telephone CARAVAN® survey commissioned by Voya Financial and conducted by ORC International of 1,018 adults in the U.S. ages 18 and older. Responses were collected between March 23–26, 2017.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $484 billion in total assets under management and administration as of Dec. 31, 2016. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible and has been recognized as one of the 2017 World’s Most Ethical Companies® by the Ethisphere Institute, as well as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
Voya IUL-Global Choice, policy form series #1186-09/12 has an equity Indexed feature, varies by state and may not be available in every state. It is issued by Security Life of Denver Insurance Company (Denver, CO), a member of the Voya® family of companies. Not available in New York. All guarantees are based on the financial strength and claims paying ability of Security Life of Denver Insurance Company who is solely responsible for the obligations under its own policies.
Voya IUL-Global Choice NY, policy form series #3010-04/16 has an equity indexed feature and is issued by ReliaStar Life Insurance Company of New York (Woodbury, NY), a member of the Voya® family of companies. Only available in New York. All guarantees are based on the financial strength and claims paying ability of ReliaStar Life Insurance Company of New York who is solely responsible for the obligations under its own policies.
Voya Journey Index Annuity is issued by Voya Insurance and Annuity Company, (Des Moines, IA), member of the Voya® family of companies. Contract Form Series: ICC16 VI-IA-3165, VI-IA-3165(2016) (Rev 12/16); Rider Form Series: ICC16 VI-RA-3166, VI-RA-3166(2016) (Rev 12/16), ICC16 VI-RA-3167, VI-RA-3167(2016) (Rev 12/16), VI-RA-3168(2016), may vary by state, and may not be available in all states. All guarantees are based upon the financial strength and claims-paying ability of Voya Insurance and Annuity Company, which is solely responsible for all obligations under its contracts.
SOURCE Voya Financial, Inc.