• While three quarters of non-retired investors are concerned about a recession, a growing number are planning to take advantage of investment opportunities now
• This mix of action and anxiety creates risk for three in ten non-retired investors who do not have a strategy in place to protect against market volatility
• Advisors are leaning into protection solutions to balance clients’ growth and risk management needs

COLUMBUS, Ohio – Inflation and market volatility have created one of the most complex financial environments in recent memory, causing more than three in four (77%) non-retired investors to be concerned about a U.S. economic recession over the next 12 months. However, recent data from the Nationwide Retirement Institute reveals that rather than retreating, a growing number of Americans are leaning in.

The study shows a notable shift from caution to action, with investor activity at some of the highest levels tracked across the study. One in three (33%) non-retired investors say they will change their retirement savings approach over the next 12 months by planning to take advantage of investment opportunities now, up from 21% in the summer of 2024. More than one in five (22%) say they plan to manage their investments more aggressively, up from 16% in 2024.

The data also shows an emerging sense of stabilization in retirement planning, even as concerns remain elevated. Just 15% of non-retired investors say they plan to retire later than planned, down from a peak of 22% in 2024. The number of investors who don't know if they will ever be able to retire (11%) is down from a high of 16% in 2024.

"Investment markets reached all-time highs this summer in the face of elevated volatility, reflecting a shift in how investors are interpreting uncertainty. Rather than viewing volatility as a signal to step aside, many may be viewing it as an opportunity to be offensive versus the historic instinct to turn defensive,” said Mark Hackett, chief market strategist for Nationwide’s Investment Management Group. “We're seeing them use these periods of volatility to rebalance, diversify and position themselves for future growth, recognizing that participation, not timing, is often the key driver of long-term outcomes.”

Many Investors Still Lack a Plan
Even as investors show increased confidence and a growing willingness to take action in a volatile environment, many still do not have formal strategies in place to protect their retirement savings.

Nearly three in ten (29%) non-retired investors say they do not currently have a strategy in place to protect their assets against market risk, and one in ten (10%) non-retired investors say they are not sure if they do, pointing to a need for clearer and more frequent conversations between advisors and clients about what is actually in place.

Advisors are leaning into protection solutions
Advisors who say they have a market risk protection strategy in place for their clients are evolving their use of retirement solutions in line with the current environment. Six in ten (60%) advisors say the events of the last 12 months have made them more likely to recommend a guaranteed income solution as part of a client’s portfolio. Use of registered index-linked annuities (RILAs) among advisors with a market risk protection strategy has grown from 39% in the summer of 2023 to 52% in 2026, a 13 percentage-point increase over three years.

Data suggests that advisor momentum toward guaranteed income solutions is meeting a receptive audience with clients. More than half (57%) of non-retired investors say recent events have made them more likely to put part of their portfolio in an annuity or other guaranteed income solution.

Advisors are also tracking a number of potential threats to clients’ long-term plans. Nearly a quarter (24%) say the cost of healthcare is among the most immediate challenges to their clients' retirement portfolios. They’re also tracking systemic risks to the programs and policies clients have long planned around. More than half (55%) of advisors say they believe Social Security or Medicare funding will be reduced, with 40% specifically citing Social Security solvency as a concern. Additionally, nearly three in five (58%) advisors expect the future tax burden for clients to increase. 

"Advisors can play a critical role in helping clients balance growth and protection by building strategies that don't force an either-or decision," said Brad Carrier, vice president of Nationwide Annuity Distribution. "Through asset allocation, diversification and the use of solutions like annuities that incorporate downside protection, advisors can help clients stay invested during periods of volatility while managing the emotional and financial risks that sometimes lead to hasty decisions."

For more insights on this survey data, see our infographic.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.

Nationwide's Retirement Institute survey, formerly known as the Nationwide Advisor Authority survey, explores critical issues confronting advisors, financial professionals and individual investors, and the innovative techniques that they need to succeed in today's complex market.

About Nationwide Retirement Institute Survey: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 528 Advisors and Financial Professionals and 2,012 investors ages 18+ with investable assets (IA) of $10K+, from January 15-February 6, 2026. Among the investors, there were 1,411 non-retired investors and 691 retired investors.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For investors data is accurate to within ± 2.9 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.  For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The Nationwide Financial Growth & Protection Index, which measures how consumers balance financial growth and financial protection, scored Americans at 54 on a 100-point scale, indicating consumers are slightly more protection-oriented than growth-oriented overall. That shift is reflected in how Americans now view financial success: 84% say the American Dream is now more about financial stability than building wealth, while the same percentage believe it is harder to get ahead financially than it was for previous generations.

For many Americans, this mindset is shaped by the pressures of everyday financial life. Nearly seven in 10 consumers (68%) reduced spending over the past year to improve their financial situation, while 45% dipped into savings to cover essential expenses. Three-quarters (75%) say their primary financial focus is covering basic expenses, and 74% say they are simply trying to stay financially afloat, suggesting many Americans are making financial decisions from a place of protection rather than ambition.

Together, the findings suggest Americans are not abandoning financial ambition, but they are making decisions from a more defensive position — focused first on protecting their households, preserving progress and avoiding setbacks.

"Financial progress still matters to Americans, but the path to achieving it has changed," said Craig Hawley, President and COO of Nationwide Financial. "People still want to build wealth, but today's environment has made financial stability and resilience just as important. Protecting what you've worked hard to build has become a critical part of achieving long-term financial success."

Optimism Outpaces Preparation
Despite today's financial pressures, Americans remain optimistic about their future. Seven in 10 consumers (70%) believe they can significantly improve their financial situation over the next five years, while nearly six in 10 (59%) expect their income to increase meaningfully over time.

However, many have yet to take steps to protect the financial future they expect. Just 30% have taken steps to protect against income loss due to illness or injury, and more than one-quarter (27%) say they would not be financially protected at all if their household's primary income earner could no longer work. The findings point to a growing gap between consumers' financial aspirations and the safeguards they have in place to protect them.

That disconnect is especially evident when it comes to retirement planning. More than eight in 10 consumers (81%) say they would prefer a guaranteed, predictable retirement income stream over higher-growth investments, yet only 24% currently have products or strategies designed to reduce market risk in retirement.

As Americans increasingly define financial success through the lens of stability, the findings suggest many are still looking for practical ways to translate that priority into a long-term strategy.

Helping Americans Balance Growth and Protection
The Index also points to an opportunity for financial guidance that reflects how consumers are thinking about their financial futures. Nearly three-quarters of consumers (74%) say they would be more likely to work with a financial advisor who could help protect them financially.

Employer-sponsored retirement plans remain the most common retirement savings vehicle among Americans, creating an important opportunity for retirement planning professionals, including financial advisors and those supporting workplace retirement plans, to help workers build strategies that support long-term growth while preparing for unexpected challenges.

"Our findings suggest retirement planning is entering a new chapter," said Hawley. "Building wealth remains essential, but consumers also want confidence that their savings can support them through market volatility, longer lifespans and life's unexpected challenges. That creates an opportunity for financial advisors and workplace retirement plans to bring growth and protection together in a way that better reflects how Americans are preparing for retirement today."

To learn more about the first-ever Nationwide Financial Growth & Protection Index, view an infographic, review the data or view a blog post from Craig Hawley.

Methodology
The Nationwide Financial Growth & Protection Index research was conducted online in the United States among 2,000 adults age 22 and older. The survey was fielded May 1–14, 2026. Respondents were nationally representative by age, gender, race/ethnicity, region, employment status and income level. The Index measures how consumers balance financial growth and financial protection by evaluating responses across three dimensions: mindset, actions and confidence. Individual pillar scores were weighted and combined to produce an overall Index score ranging from 0 to 100, with lower scores indicating a stronger growth orientation and higher scores indicating a stronger protection orientation.

According to Nationwide Retirement Institute’s 2026 Long-Term Care survey, Americans are more likely to say they would be concerned about not having someone to advocate for them if they were facing LTC needs alone (84%) than they are to worry about affording care itself if they were living alone (71%). They are similarly concerned about not having help coordinating care (81%) and receiving lower-quality care (81%) if they were living alone.

The findings suggest that many Americans are starting to view long-term care as more than a financial consideration, shaped by questions about caregiving, advocacy, and who will help navigate difficult healthcare decisions later in life.

“Americans are realizing that long-term care planning is about far more than finances,” said Holly Snyder, president of Nationwide’s life insurance business. “People want to age with dignity, maintain their independence and know someone they trust will be there to help make decisions on their behalf. The challenge is that many families haven’t had those conversations or made those plans.”

Most Americans envision receiving care in familiar surroundings rather than in a facility. Nearly three-quarters (73%) said they would prefer to receive LTC in their own home or a loved one’s home, and many expect to rely on their partner (50%) or children (40%) to provide care.

But few have taken steps to make that preference a reality. Among those who prefer to receive care at home:

• Just 37% have created a savings or investment plan to cover LTC expenses
• Only 27% have identified who their future caregivers may be
• Less than one quarter (22%) have modified their homes to support aging in place.

The disconnect highlights a growing gap between how Americans want to age and how prepared they are to do so.

Caregiving Changes How Americans Think About Their Own Futures

For many Americans, the realities of long-term care only become clear after stepping into the role of caregiver themselves. Caregivers report spending an average of 22 hours each week providing care – the equivalent of a part-time job – and an average of $382 per month in non-reimbursed expenses, including transportation, prescriptions and household needs. Among primary decision-makers for LTC, those expenses rise to $445 per month.

The financial pressure is especially intense among Millennials, many of whom are simultaneously supporting children, aging parents, and their own career ambitions.

Among Millennial caregivers:

• Nearly three-quarters (73%) said they are willing to take a loan from their retirement account to provide care for a family member
• Near six in 10 (59%) believe caregiving responsibilities will likely use up money originally intended for their children (e.g., education, inheritance)
• Almost the same amount (58%) fear caregiving expenses will keep them from ever retiring

The silver lining? Caregiving often becomes a wake-up call that motivates Americans to prepare for their own future care needs. Caregivers are significantly more likely than non-caregivers to say they are knowledgeable about LTC (82% vs. 59%), have identified their future caregivers (34% vs. 20%), and have created a savings or investment plan for future care costs (40% vs. 31%).

Financial Advisors Can Help Families Turn Anxiety Into Action

Among those who have served as caregivers, 90% say it would have been valuable to discuss who would provide long-term care before a need arises, while 92% say clear conversations about how to pay for care would have helped.

Yet despite recognizing the importance of planning, many Americans are still delaying conversations about caregiving responsibilities, care preferences and future care costs. As a result, families often find themselves making complex financial and healthcare decisions during a crisis rather than preparing for them in advance.

One factor that helps families move from awareness to action is working with a financial advisor. The survey found that people who work with an advisor are more knowledgeable about LTC compared to those without an advisor (84% vs. 62%). They are also more likely to have already identified future caregivers (39% vs. 18%) and discussed care costs with family members (72% vs. 51%).

“Too often, families wait until a health event or caregiving crisis forces these conversations,” Snyder said. “Having a plan in place can help people protect their finances, reduce stress on loved ones and create more confidence about how they want to age and receive care. Whether that means preparing financially, documenting care preferences or identifying who can step in as an advocate, taking action earlier can make a meaningful difference for families navigating LTC decisions.”

To learn more about the 2026 Nationwide Retirement Institute Long-term Care survey, visit nationwide.com/SimplifyLTC and click here to read Snyder’s blog.

Methodology

The research was conducted online in the United States by The Harris Poll on behalf of Nationwide among 1,208 adults aged 30+ who were the primary or shared financial decision-makers for their household. Respondents also had a household income of $75K+. The survey was conducted April 11-29, 2026.

Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and political party affiliation to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 3.9 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Six in 10 (60%) Millennials (age 30-45) with financial professionals say they would welcome their advisor facilitating financial planning conversations among family members, compared to just 32% of Gen X (age 46-61) and only 16% of Baby Boomers and older (62+) who feel the same. Nearly half of Baby Boomers and older (46%) say they prefer to keep these conversations private, compared to just 10% of Millennials.

The stakes behind this divide are significant. Among Baby Boomers, 64% are actively transferring or planning to transfer wealth in the future, including 15% who are doing so right now. At the same time, this group continues to age, making the need for family alignment around their wishes and needs an issue that could be more urgent than some recognize. Notably, less than a quarter of Gen X and Baby Boomer investors (22% and 24%, respectively) have discussed with their next of kin how they can be prepared to help manage their finances when they become unable to do so.

“For many retirees, it can seem like everything is under control – until things change, which can happen fast,” said Juan José Pérez, senior vice president of Strategic Customer Solutions for Nationwide. “That’s when you need loved ones to not only understand the plan but also be ready to play their part. Older generations have an opportunity to help their family understand their wishes for the future and be better prepared to step in and help when the time comes. While private family conversations are a good place to start, a family meeting with an advisor at the table can accelerate a family’s ability to ensure a smooth, efficient and dignified transition.”

Half of investors are talking finances, while half put it off
When it comes to private conversations (without an advisor), investors are split on discussing finances as a family, with many not doing so at all. More than half (53%) of investors say they have had conversations with relatives (e.g., adult children or aging parents) about how they are planning for financial security in retirement in the past 12 months. Yet nearly half (47%) have not had these conversations — including 17% who say they don't think they’re necessary.

That reluctance is most pronounced among older generations. More than a quarter of Baby Boomers (27%) say it's not necessary: compared to just 8% of Gen Z, 12% of Millennials, and 14% of Gen X. Gen Z, by contrast, is the most likely to be planning ahead: 32% say they plan to have the conversation but haven't yet.

For older investors who do have conversations with family members, key priorities emerge:

• Half of Baby Boomers and older investors (50%) have shared their wishes for end-of-life care with their family.
• More than four in 10 of all Gen X and older investors (42%) have discussed access to their financial accounts, including 34% of Gen X and 47% of Baby Boomers and older investors.
• Nearly four in 10 (39%) of all Gen X and older investors have shared plans for passing on assets.

"When an older adult you’ve depended on your whole life for wisdom and stability suddenly becomes unable to manage their finances or care for themselves, it can feel like an instant crisis for many families,” Perez said. “It doesn’t have to be that way. Intergenerational conversations can help create a shared roadmap for how a family can come together to follow through on their loved one’s wishes if and when the time comes to do so.”

Advisors are ready to facilitate difficult conversations
Confident in their ability to navigate sensitive family dynamics, advisors are supporting families through difficult financial conversations. Nine in ten (90%) advisors say they currently facilitate conversations between aging clients and their adult children about retirement planning, healthcare costs, or financial security, including 43% who say it's a standard part of their practice. Most (91%) advisors say they are confident in their ability to facilitate sensitive family conversations with their clients.

Advisors are evolving their practices for a multi-generational approach
With most Baby Boomers having crossed the retirement threshold, nearly one in five advisors (17%) say their biggest concern about the long-term sustainability of their practice is client demographics, attracting new clients as older clients approach the end of their lives.

Advisors are taking deliberate action to better serve younger clients. Among advisors who work with clients under 45, the top approach to adapting their practice to serve across generations is focusing on retaining the family of existing clients via relationship building (27%). Additionally, a quarter of advisors (25%) say they are expanding their service offerings to be more holistic, rather than focusing on an investment-only approach.

“One of the biggest opportunities for advisors isn’t finding the next client – it’s deepening relationships with the families they already serve. It’s great to see advisors recognizing this and making it a focus. Advisors who intentionally bring family members into financial conversations, offer education around wealth transfer and stay present during major life events are far more likely to preserve trust and maintain continuity across generations, growing their practice as a result.”

Perez offered these tips to help families structure financial planning conversations with or without an advisor:

1. Start with wishes: Talk first about what matters most: End-of-life wishes, health and long-term care preferences, funeral plans, legacy goals, and how individuals want decisions made if they can no longer speak for themselves.
2. Make a plan for “if I need help:” Older parents should explain where key information lives — bank accounts, insurance policies, passwords, advisor contact information, legal documents, monthly bills, and emergency contacts — so adult children can step in quickly if needed. Agree on who would help, when they would step in, and what authority they would need.
3. Get the legal basics in place early: A conversation about money should include whether important documents are in place, including a will, power of attorney, healthcare power of attorney and any beneficiary designations. The goal is to reduce confusion, family stress, and delays later.
4. Share lessons learned across generations: Older savers can pass on the habits that helped them most — sharing tips related to living within their means, saving consistently, avoiding unnecessary debt, planning for emergencies, and thinking long term. Adult children can also highlight the financial challenges they may be facing. Parents are likely to have great advice or lessons learned that can benefit their younger loved ones today.
5. Make it an ongoing conversation, not a one-time event: The best family money talks are honest, respectful, and repeated over time. End the discussion with clear next steps: what documents to gather, what decisions need follow-up, and when to check in again.

For more insights on this survey data, see our infographic.

Nationwide’s eleventh annual Advisor Authority study, powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology 
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 528 advisors and financial professionals and 2,012 investors ages 18+ with investable assets (IA) of $10K+, January 15-February 6, 2026. Among the investors, there were 1,041 with a financial professional, 179 Gen Z (age 18-29), 605 Millennials (age 30-45), 482 Gen X (age 46-61), and 746 Baby Boomers and older (age 62+).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For investors data is accurate to within ± 2.98 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.  For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The study found Americans are bracing for a higher tax burden in retirement, yet most are not engaging in proactive, year-round tax planning to mitigate their exposure. Four in five (80%) investors broadly expect taxes to rise in the future, yet less than one-third (31%) of this cohort are proactively adjusting their financial plan accordingly.

Additionally, 17% of investors say not knowing the best tax strategies for their portfolio or understanding tax implications (14%) before retirement withdrawals are among their biggest concerns when planning for retirement.

"Our study highlights that for most investors, tax anxiety is real – however, their plan to address it is lacking,” said Kush Kotecha, president of Nationwide Annuity. “A majority of investors are telling us they're concerned about rising taxes, but only a fraction are taking steps to prepare their portfolios. That gap between worry and action is where real financial risk can build."

For many investors, tax planning starts and ends with tax season
Despite widespread concern about taxes, most investors are not engaging in proactive, year-round tax planning. More than one-third (34%) say they mostly pay attention to taxes during "tax season," and only one in four (26%) engage in ongoing, proactive tax management all year.

Among investors who work with a financial advisor, 29% say they count on their advisor to help them plan for taxes in retirement. However, just 37% of these investors say their advisor proactively discusses tax planning strategies or tax policy changes as part of regular review meetings. More than one in 10 (11%) say discussions happen only when major tax law changes occur or when they specifically ask about tax matters (11%). For most investors, this means tax planning only comes up when something forces the conversation.

“Advisors should make taxes a part of regular client discussions,” Kotecha said. “Investors with an advisor who are not receiving regular guidance on this important topic should ask for it or consider looking for a financial professional who will help them prioritize tax-efficient retirement planning.”

Tax strategies are not one-size-fits-all, but some investors are flying blind
Less than half (44%) of investors surveyed say their portfolio is a combination of taxable, tax-deferred, and tax-free assets – likely indicating good tax diversification. Others surveyed indicated heavier reliance on a single taxable class of assets. A meaningful share of investors (13%) don’t know how to describe their portfolio’s tax composition.

“It's not surprising to find investor portfolios come in all shapes and sizes when it comes to tax exposure, and it's important to recognize that there is no 'one-size-fits-all' approach," said Kotecha. "However, those without awareness of their portfolio’s tax profile or a strategy for managing the mix of taxable asset classes in their portfolio risk missed opportunities or unforced errors that could haunt them in retirement. Personalized, advisor-led planning is essential to help investors understand how their unique mix of assets will be taxed, both now and in retirement."

Advisors say they are helping clients take action
While nearly half (45%) of advisors say their clients have a risky mix of taxable asset classes, the vast majority (85%) say they're working with their clients to help them diversify their tax profile within their portfolio.

With taxes expected to rise, advisors are also increasingly steering clients toward tax-efficient income solutions. More than half (60%) of advisors say given the events of the last 12 months, they are more likely to recommend a client put part of their portfolio into an annuity or other solution that provides guaranteed income.

"Advisors are recognizing that annuities can be a powerful tool when it comes to reshaping the tax profile of a portfolio. By allowing assets to grow tax-deferred, annuities can help reduce the drag of taxes on long-term returns and create a more efficient income strategy in retirement," said Kotecha. "That efficiency matters for retirees who need predictable income and want more control over how and when they pay taxes. In an environment where every dollar of after-tax income counts, annuities can offer a sense of stability and security that's increasingly hard to find."

The Nationwide Retirement Institute offers this guide to help investors think about planning for a tax-efficient retirement.

For more insights on this survey data, see our infographic.

Nationwide’s eleventh annual Advisor Authority study, powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 528 advisors and financial professionals and 2,012 investors ages 18+ with investable assets (IA) of $10K+, January 15-February 6, 2026. Among the investors, there were 1,041 with a financial professional, 971 without a financial professional, 300 High Net Worth (IA of $1M-$4.99M), and 504 Less Affluent ($10K to <$100K).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For investors data is accurate to within ± 2.98 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.  For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com. 

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Business Owners are Underutilizing Advisors
Despite the complexity of today’s business landscape, only 24% of small and mid-market business owners sought guidance from a financial professional in the past year in response to current economic conditions, and only about one-fifth met with their current advisor in the past year to protect their business against future risk. Yet, about one in four say advice from a financial advisor would give them peace of mind.

“Too many business owners are trying to navigate today’s challenging environment without professional financial advice,” said Juan José (JJ) Pérez, SVP of Strategic Customer Solutions for Nationwide Financial. “The beginning of the year is a great time for advisors to proactively engage current and potential business owner clients, meeting them where they are to address the challenges keeping them up at night.”

Top 10 Opportunities for Advisors to Support Business Owners in 2026
Nationwide’s survey identified several areas where advisors can make an immediate impact. Small and mid-market business owners shared the top ten topics they would like to discuss with a financial professional:

1. Inflation
2. Economic uncertainty
3. Financial risk management strategies for their business
4. High interest rates
5. The business owner’s personal retirement
6. Access to credit
7. Supply chain disruptions
8. Employee retirement plan offerings
9. Succession planning
10. Potential employee voluntary benefits offerings

“Advisors can support business owners in a variety of ways, starting with helping them stay calm and focused on their long-term strategies in a volatile business environment,” Pérez said. “They can also provide context on the markets and economy, strategies for managing business challenges, or share new solutions to support needs like access to credit, succession planning and enhanced employee benefits.”

Protecting Business Owners’ Personal Retirement
The survey revealed that some owners are sacrificing personal financial security to keep their businesses afloat, with 14% reducing their retirement savings in the past year and 13% tapping into personal retirement funds to support their business. Nearly one-third of small business owners and nearly one-fifth of mid-market business owners say they would cut their own pay before cutting employee benefits.

“Working with a business owner client can present two important opportunities for advisors – supporting their business as well as their personal financial plan. Advisors can play a critical role in helping these clients balance the needs of their business today with their personal long-term financial security,” Pérez said.

Enhancing Employee Benefits
Many business owners voiced concern about challenges attracting and retaining talent. More than one fourth (27%) of business owners say attracting and retaining skilled employees has been a top workforce challenge over the past 12 months and four in ten (41%) small and more than half (57%) of mid-market business owners report attracting and retaining employees as a top business challenge when looking ahead to the next 12 months.

As a result, many are interested in talking about new employee benefit options for their business, with one in five (20%) saying that improving employee benefits is one of their biggest business opportunities over the next 12 months. A significant majority of business owners (56% small; 79% mid-market) are interested in offering voluntary benefits to enhance their benefits package.

“Whether it’s finding ways to fine tune retirement plan offerings or adding new benefits that will resonate with their employees, advisors can help their clients develop cost effective strategies to attract and retain the talent they need to be successful,” Pérez said. “This could include easy opportunities such as adding voluntary benefits like pet insurance, which pass the cost to employees at no expense to the business. Advisors who don’t specialize in employee benefits should consider partnering with 401(k) or benefits brokers within their firm or network to create referral partnerships to address the diverse needs of business owner clients as a team.”

Managing Rising Healthcare Costs
Healthcare costs are rising, and so are the costs of providing health insurance to employees, with six in ten (61%) business owners surveyed citing this as a top challenge over the next 12 months. Despite this harsh reality, 46% of small and 78% of mid-market business owners report increasing or planning to increase health insurance coverage levels for employees. Many are considering a shift to self-insuring their employee health plan in the next 12 months, including 15% of small and 29% of mid-market business owners.

“Self-insurance is a great way for business owners to reduce costs,” Pérez said. “Beyond helping them navigate this transition, our survey highlights the need for advisors to bring solutions like medical stop-loss insurance to the table to protect business owner clients from the risk of catastrophic health claims.”

Learn more on the Nationwide Advisor Advocate Blog.

Methodology
Nationwide commissioned Edelman Data & Intelligence (DXI) to conduct a nationally representative online survey 400 U.S. small business owners, 400 mid-market business owners from November 10–December 1, 2025.

NFM-25310AO

“Our research highlights how different generations approach retirement – and what we can learn from them,” said Cathy Marasco, head of Protected Retirement at Nationwide. “Younger savers are showing that early engagement and proactive planning can create confidence and resilience, while older generations offer valuable perspective on the risks of waiting to take action. As we think about resolving to create better financial habits in the year ahead, these insights give all of us a clearer roadmap for building a stronger financial future.”

Young savers are practicing smart retirement behaviors
On average, Gen Z and Millennial savers started contributing to their workplace retirement plans at age 23 and 28 respectively – nearly a decade earlier than Gen X (34) and Boomers (40). They’re also more engaged and protection focused: checking balances weekly, increasing contributions annually, and planning ahead for market volatility. Roughly 7 in 10 younger savers say they have a strategy to safeguard their savings before retirement, compared to just 55% of Gen X and 44% of Boomers.

Millennials, in particular, are leaning more on resources like their company’s HR team, retirement plan providers, and financial advisors to guide their decisions. And both Gen Z and Millennials show greater familiarity with investment solutions that provide downside protection – and are more likely to say they’d use them.

Ultimately, these habits are paying off. Eight in 10 younger savers feel optimistic about their retirement plans. Nearly half also feel confident about the savings they’ve accumulated – compared with just a third of Gen X and a quarter of Boomers.

Older savers share regrets
On the flip side, older savers were candid about what they wish they’d done differently. More than 80% of Gen X and Boomers regret not starting to save or participating in their employer-sponsored retirement plan earlier. Over 8 in 10 also wish they’d focused earlier on strategies to protect their savings from market volatility or convert assets into sustainable income in retirement. These regrets are compounded by persistent knowledge gaps, including:

• Over three-quarters of older savers wish they understood the power of compounding interest and the benefits of maximizing contributions at a younger age
• 54% of Gen X and 39% of Boomers still misunderstand how compounding interest works
• More than half believe their 401(k) will provide predictable monthly income like a paycheck, setting unrealistic retirement expectations

These missed opportunities have real consequences. One in five Gen X and Boomers feel they’re on the wrong track for retirement and almost 1 in 3 now expect to retire later than planned. And economic uncertainty is adding pressure, with many reporting increased anxiety about their retirement savings over the past year.

Starting early pays dividends
Analysis of NRI’s research by The American College of Financial Services highlights just how powerful an early start can be. Among those who began saving for retirement by age 25, three-quarters feel confident or cautiously optimistic about their future, compared to just 46% of those who started later – a 30-point gap. Even beyond that cutoff, the trend holds: optimistic savers began at roughly age 30 or younger, while those who feel anxious or pessimistic started around age 32 or older.

"The lesson is simple: don’t wait for the perfect moment or the perfect amount to start saving," said Eric Ludwig, PhD, CFP®, Director of the Center for Retirement Income at The American College. "Building the habit early – even with modest contributions – sets the foundation for decades of confidence and better retirement readiness."

Kick off 2026 with smarter saving
With the new year underway, it’s an ideal moment for retirement savers to take stock of where they stand and where they want to be. To start 2026 on the right path, consider some simple actions that can help improve your retirement outlook:

• Start now – or increase what you’re already saving. Every day you wait is a missed opportunity for growth. If you’re already contributing, consider a small increase. Even a 1% bump can make a meaningful difference over time.
• Contribute enough to earn your full employer match. Roughly 20% of savers across all generations say they either don’t contribute enough to receive the full match or aren’t sure if they do, leaving money on the table. If your budget allows, consider maximizing contributions to capture even more growth potential.
• Check in with your retirement plan provider or financial advisor. A quick review at the start of the year can help you understand if your current allocation and risk level still align with your goals, and whether rebalancing may be appropriate.
• Prepare for market changes and long-term income. Take time to understand how your current savings will eventually convert into income in retirement and explore plan options that provide protection or guaranteed income – features that can help stabilize your strategy through market shifts.

“A new year is a natural point to reset your financial habits,” said Marasco. “Workplace retirement plans are evolving to include many of the tools and protections needed to build long-term security – like income solutions, portfolio guidance and downside protection – making it easier for savers to take the next step.”

Advisors and plan sponsors can help ensure their participants have the tools they need to be confident and thrive in retirement. Learn about Nationwide’s Protected Retirement solutions or view the full survey findings.

Methodology
Edelman Data and Intelligence (DXI) conducted a national online 20-minute survey of n=2,200 plan participants, on behalf of Nationwide from July 30th – August 13th, 2025.

As a member in good standing with The Insights Association as well as ESOMAR, Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

According to a new survey from the Nationwide Retirement Institute, 61% of non-retired Gen Xers say they didn’t feel retirement was an urgent priority until age 50 or older. Additionally, one in four (26%) say they won’t reach that point until age 60.

The reason for the delay? Gen Xers said the cost of living and broader macroeconomic pressures are impacting their ability to save, with 89% saying rising living costs are making it harder to retire comfortably and more than half (56%) believing inflation will increase in the next year, up from 39% six months ago.  

As a result, many said they feel behind in their planning and are frantically working to catch up with their retirement savings. After realizing retirement was nearing, 40% of Gen Xers said they cut discretionary spending, 34% increased their contributions to retirement accounts and 23% sought out professional financial advice.

“For Gen Xers, the clock is ticking. Retirement is no longer a distant milestone, but an event that’s quickly approaching – and retirement planning can no longer wait,” said Suzanne Ricklin, vice president of Nationwide Retention and Sales. “Every year of delay means fewer options and greater risk you will miss out on a secure retirement. It’s encouraging to see some Gen Xers seeking out professional financial advice now, but for those who still haven’t done so, connecting with a financial advisor is a great way to pinpoint the right strategies to help you maximize the impact and efficiency of your retirement savings and close any gaps you may have in your plan.”

A financial advisor can help Gen Xers create a holistic financial plan that includes guaranteed income in retirement, Ricklin said. In fact, according to Nationwide’s survey, 32% of advisors are already increasing or introducing the use of annuities with Gen X clients – one of the only investment vehicles that can provide guaranteed income for life ensuring you will not outlive your savings needed to fund your retirement, she said.

Advisors are also putting an emphasis on staying in touch with Gen X clients as they get closer to retirement, with 43% saying they are having more frequent and flexible communication with these investors. That means you have a partner to help you design strategies to support your goals that can be leveraged throughout your retirement journey, Ricklin said.

“Gen Xers face unique challenges, caring for aging parents and adult children while saving for retirement amid ongoing economic volatility,” Ricklin said. “Partnering with a trusted financial professional can help you face these obstacles with a calm, strategic mindset, keep your plans on track and protect the dreams you’ve worked so hard to build.”

Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.

NFM-25220AO
12/2025

• Americans face health care premium pressures which are leading to cuts in medical and preventative care
• This pressure and resulting behaviors could impact long-term financial security, fueling retirement anxiety
• These challenges are compounded by planning gaps and misconceptions about Medicare coverage.
• Financial advisors can play a critical role in helping individuals navigate these challenges.

COLUMBUS, Ohio — As the national debate over affordable health insurance continues, new findings from the Nationwide Retirement Institute show that rising medical costs are forcing even insured Americans to make difficult decisions about their care. Nearly two in five U.S. adults with insurance (37%) report avoiding medical care when sick due to cost concerns, and 41% of insured Americans have skipped healthcare appointments due to rising costs in the past year alone.

To cope with this pressure, insured Americans are increasingly cutting the preventative care that can identify health concerns early and avoid costly interventions later. Over the past year, Americans have postponed or cancelled:

• Dental cleanings (23%)
• Vision tests (20%)
• Seeing a specialist (17%)
• Mental health care (16%)

While these cuts may feel necessary in the moment, skipping care today can create greater health and financial risks in retirement.

At the same time, the price of staying insured is climbing. In 2025, the average cost for single coverage is on track to increase 5%, with family costs rising 6%. With temporary Affordable Care Act (ACA) tax credits set to expire, many households may soon face even steeper premiums.

This creates financial squeeze on two sides: people are paying more to stay insured, yet their insurance covers less of their total health care expenses. Higher premiums combined with rising out-of-pocket costs mean many Americans spend more upfront and still face bills they cannot manage.

Indeed, Nationwide’s survey found:

• 18% of Americans have already turned to medical debt or credit cards to cover out-of-pocket expenses.
• Nearly one-third (31%) say they cannot afford to pay an unexpected $500 out-of-pocket medical bill.

The introduction of high-cost medications, including GLP-1 drugs for diabetes and weight management, is adding more pressure. Many adults who could benefit from these treatments face steep out-of-pocket costs or limited coverage, further widening the gap between what insurance pays and what patients must shoulder themselves.

“Today’s health care costs are forcing Americans to make difficult decisions about when and how to seek care,” said Kristi Rodriguez, senior vice president, Financial Services Marketing and leader of the Nationwide Retirement Institute. “Those tradeoffs may feel short-term, but they can have lasting consequences — leading to poorer health outcomes that, over time, drive higher medical expenses and greater financial stress in retirement.”

Rising Retirement Fears
Rising health care costs pose an even greater challenge as increased longevity requires Americans to manage both higher expenses and more years of care. This pressure is reflected in people’s concerns:

• 73% of U.S. adults list health care expenses going out of control as one of their top retirement fears.
• 71% say they are terrified of what those costs could do to their retirement savings.
• More than half (51%) say medical/health expenses have drastically reduced how much they have saved or will be able to save for retirement.
• 68% worry that a single, major health event could ruin their finances for years to come.

Despite these fears, most Americans admit they are unprepared:

• Nearly six in 10 (59%) say they are not confident in their ability to budget for health care expenses in retirement.
• Two-thirds (66%) cannot estimate how much those costs will total in all of retirement.
• Only 38% have a plan to save for the amount they expect to need in retirement.

These knowledge gaps also extend to safety net programs like Medicare, which currently covers more than 69 million Americans. On average, respondents answered fewer than half of a 16-question Medicare quiz correctly (~7 correct answers on average). One of the biggest misconceptions: two-thirds (66%) incorrectly think that or are not sure if Medicare covers long-term care costs — leaving a costly gap in many people’s plans.

Turning Financial Anxiety into Action with Help
While the financial risks of rising health care costs are clear, the survey also points to an actionable solution: guidance from a trusted financial professional. Americans who work with an advisor are significantly more likely to feel informed and confident about their health care planning. For example, 42% of those not paying to work with an advisor say they do not know how Medicare works to cover medical costs in retirement, compared to just 21% of those who pay to work with a financial professional.

Still, these findings suggest there’s room for deeper conversations:

• More than half (56%) of those working with a financial professional say they have not yet received advice on how and when to file for Medicare benefits.
• Seven in 10 (72%) of those working with a financial professional or those who do not work with a financial professional but do plan to ask one about Medicare benefits in the future say they would switch to an advisor who could offer that guidance.

“Now is the time to close the gap between concern and action,” said Rodriguez. “Financial professionals have a powerful opportunity to help clients understand the connection between health and wealth—by budgeting for routine care and out-of-pocket expenses, planning realistically for health care costs in retirement, and navigating Medicare with confidence. Proactive guidance can protect savings and give clients greater peace of mind about retirement.”

To help financial professionals guide these conversations, Nationwide’s Health Care Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data to help financial professionals and clients estimate future medical and long-term care expenses, and its educational resources ensure advisors have strategies and tools to help their clients prepare.

View the full methodology here.

According to a recent survey from Nationwide, three-fourths (76%) of annuity owners are confident they will be able to retire when they want, compared to only 49% of those who do not own an annuity. However, the age investors plan on retiring has shifted since 2023 when Nationwide initially polled consumers between the ages of 45-60. This cohort now expects to retire at 64.3, six months later than in 2023 (63.7).

“It’s not surprising to see annuity owners feeling confident in their ability to retire, particularly because annuities are one of the only investment products that can provide guaranteed income for life no matter how long someone lives and regardless of the economic environment,” said Rona Guymon, senior vice president of Nationwide Annuity Distribution. “This presents an opportunity for financial professionals to connect with investors who don’t currently own an annuity to see if one aligns with their financial goals and retirement plans. In any economy, and at all stages of the financial life cycle, annuities can provide protection and guaranteed income.”

Interest in annuities is growing

In addition to helping them feel confident about their retirement timeline, investors also recognize the value of annuities when it comes to guaranteed income.

According to a recent Greenwald Research program sponsored by Nationwide, consumers have more confidence in the guarantee from an annuity than they do from Social Security. Seventy percent of consumers said they were confident they would receive annuity income payments as promised, vs only 61% that said they were confident they would receive their full Social Security benefits.

This confidence in guaranteed payouts may be a reason interest in annuities is growing, with 31% of investors who have never purchased an annuity significantly more likely to consider a purchase today than in 2023 (5%), according to Nationwide’s survey.

“For years, misinformation and misinterpretations have plagued annuities, but as advisors have stuck with fact-based messages to dispel those myths, we’ve seen sentiment start to change. It’s incredible to see investors recognizing the unique benefits annuities offer and turning to them as a key solution for a stable retirement,” Guymon said. “This reinforces how crucial it is for advisors to help their clients fully understand the benefits and drawbacks of all retirement solutions so they can make informed decisions about the products that are right for them.”

Seeking out a financial professional partner

Interest in annuities isn’t the only thing on the rise. More investors are seeking out financial professionals and advisors too.

Almost half (48%) of investors in Nationwide’s survey said they are working with a paid financial professional, up from 36% in 2023. Those who work with a financial professional are also more likely to have discussed annuities (78% in 2025 vs 66% in 2023), and more likely to say their financial professional views annuities positively (55% in 2025 vs 39% in 2023).

“Our survey data highlights an opportunity for advisors to connect with the 52% of investors who don’t currently receive professional financial advice, helping them gain the knowledge of solutions like annuities that will allow them to retire with confidence,” Guymon said.

The Nationwide Retirement Institute offers access to planning tools and consultative support that financial professionals can use to connect with new clients, helping to build a trusted and lasting relationship.

About Nationwide and Zeldis Reseach’s Future Annuity Buyers Study:

The research was conducted online within the U.S. by Nationwide Mutual Insurance Company and Zeldis Research from July 17-24, 2025, among 699 consumers who qualified as “Future Annuity Buyer” targets. This target was defined as consumers ages 45-60, not retired, with income and asset thresholds of at least $100,000 and $150,000, respectively.

About Greenwald Research’s Retiree Insights Program:

The research was conducted online within the U.S. by Greenwald Research in June 2025, among 1,000 consumers. Consumers were between 50-70 years old with investable assets of at least $200,000, no defined-benefit income and involved in household financial decisions. Nationwide Mutual Insurance Company was a sponsor of this research.

Whereas previous generations used homeownership as a tool to build wealth, many Millennials (investors ages 29-44) are struggling to afford housing and view it as a challenge to their retirement savings plan. That struggle is causing a negative view of retirement attainability in general – more than a third (35%) of Millennials cite rising housing costs as the biggest obstacle to their retirement readiness, and 46% believe mortgage or home equity loans pose the biggest threat to achieving a secure retirement.

The impact of the housing dilemma is immediate and measurable: 60% of Millennials have adjusted their retirement plans at least some since the start of 2025 in response to rising housing costs. This housing-retirement tension represents a fundamental departure from traditional wealth-building strategies, forcing Millennials to reimagine how they’ll achieve financial security in retirement without relying on real estate appreciation.

Without access to wealth through housing, Millennials are turning toward contribution plans early in their retirement journeys. Half (50%) of this cohort opened retirement accounts, such as 401(K)s or IRAs, and a quarter (22%) opened brokerage accounts to begin planning for retirement. The shift towards contribution plans also looks like more than just a temporary focus for this generation. Nearly three in ten (28%) working Millennials say they plan to contribute more to their 401(k) or employer-sponsored defined contribution plan over the next 12 months, and 23% say they plan to contribute the maximum amount eligible for an employer match.

Despite these actions, Millennials are worried about how long their savings will last in retirement. More than a fifth (22%) say they are concerned their savings won’t last more than 14 years, and one in ten (10%) say their retirement savings are already dwindling. 

“Millennials are navigating their prime earning years in a financial landscape marked by volatile markets, high interest rates and shifting economic norms. These challenges are not only impacting their ability to build long-term wealth but also key life milestones like homeownership,” said Juan José Pérez, president of Nationwide Corporate Solutions. “While it’s great to see Millennial investors tapping into the benefit of retirement accounts, partnering with a trusted financial advisor can help them build on those savings, creating personalized, goal-based strategies to manage risk and prepare for major life events with confidence.”

As Millennials Embrace Professional Advice, Advisors Are Addressing their Blind Spots

The complexity of today’s financial landscape has driven Millennials to seek professional guidance at unprecedented rates. Of the 45% of Millennial investors who pay to work with an advisor or financial professional, three-fourths (75%) began doing so in the last 12 months. However, the surge in professional relationships reveals a critical gap between Millennial concerns and advisor perspectives.

While Millennials focus on immediate challenges like housing costs, advisors take a longer view. Only about one in ten (9%) advisors say housing prices and mortgage rates pose a long-term challenge to their clients’ retirement portfolios. Eight in ten (82%) advisors, however, indicate healthcare costs are an extremely/very significant factor in their Millennial clients’ ability to plan for retirement. Additionally, 35% of advisors indicate the uncertain future of government support programs (Social Security, Medicare, Medicaid) pose the most immediate challenges to clients’ retirement portfolios.

The disconnect is striking: only 13% of Millennial investors cite healthcare costs as an obstacle, and 6% consider a presumed lack of Social Security funds to be a challenge to preparing for retirement, suggesting Millennials can benefit significantly from advisors’ long-term perspective on retirement planning risks.

“It’s great to see more Millennials turn to financial professionals, and healthy for advisors to help them see beyond short-term financial goals. However, our survey data shows a disconnect, highlighting an opportunity for advisors to take a step back and ensure they are listening to Millennials’ goals and addressing their concerns before offering solutions – whether those solutions are for short-term or long-term life events,” Pérez said.

When working with Millennials, advisors should note they may be ready for more sophisticated long-term investment strategies, with six in ten (61%) Millennials saying they are likely to put part of their portfolio in an annuity or other solution that provides guaranteed income given the events of the last 12 months.

“Saving for short-term goals, like buying a house, is important, but layering that with preparation for longer-term challenges remains imperative,” said Pérez. “Advisors who can establish relationships with Millennial clients now have a tremendous opportunity to grow their practices, as this generation is just starting to build meaningful savings and looking for a partner to help guide them on that journey.”

The Nationwide Retirement Institute offers resources to help advisors facilitate conversations with Millennial clients.

For more insights on this survey data, see our infographic.

Nationwide’s 11^th annual Advisor Authority study, powered by the Nationwide Retirement Institute®, explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology

The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 510 advisors and financial professionals and 2,007 investors ages 18+ with investable assets (IA) of $10K+, August 19-September 2, 2025. Among the investors, there were 667 Millennials (age 29-44).

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.3 percentage points using a 95% confidence level. For all investors data is accurate to within ± 2.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

To help individuals plan with confidence, Nationwide CareMatters Annuity offers a simple, flexible, annuity-based long-term care solution with minimal underwriting requirements and a straightforward product design to help protect more Americans.

CareMatters Annuity allows clients to make a one-time payment, convert an existing non-qualified annuity or life insurance policy into long-term care coverage, or use a combination of those options. It is a simple way to help individuals maximize their assets for long-term care coverage while preserving the resources they have built for retirement and their legacy.

“Nationwide CareMatters Annuity is built on the belief that long-term care planning should be empowering, not overwhelming,” said Holly Snyder, president of Nationwide’s life insurance and long-term care business. “This product provides long-term care coverage, protects retirement assets, preserves legacy, and enables individuals to choose the care that’s right for them – all with the simplicity and guarantees they deserve.”

Three important benefits that CareMatters Annuity offers: 

• Simplicity — With a single payment, and/or an exchange of an existing non-qualified annuity or life insurance policy, individuals can receive triple or double their contract value for long-term care expenses.
• Guarantees — A guaranteed 3% fixed crediting rate provides guaranteed long-term care benefits. If care is not needed, any remaining contract value is available to beneficiaries as a death benefit.
• Flexibility — Cash indemnity benefits empower individuals to choose the care that works best for them. Once qualified, they receive 100% of their monthly cash benefit, with no need to submit bills or receipts and no restrictions from Nationwide on how they use their monthly LTC benefits. Benefits can be used for care from family and friends and are 100% payable even if the insured resides internationally.

“If you reposition $100,000 into CareMatters Annuity, you’ll have either $300,000 or $200,000 in long-term care coverage on day one,” Snyder added. “Your contract value and LTC benefits will then grow over time at the 3% guaranteed fixed crediting rate.”

Nationwide has been delivering innovative long-term care solutions for over 25 years, pioneering cash indemnity benefits for linked-benefit LTC coverage. With CareMatters Annuity, we have expanded our industry-leading suite of long-term care solutions to help more Americans gain and tailor coverage that best meets their needs. As the #1 linked benefit LTC carrier in the industry², Nationwide is committed to providing a variety of flexible solutions to address this large, unmet need with confidence and choice.

For more information about Nationwide CareMatters^® Annuity, contact your financial professional or visit nationwidefinancial.com/carematters.

These conditions include the increased cost of living, cited by 51% as one of the biggest long-term challenges to their retirement portfolio, and inflation, with 15% saying they will retire later than planned because of it.

Possibly as a result, some pre-retirees are focused on building their savings over the next year, including one fifth (20%) who say their biggest financial concern over the next 12 months is saving enough for retirement. Many also plan to continue working in some capacity in retirement to preserve those savings. More than One third (35%) of pre-retiree investors are planning to work in retirement, and 27% say they’re delaying their retirement – two approaches that are radically different from previous generations.

“Many pre-retiree investors saw their parents and grandparents retire with the confidence that came from having traditional pension benefits – benefits that are much less common today,” said Craig Hawley, president of Nationwide Annuity. “It’s not surprising that pre-retiree investors are questioning whether their dream retirement is even possible as they grapple with lingering inflation, market volatility and concerns about running out of money in retirement. As a result, we’re seeing many of them abandon conventional retirement strategies used by previous generations. Rather than try to figure this out on their own, pre-retirees should lean into relationships with trusted financial professionals to build a plan that puts them in the best position for success.”

Not your grandparents’ retirement: Veering from traditional retirement rules
Overall, nearly six in ten (59%) pre-retiree investors say their expectations for retirement have changed significantly in the last five years. At the same time, many also indicate they do not subscribe to traditional retirement norms and strategies in the same way previous generations have, citing today’s economic environment as the cause.

The 4% Rule: More than a third of pre-retirees (35%) do not find the 4% Rule (withdrawing 4% of your retirement portfolio to make it last through retirement) to be a relevant retirement rule of thumb in today’s economic environment. Some (13%) investors in this group are abandoning the 4% Rule altogether.

100 Minus Age: Additionally, 53% do not find the ‘100 Minus Your Age in Stocks’ rule (deciding the portion of your portfolio dedicated to stocks based on your age) to be relevant in today’s economic environment.  

Magic Number: Pre-retirees are also abandoning a ‘target’ retirement age or savings goal. Over half (52%) of pre-retiree investors do not believe in the concept of a ‘magic number’ for retirement savings.

Retiring at 65: Nearly two thirds (64%) say the norm of retiring at age 65 doesn’t apply to people like them, up from 59% a year ago.  

Advisors aren’t ready to abandon tried-and-true rules of thumb
Facing largely ambiguous retirement prospects, pre-retirees are turning to financial professionals – with many having done so in the past year. Of the 40% of pre-retirees who currently work with a financial advisor, more than a quarter (28%) started working with their advisor in the last 12 months.

Financial advisors still support traditional retirement rules of thumb, even as their pre-retiree clients abandon legacy investment practices. A significant majority (84%) of advisors find the 4% Rule to be relevant in today’s economic environment, and nearly three fourths (73%) find the ‘100 Minus Your Age in Stocks’ Rule to hold value, too.

“Our survey data shows a disconnect between pre-retiree investors and advisors when it comes to traditional retirement strategies – a gap that may be driven by the fact that more than half of pre-retiree investors are not currently working with an advisor and may not understand how these tried-and-true rules of thumb can benefit them,” Hawley said. “While traditional retirement rules are not going to be for everyone, working with a trusted advisor can help pre-retirees determine which ones, if any, are right for them.”   

Financial professionals cite macroeconomic factors as key disruptors to their clients’ retirement planning strategies. Nearly half (46%) say inflation influenced their pre-retiree clients to rethink or redefine their retirement planning strategies. Nearly the same share of advisors (45%) blame the rising cost of living and 37% point to a fear of running out of money in retirement.

With these headwinds in mind, advisors say their pre-retiree clients’ retirement prospects look much different than those of their parents or grandparents. More than four in ten (42%) advisors say their pre-retiree clients plan to ‘phase’ their retirements (work six months, off six months, or work fewer hours).  

“Pre-retiree investors are at an age where the financial decisions they make can carry massive implications for their retirement security,” Hawley said. “Financial professionals can help them create a holistic plan for addressing important factors like Social Security, health care, long-term care, taxes and income in retirement. While some of these investors may feel hopeless, a good financial professional can help them chart a course for a more secure retirement and potentially head off challenges while there’s still time to address them.”

The Nationwide Retirement Institute offers resources to help facilitate conversations on these topics. These resources can help advisors address plans and identify gaps for their pre-retiree clients before it’s too late.

For more insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study, powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,524 investors ages 18+ with investable assets (IA) of $10K+, January 6-25, 2025. Among the investors, there were 379 pre-retirees in January 2025, 336 pre-retirees in August/September of 2024.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.0 percentage points and for investors the sample data is accurate to within ± 2.5 percentage points using a 95% confidence level. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within ± 6.0 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed populations of interest. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

As Americans live longer than ever – with the U.S. Census Bureau projecting the number of centenarians to quadruple by 2054 – the likelihood of needing LTC, and needing it for many years, is rising sharply. And many are not ready: 41% of Americans doubt they will live long enough to use long-term care insurance, even though nearly 70% of Americans turning 65 today will need LTC.

The financial strain of long-term care is already felt as these expenses are increasing sharply across all care types. More than half of Americans, 58%, are concerned about their ability to pay for their or their partner’s LTC and a shocking 59% say they plan to use Medicaid to help pay for those expenses. This suggests many expect to spend down savings enough to qualify for the safety net program intended for individuals with limited income and assets – one currently under threat of major cuts.

Potential cuts to Medicaid could significantly impact LTC options for our aging population, as the program is the single largest source of funding for these services. Despite its critical role, 50% of Americans do not believe that cuts to Medicaid will affect their own LTC – a disconnect that highlights the urgent need to educate the public about the real financial risks associated with aging.

Too Expensive to Move, Too Risky to Stay
Many see aging at home as a way to avoid rising costs, but it’s not necessarily without challenges. While 77% of Americans would prefer to receive long-term care in their own home, 41% say their current home may not be safe or accessible for aging in place, and nearly half, 47%, say they expect modifying their home for aging in place to be unaffordable.

For those considering a move, the barriers are just as steep: 54% believe today’s real estate market makes it difficult for them to move or find an ideal home for retirement. As a result, 42% of baby boomers and older (age 61+) plan to remain in their current homes without making renovations or changes once they retire – despite the potential risks that accompany that decision.

These growing pressures are also affecting family finances across generations. Half of Americans say LTC costs will diminish their children’s inheritance, and many are already bearing the burden of caregiving. Caregivers report spending an average of nearly $400 a month on non-reimbursed, out-of-pocket expenses such as prescriptions, transportation, and home necessities ($372/month). This creates a financial ripple effect, with 42% of caregivers believing it will likely use up the inheritance they had hoped to leave to their own children. 

“Too many Americans are entering the most vulnerable stage of life with a false sense of security,” said Holly Snyder, president of Nationwide’s life insurance business. “We underestimate how long we’ll live, how likely we are to need long-term care, how much that care will cost, and how we’ll pay for it, leaving a growing number of Americans – and their families – unprepared for the financial and emotional toll that often comes with aging.”

Long-Term Care Insurance Is Misunderstood and Underused
Long-term care insurance (LTCI) is specifically designed to address these concerns, but awareness and usage remain low. While 32% believe LTCI would be one of the most helpful resources for preparing to live to 100, only 1 in 10 actually report owning a policy, according to a separate report released by Nationwide and The American College of Financial Services. Even more concerning, the intent to purchase LTCI appears to be declining: 40% of Americans age 29+ in Nationwide’s 2025 Long-Term Care survey said they do not plan to purchase coverage, up from 32% the previous year.

Cost continues to be a major perceived barrier. About four in ten, 38%, adults believe LTCI is too expensive, a perception often driven by lack of information: 64% overestimated the monthly price of a LTCI plan. When presented with accurate pricing, about half, 47%, would be more willing to consider purchasing similar coverage.

Even those with access to financial advisors are missing the opportunity to plan properly. Among respondents who work with a financial professional but have not discussed LTC costs with them, the most common reason is simple: their advisor has not brought it up as a planning topic (34%). In fact, 66% say they trust their advisor will tell them when it is the right time to buy long-term care insurance.

“Proactive education and planning are more important than ever,” said Snyder. “Many people don’t realize how comprehensive long-term care insurance can be – it’s not just for nursing homes. It can help cover home modifications for accessibility, compensate friends or family members who provide care, and, if the benefits go unused, it can even pay out tax-free to beneficiaries. Financial professionals have a critical opportunity and responsibility to guide clients through these conversations, break down misconceptions about cost and coverage, and help families understand what solutions will work best for them.”

Planning for long-term care is not just about protecting assets, it is about protecting families. This year’s survey highlights how urgently society needs to address the myths around Medicare, shift perceptions about affordability, and help Americans take control of their future care.

To learn more about the 2025 Nationwide Retirement Institute Long-term Care survey, visit nationwide.com/SimplifyLTC

Methodology
The research was conducted online in the United States by The Harris Poll on behalf of Nationwide among 1,324 Americans ages 29+ with household income of $75K+. The survey was conducted March 17 – Apr. 7, 2025.

Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and political party affiliation to bring them in line with their actual proportions in the population.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.6 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The research—conducted as part of the Nationwide Retirement Institute’s Century Club campaign, which explores the financial implications and consumer sentiment related to rising life expectancy—highlights just how fragile the equation can be. According to The College’s research, extending a retirement by just 5 years from 30 to 35 years increases the risk of depleting savings by a striking 41%, based on historical market returns. And that risk only intensifies as lifespans continue to lengthen, particularly among healthy, higher-income retirees. 

A companion consumer survey from the Nationwide Retirement Institute shows most Americans are underestimating both their chances of living to 100 and the financial demands that kind of longevity brings. In fact, only 29% of respondents said they want to live that long, citing concerns about declining health and deep financial anxieties. Roughly three in four fear they’ll run out of money before they run out of time. 

Today’s volatile economic environment is raising the stakes even higher. According to the joint research, two out of five non-retired Americans (40%) now say they plan to delay retirement due to inflation. And the math is sobering when factoring in lower projected 10-year portfolio returns: Extending retirement by just five years increases the risk of running out of money by more than 300% according to The College’s analysis.  

These findings send a clear message—retirement planning needs a major reset. Both consumers and advisors must shift their mindset, prioritizing longevity risk and placing a stronger emphasis on guaranteed income strategies that can weather uncertainty. 

“Too many people underestimate how long they’ll live—and that blind spot can seriously undermine their financial security,” said Michael Finke, PhD, CFP^®, professor of wealth management, director of the Granum Center for Financial Security at The American College of Financial Services and co-author of the study. “We consistently see that those who plan for longevity feel more confident about retirement. The key drivers of that confidence? Working with an advisor, having access to guaranteed income, and building a plan that’s designed to last.” 

Knowledge is Power—and Protection 
Preparing financially for a longer life starts with one key step: considering how long you might live. Yet just 48% of Americans factor lifespan into their savings and investment decisions, according to the Nationwide Retirement Institute’s survey, and only 26% of respondents correctly estimated the longevity of a 65-year-old man according to the joint research. 

While the challenges of planning for longer lifespans are apparent, the Nationwide Retirement Institute’s consumer survey also reveals a powerful silver lining: if Americans knew they would live longer, many would take meaningful action to improve their physical and financial well-being: 

• 58% said they would adopt a healthier lifestyle 
• 67% would pay closer attention to their finances and increase their savings 
• 37% said they would delay retirement  
• 63% said they would take on less debt 

Mindset also matters. The College’s research found that optimists are 75% more likely to save at least 10% of their income – underscoring how a positive perspective can drive more financially secure retirements. The report also refers to financial literacy as “a quiet driver of retirement readiness.” 

"When people think seriously about living longer, it becomes clear that physical, mental, and financial health go hand in hand,” said Kristi Martin Rodriguez, leader of financial services marketing and the Nationwide Retirement Institute. “Just as we encourage healthy habits to support longer lives, we need to help build strong financial habits that ensure people can thrive well into their later years.” 

Solutions Exist – Now It’s Time to Use Them 
While 70% of Americans agree that society is not prepared to meet the needs of people with longer lifespans, the good news is that effective solutions already exist. These include long-term care (LTC) insurance and guaranteed income products, including annuities and protected retirement solutions that are available in a growing number of employer-sponsored retirement plans. The problem? These tools remain widely misunderstood or overlooked, highlighting a significant gap in consumer education. 

Nationwide’s research shows that nearly one-third of consumers (32%) believe long-term care insurance would be one of the most helpful resources for preparing to live to 100. Yet, only 1 in 10 actually report owning a policy, according to The College. The story is similar for annuities: 31% of consumers say an investment that guarantees income for life would help them feel more financially secure, but knowledge and adoption of these products remain stubbornly low. Additionally, in the past few years, a new type of investment option in workplace retirement plans that can provide guaranteed income in retirement has been gaining interest and garnering discussion across the country. This type of solution is growing but there remains an opportunity for the industry to encourage more widespread adoption of these solutions.   

“As the risk of longevity combined with today’s volatile market environment create what might seem like a perfect storm for retirement savers, the good news is that solutions exist to provide a measure of certainty in an uncertain environment,” Rodriguez said. “Financial professionals and others serving America’s retirement savers can play a critical role in bridging this gap, tailoring strategies to individual needs – especially for groups like women, who tend to live longer, score slightly higher in longevity literacy, yet report lower retirement confidence overall.” 

These findings from Nationwide and The College reveal a powerful truth: America is on the brink of a longevity revolution, yet many Americans are financially underprepared to meet it.  

The Nationwide Retirement Institute’s Total Retirement Income Planning initiative offers a variety of tools and resources for advisors to address the longevity challenge for clients.  

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional. 

This information is general in nature and is not intended to be tax, legal, accounting, or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency. 

Nationwide and The American College of Financial Services are separate and non-affiliated companies. 

Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.  

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC. 

Nationwide, Nationwide is on your side, the Nationwide N and Eagle, and The Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company. © 2025 

NFM-24755AO (05/25) 

A quarter (25%) of single investors say they did not plan to be alone in retirement and nearly the same share (22%) say they are scared to grow old alone. Only a small group (9%) say they enjoy the independence of being single in retirement. Despite these challenges, single investors remain optimistic about finding new love, with a quarter (26%) still hoping to find a partner in retirement.

Those planning for retirement without a partner are bracing for added financial headwinds. More than a third (37%) of single investors say they experience more strain or financial hardship compared to their married or partnered peers, a rate that increases significantly for single investors under 50 years old (44%). Non-retired single investors are concerned about their retirement prospects, with 18% indicating they don’t know if they’ll ever be able to retire.

The amount this cohort has saved for retirement, compared to their perceived target savings goals, shows a significant disconnect. Nearly half (46%) of single investors say they would need up to $600,000 in retirement savings to feel comfortable about their future. Yet, just 23% say they have at least $250,000 saved and only 18% say they have $500,000 or more saved towards retirement.

“Single investors are facing retirement challenges that their coupled counterparts are not, relying solely on their individual saving efforts compared to those with a second source of income from a partner,” said Rona Guymon, senior vice president of Nationwide Annuity Distribution. “It’s not surprising they believe they need to hit a ‘magic number’ in retirement to live comfortably. What’s important to remember is that everyone’s savings goal will vary based on more than just relationship status. It’s good to have an attainable goal, but holistic financial planning with an advisor – who can help address single retirees’ unique needs – is a more constructive way to think about achieving a secure retirement.”

Single and Partnered Investors Vary in Their Approaches

Single investors may be missing some opportunities to optimize their investment approach compared to their coupled counterparts. For example:

• Less than half (49%) of single investors who have a strategy to protect assets against market risks say they focus on diversification of assets or non-correlated assets in their retirement portfolios, compared to 62% of partnered investors.
• About one third (34%) of single investors do not currently have a strategy in place to protect their assets against market risk, compared to 27% of partnered investors.
• Single investors are less likely to turn to an advisor or financial professional for help, with just 35% saying they currently pay to work with one, compared to 46% of partnered investors.

Single investors who do work with a financial professional find the most important benefits of doing so include protecting their assets against market risk (20%), helping them make more informed decisions (15%) and keeping them focused on long-term goals (15%).

For Advisors, Decumulation and Tax Strategies Have Become a Priority

Financial professionals are focused on guiding their single clients toward a stable retirement, ensuring they have the resources and strategies needed to navigate their finances.

Nearly half (49%) of advisors are providing guidance to their single clients approaching retirement on when to claim Social Security benefits, and a similar share (49%) are discussing when to withdraw funds from retirement accounts.

Tax planning is another key area of focus. More than a third (36%) of advisors are developing a plan to combat negative tax impacts traditionally alleviated by spousal income for single clients approaching retirement.

“Whether you’re a single person planning for retirement or a financial professional working with one, it’s important to recognize there are several elements of financial planning that may be different when retiring without a partner,” Guymon said. She highlights the following considerations for single savers to address with their financial professional:

1. Emergency Funds: Building a robust emergency fund is key for single retirees who may not have a secondary source of income from a partner to provide financial stability should adversity arise.
2. Estate Planning: Estate planning may look different for those who don’t have a partner or children. Not only is it important to clarify beneficiaries, but also who will speak on a single retiree’s behalf should they lose the ability to represent themselves.
3. Long-Term Care: Single retirees are less likely to have a natural caregiving solution in place. It’s important to consider long-term care solutions as early as possible in the planning process.
4. Taxes: Without the benefit of filing jointly, single retirees often face higher tax rates compared to married couples without proper tax planning strategies in place.
5. Social Isolation: While this may seem out of scope for some financial professionals, an important part of a single person’s retirement plan should be building a strong support network. Isolation or loneliness can impact emotional well-being, which can lead to poor financial decisions.

“The benefits of working with a trusted advisor are clear when it comes to feeling confident about living in retirement, regardless of relationship status,” Guymon said. “In today’s highly volatile market conditions, advisors should help single investors stay focused on their long-term plan and understand the value of protection solutions, like annuities. This is particularly important for those without the additional security of a partner to fall back on.”

The Nationwide Retirement Institute offers additional resources to help advisor facilitate conversations with clients.

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,524 investors ages 18+ with investable assets (IA) of $10K+, January 6-25, 2025. Among the investors, there were 866 single investors in total including 423 women investors, 434 men investors, 460 investors age <50, 406 investors age 50+ as well as 1,658 married or partnered investors.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.0 percentage points and for investors the sample data is accurate to within ± 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed populations of interest. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact news@nationwide.com.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

According to recent survey results from Nationwide, 73% of financial professionals who sell annuities believe they help them retain clients. Additionally, 81% of those with higher production – those who have sold at least 10 annuities in the last 24 months – feel they make their client relationships “stickier.”

“It’s no surprise financial professionals are leveraging annuities in client portfolios as evidenced by another record-breaking year of sales in the annuity industry,” said Rona Guymon, senior vice president of Nationwide Annuity Distribution. “What might be unexpected to some is the long-term relationship that can be built with clients as a result of an annuity purchase. We know annuities are complex investment vehicles that sometimes require more explanation and guidance than other solutions. This presents an opportunity for financial professionals to connect with their clients on a deeper level, driving conversations to understand their long-term goals as they work together to build a holistic plan. These interactions can set the stage for a more meaningful and trusting relationship – one that even has the potential to expand to the next generation as advisors work with annuity owners’ heirs.”

Annuity misinformation, external factors pose challenges for financial professionals
In addition to helping them build long-lasting relationships, financial professionals recognize the value of annuities’ key benefits in helping their clients prepare for retirement – especially in today’s turbulent market environment. Ninety-one percent agree that annuities help their clients protect against market volatility, and 86% say they help them diversify portfolios.  

While the benefits of including annuities in holistic plans are clear, financial professionals are still facing challenges incorporating them into client portfolios. Although 27% of their clients own at least one annuity, financial professionals across all distribution channels (broker dealer, wirehouse and registered investment advisor) say they would prefer 38% have one or more annuities in their portfolio – but are deterred from reaching this goal by a number of obstacles.

Clients’ perceptions that annuities are overwhelming (60%) and external factors like TV, radio and podcast shows that diminish annuity appeal (54%) pose challenges for financial professionals as they work to educate clients. Additionally, 78% said clients have negative annuity preconceptions.

“Because there is so much information out there about the benefits and drawbacks of annuities, it’s understandable why some clients might find them confusing or come into a conversation with an incorrect understanding of how they work,” Guymon said. “While it’s fair for commentators to discuss why annuities might not be right for every investor, some investors may interpret that as meaning they are not right for any investor – which is not true. It’s important to stick to fact-based messages with clients to dispel misinformation, helping to break down common myths so they can understand how annuities might fit with their specific needs and goals.”  

Building trust through educational conversations
In order to effectively sell annuities, break down misconceptions and build trusting relationships with their clients, financial professionals say they are turning to annuity carriers for help – specifically when it comes to materials they can use to educate their clients. Fifty-four percent said they are seeking client-facing materials on annuities as a source of guaranteed income, and 43% said they want more on annuities’ role in an overall financial plan.

“Financial professionals should lean on annuity providers for help educating clients on the role annuities can play in their portfolios,” Guymon said.

The Nationwide Retirement Institute offers access to planning tools and consultative support that financial professionals can use to help break down topics like annuities with their clients, helping to build a trusted and lasting relationship.

About Nationwide’s Annuity Financial Professional Survey
The research was conducted online within the U.S. by Nationwide Mutual Insurance Company and Zeldis Research from September 5-24, 2024, among 504 financial professional respondents. Respondents had to be annuity-producing financial professionals with at least three years of experience as a financial professional.

Women of All Ages Challenged by Caregiving, Economic Outlook
Caregiving commitments are forcing women of all generations to make difficult decisions between family obligations and career advancement. More than two-thirds (67%) of women investors who support children or aging parents say caregiving responsibilities have impacted their careers, and 18% say supporting children or aging parents has prevented them from saving for retirement.

Because of these caregiving responsibilities, women have taken actions that could have an adverse impact on their ability to save for retirement, including reducing work hours (26%), limiting professional development opportunities (19%), taking extended family or medical leave (18%), switching to part-time positions (13%), or declining or delaying promotions (11%).

Economic uncertainty is also creating financial stress for women. More than four in ten (42%) non-retired women investors believe inflation will increase in the next year. Nearly three in four (73%) women investors are concerned about a U.S. economic recession in the next 12 months, and a quarter (25%) describe their financial outlook for the next year as pessimistic.

“Our study sheds light on the financial challenges women of all ages are facing. Recent conditions of market uncertainty combined with the significant stress that family caregiving responsibilities are putting on women are certainly creating a challenging environment,” said Amelia Dunlap, vice president of Nationwide Retirement Solutions Marketing. “But the concerns of women investors are not one-size-fits-all. We’re seeing each generation of women process these challenges in different ways, creating opportunities for financial professionals to better serve clients in these groups."

Gen Z Women Focused on the Near-Term, but Open to Seeking Financial Advice
Still early in their careers, Gen Z (aged 18-28) women investors are more focused on addressing immediate financial obligations rather than long-term planning. This cohort lists basic household expenses, like groceries and utilities, as a top financial commitment over the next 12 months (61%), followed by paying down loans and debts (42%).

Further, 35% of Gen Z women list caring for family members as a top financial commitment over the next 12 months — the most of any generational cohort (vs. 23% of Millennials, 23% of Gen X, and 16% of Baby Boomers+).

While focused on these short-term financial commitments, Gen Z women recognize they need assistance. About a quarter of Gen Z women who support children or aging parents (23%) are likely to seek advice from a financial professional to help manage the pressure of supporting family members. This number slightly outpaces their older peers (22% Millennial, 22% Gen X).

Millennial Women Challenged by Caregiving Responsibilities and Career Disruptions
Caregiving commitments pose a major challenge for Millennial women (aged 29-44) as they report they are facing more impacts to their career compared to their older and younger peers.

More than half of Millennial women investors who support children or aging parents (55%) say they have frequently or occasionally experienced career or income disruptions due to caregiving responsibilities for younger or older loved ones in the past five years.

Nearly a quarter (22%) say they have gotten a second job to supplement their income to help manage the financial pressure of caregiving and 18% are taking on credit card debt to do the same – emphasizing the financial sacrifices needed to meet caregiving demands.

One in ten (10%) Millennial women who support children or aging parents say they were terminated or fired from employment due to familial caregiving responsibilities, and a third (32%) say they have reduced work hours. What’s more, 17% say they were forced to decline or delay a promotion.

To combat this, Millennial women are tapping financial advisors to guide them through uncertainty. Women investors in this generation who work with an advisor are most frequently discussing managing debt (32%), solidifying a long-term retirement plan or primary retirement goals (29%) and building up an emergency savings fund (27%).

Challenged by Debt and Career Disruptions, Gen X Women are Falling Behind in Retirement Savings
While they may be more financially established than their younger peers, Gen X women (aged 45-60) are still prioritizing paying down debts as they approach retirement age. Four in ten (40%) list paying down loans and debts as a top financial commitment over the next 12 months.

As they work to tackle debt, these investors may be sacrificing their broader progress towards retirement. One in five (20%) non-retired Gen X women say they are significantly behind on their retirement savings goals and need to make changes, and an additional 34% admit they feel behind but are working to catch up.

Although debt is top of mind for this generation, career and income disruptions due to caregiving responsibilities are also changing Gen Xers’ perspective on retirement possibilities. About half (47%) of Gen X women who support children or aging parents say they have frequently or occasionally experienced career or income disruptions due to caregiving responsibilities for loved ones in the past five years – and 25% of Gen X women say their career progression has negatively affected their ability to save for retirement.

These saving struggles and income disruptions have significantly impacted Gen X women’s retirement savings goals. Nearly half (49%) of Gen X women now believe they need $1 million or more in retirement savings to feel comfortable about their financial future, including 23% who feel they need $2 million or more. Despite this, just 27% of women investors in this generation have $500,000 or more saved for retirement.

Despite Career Stability, Boomers Still Concerned About their Ability to Retire
Boomer women (aged 61+) do not have the same financial concerns as their younger counterparts, as they are more likely than any generation to not financially support their children or aging parents (81% vs. 32% of Gen Z, 18% of Millennials, 50% of Gen X). Debt is also not a focus, as only 3% of those who work with a financial professional are discussing managing debt with their advisor (vs. 32% of Millennials, 20% of Gen X and 42% of Gen Z).

Yet, the youngest Boomer women are just four years from the ‘traditional’ retirement age, and half (51%) of this cohort say the norm of retiring at 65 doesn’t apply to people like them. In addition, 35% of non-retired Boomer women expect to retire between 66-70 years old, and 17% don’t expect to retire by age 70.

What’s more, a quarter (25%) of Boomer women say economic conditions over the last five years have delayed, altered or canceled their dreams for retirement.

“It’s understandable that women investors, who often serve as primary caretakers for their family, feel challenged by the current economic environment and the pressures of taking care of their loved ones,” said Suzanne Ricklin, vice president of Retirement Solutions Sales for Nationwide. “Our data highlights an opportunity for women investors of all generations to seek guidance from advisors to turn their financial anxiety into proactive action in the form of a holistic plan for retirement. It’s important for women to ask questions and be clear with their advisors about their concerns and goals. By confidently communicating their expectations and priorities, women can work with their advisors to address the risk of allowing near-term family obligations to jeopardize their long-term financial security.”

Advisors Are Confident in their Ability to Help Women Clients
Advisors are well-positioned to support their women clients as they plan for and approach retirement. Nearly all advisors (95%) say they understand the needs of women clients and feel well-equipped to serve them, and 92% say they plan to grow their base of women clients in the next 12 months.

However, despite overwhelming confidence from financial professionals, just under half (48%) of women investors who pay to work with an advisor or financial professional feel they understand their financial goals at this stage in their lives. 

“While I believe advisors want to build relationships with more women clients and have the expertise to help them, our survey data shows a disconnect, highlighting an opportunity for advisors to take a step back and ensure they are listening to women’s goals and addressing their concerns before offering solutions,” Ricklin said.

The Nationwide Retirement Institute offers additional resources to help advisors facilitate conversations with women clients.

Advisors are bringing solutions to the table
Nearly all (93%) advisors say they have women clients who care for children or aging parents and are guiding them through the associated financial challenges.

To help manage the financial pressure of supporting children or aging parents, 47% of advisors are recommending their clients leverage tax deductions and credits, such as declaring dependents on tax returns. Nearly the same amount (45%) recommend cutting back on non-essential expenses like vacations, and 44% suggest prioritizing retirement savings over other expenses.

“In the current highly volatile market conditions, advisors can help women investors stay focused on long-term strategies to avoid making short-sighted decisions based on near-term economic or caregiving impacts,” Dunlap said. “Regardless of income or savings level, one of the key roles an advisor can play is to help calm investor anxiety by sharing insights on historical market cycles and providing solutions that help address their fears.”

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,524 investors ages 18+ with investable assets (IA) of $10K+, January 6-25, 2025. Among the investors, there were 1,145 women in total including 176 Gen Z (aged 18-28) women, 316 Millennial (aged 29-44) women, 290 Gen X (aged 45-60), and 363 Baby Boomers+ (aged 61+) women.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within ± 4.0 percentage points and for investors the sample data is accurate to within ± 2.5 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed populations of interest. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kristen Vasas-Samson.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

As they consider whether or not relocating will improve their retirement finances, 32% of all investors do not believe their current location makes sense financially as a place to retire, led by those in the Northeast (41%) and West (37%) who often face higher tax burdens. About one in six investors (16%) across the country say they will be forced to relocate to a more affordable region due to cost of living in their area. Additionally, 41% of non-retired investors expect to retire at 66 or later, with Northeasterners (47%) being slightly more likely to share this view.

“While it’s clear that investors across America are facing many of the same challenges, their attitudes and actions may look a little different, depending on where they live,” said Eric Stevenson, president of Nationwide Retirement Solutions. “Between inflation and a lack of savings, many pre-retirees are likely feeling they don’t have enough to make a traditional retirement work. Our survey provides great insights to help advisors, financial professionals and plan sponsors across the country understand these investors and tailor their approach to meet their personalized needs.”

Investors in the Northeast Feel the Burden of High Living Costs
While many Northeastern investors remain optimistic about their retirement prospects, high living costs are prompting significant financial lifestyle changes before they leave the workforce.

Nearly half (46%) of Northeasterners describe their financial outlook for the next 12 months as optimistic. These investors indicated they had a median retirement savings of about $250,000. However, 20% expect to relocate to a more affordable region in retirement due to the cost of living, surpassing the national average of 16%.

One in four Northeastern investors (25%) anticipate working in retirement to supplement their income out of necessity due to cost of living, and 19% of non-retired Northeasterners say they might withdraw money from retirement savings prematurely to afford cost of living if they retired in the next 12 months.

According to Nationwide Retirement Solutions participant data across corporate, nonprofit and government sectors, some plan participants in the Northeast took potentially adverse actions with their 401(k) or 403(b) plans in 2024. Participants in this region had the second highest level of contribution stops and the lowest number of contribution increases among all regions.¹

Inflation, Smaller Nest Eggs Impact Retirement Confidence in the Midwest  
Inflation remains a key concern for Midwest investors, with only 41% saying they were optimistic about their 12-month financial outlook – the lowest of all regions. Survey respondents also reported the smallest nest eggs of about $200,000.

While Midwest investors may be the most pessimistic, they also are the least likely to make financial lifestyle changes – perhaps due to the generally lower cost of living and taxes in their region. Just 32% of Midwesterners say they plan to work beyond age 65 – the smallest share of any region. Only 11% expect the cost of living in their area to force them to relocate to a more affordable region for retirement, well below the national average.

Nationwide Retirement Solutions plan participants across corporate, government and non-profit sectors in this region had the highest level of contribution increases to defined contribution plans in 2024, likely positioning themselves for better financial security over time.¹

Southern Investors Confident but Expect to Work Longer
While 43% of Southern investors express an optimistic financial outlook for the next 12 months, they share many of the same concerns as the rest of the country.

Nearly three in 10 (27%) non-retired Southerners expect to delay retirement and 39% say they would need to continue working in some capacity to supplement their income if they retired in the next 12 months. Further, 62% believe the norm of retiring at 65 doesn’t apply to people like them, while 72% say living costs will impact their ability to retire. Southern survey respondents indicated they held a median retirement savings of $250,000.

Nationwide Retirement Solutions participant data across corporate, government and non-profit sectors shows participants in the Southern region were most likely among all regions to take hardship withdrawals from their 401(k) or 403(b) plans in 2024, a move that could have a long-term impact on their financial future.¹

Larger Savings Fuels Financial Confidence in the West

More than four in 10 (44%) investors in the West feel optimistic about their financial outlook in the next 12 months. What’s more, investors in this region indicated the highest median level of savings of all regions, at about $300,000.

However, inflation weighs on Western savers, with seven in 10 (69%) saying the cost of living will impact their ability to retire, and about 31% saying their current state or city is not the place they want to be in retirement.

Nationwide Retirement Solutions plan participant data across public, private and non-profit sectors shows Western savers took some potentially adverse actions in 2024, with higher levels of contribution stops and decreases in their 401(k) or 403(b) plans when compared to other regions.¹

Advisors Help Clients Prepare for Financial Challenges
Advisors across the country are bracing for financial adversity, with 78% expressing concern about a U.S. economic recession over the next 12 months. Inflation tops the list of client concerns over the next 12 months, cited by 34% of advisors, with regional variations: Advisors said inflation concerns among clients were highest in the Northeast and Midwest (36% each), followed by the South (34%), and West (29%).

Tax planning and retirement savings remain top priorities across regions. Advisors frequently discuss tax planning strategies (Northeast 33%, Midwest 37%, South 37%, West 33%) and accumulating sufficient savings to enter or stay in retirement (Northeast 27%, Midwest 31%, South 32%, West 33%) with their clients.

Advisors are also emphasizing retirement timing and long-term care with clients. They say they are frequently talking to clients about when they are financially ready to retire (41% West, 33% Northeast, 37% Midwest, 32% South), and considering long-term care solutions (34% West, 22% Northeast, 21% Midwest, 24% South).

Advisors are largely unified in the solutions they use to help clients protect their assets against market risk, widely using annuities, with advisors in the Midwest (85%) and West (78%) most frequently incorporating them into client plans.

“It’s good to see advisors tuned into the needs of their clients who are thinking about relocating in retirement. Advisors have an opportunity to help these clients consider factors like tax implications, healthcare needs and availability, and community support to make a more informed decision about whether or where they should relocate,” Stevenson said. “To help ease worries about long-term financial security, I'd also encourage advisors to continue exploring protection and income solutions like annuities. Many employer-sponsored retirement plans across the country are now offering solutions that protect against volatility and guarantee income in retirement as well. Advisors also have a great opportunity to help their plan sponsor clients understand the value of including these solutions as an investment option within their plan to help participants feel more confident about their financial future.”

The Nationwide Retirement Institute offers additional resources to help advisors facilitate conversations with clients.

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,496 investors ages 18+ with investable assets (IA) of $10K+, August 26-September 13, 2024. Among investors, there were 492 Northeasterners, 463 Midwesterners, 990 Southerners, and 551 Westerners. Among advisors, there were 135 Northeasterners, 137 Midwesterners, 195 Southerners, and 143 Westerners. The respondents were grouped into each region based on the state they indicated living in.

Regional cuts described in this study are defined as follows:

• Northeast: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, New Jersey, New York, Pennsylvania
• Midwest: Illinois, Indiana, Michigan, Ohio, Wisconsin, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota
• South: Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, Washington, D.C., West Virginia, Alabama, Kentucky, Mississippi, Tennessee, Arkansas, Louisiana, Oklahoma, Texas
• West: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming, Alaska, California, Hawaii, Oregon, Washington

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within + 4.0 percentage points and for investors the sample data is accurate to within + 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed populations of interest. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within + 6.7 percentage points using a 95% confidence level. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kristen Vasas-Samson.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

According to the survey, a striking 82% of employees over the age of 45 wish they had sought advice or guidance on retirement savings when they were younger. The same number wish they understood the importance of compounding interest sooner, regret not taking retirement saving more seriously during their younger years, and wish they had focused more on income protection strategies at an earlier age. 

“New Year’s resolutions often fall by the wayside when they feel too overwhelming, but financial resolutions don’t have to be overly ambitious to make a difference,” said Suzanne Ricklin, Vice President of Retirement Solutions at Nationwide Financial. “Starting small—like increasing retirement contributions by just a percent or setting aside a little more in savings each month—can lead to meaningful progress over time. These small financial changes are easier to stick with and thanks to the power of compounding interest, even small steps can have a significant impact on your future.”

Turning financial regrets into New Year’s resolutions
Through the survey, older employees shared valuable financial lessons they wish they had known earlier, offering younger generations a roadmap to avoid common retirement regrets. Their advice inspires actionable New Year’s resolutions that can pave the way to long-term financial success:

• Resolution 1: Start saving now—even small amounts make a big difference. More than three-quarters (76%) of workers aged 45+ wish they had started saving earlier. Whether you’re just beginning or already contributing to a retirement plan, it’s never too late to start or increase your savings. Even small steps, like contributing monthly to a 401(k) or increasing your current contribution by 1 – 2%, can lead to significant growth over time thanks to the power of compounding interest.
• Resolution 2: Maximize your employer match. Don’t leave additional funds on the table. Contribute enough to your retirement plan to receive your employer’s full match. If your employer doesn’t offer a match, explore other options, such as increasing your contributions to tax-deferred accounts like IRAs or HSAs to boost your savings.
• Resolution 3: Build an emergency fund. Having savings readily available to pay for an unexpected expense is essential for protecting your long-term finances. More than half (56%) of employees identified having an emergency fund as a top priority, yet many Americans fall short—27% have no emergency savings at all, according to Bankrate's 2024 Annual Emergency Savings Report. To get started, set up automatic monthly transfers to a dedicated savings account through your bank.
• Resolution 4: Tackle debt strategically. Paying down debt is essential for financial health, but it shouldn’t come at the expense of saving for retirement. Prioritize eliminating high-interest debt, like credit cards, while still contributing to your retirement plan. Striking this balance can help grow your savings through compounding interest while easing the burden of high-interest debt.
• Resolution 5: Take advantage of employer-sponsored resources. Many retirement plans offer free tools, educational materials, calculators and trained resources to help optimize your strategy. Take advantage of these resources and reach out to your plan administrator for personalized guidance. Ask whether your plan offers solutions to help plan for income in retirement, and if not, consider advocating for them as they can play a significant role in achieving your retirement goals.

Nationwide offers a variety of educational resources for newer investors.

Tackle retirement challenges with your financial professional
Planning for retirement can feel overwhelming—many American workers report facing challenges like determining how long their savings need to last (61%), understanding how to maximize benefits (57%), turning retirement savings into reliable income (55%), and figuring out how much they should be saving to reach their goals (55%). These uncertainties can make it difficult to approach retirement with confidence.

Meeting with a financial professional in the New Year can help alleviate these concerns by offering personalized advice and a clear strategy.

“No one should have to navigate retirement planning alone,” said Ricklin. “A financial professional can simplify the process, provide answers to your most pressing questions, and create a plan tailored to your goals and timeline, giving you confidence to take control of your financial future.”

To learn more about Nationwide’s protected retirement solutions, visit:

• For financial professionals
• For plan sponsors

Methodology
Edelman Data and Intelligence (DXI) conducted a national online survey of n=500 private plan sponsors, n=100 public plan sponsors, n=2,200 plan participants, n=400 peak retirement plan participants, and n=400 financial advisors on behalf of Nationwide from July 11th – July 26th, 2024. 

As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

More than half (56%) of Gen X investors currently provide financial support to their parents or children, according to Nationwide’s tenth annual Advisor Authority study, powered by the Nationwide Retirement Institute. Among them, more than one in five (21%) report taking on large levels of debt to manage this responsibility. To meet these financial commitments, a quarter (24%) of Gen X investors are taking on credit card debt, while more than a third (35%) are reducing nonessential expenses.

The financial responsibility of supporting both parents and children is also taking a toll on Gen X investors’ retirement savings. One in five (20%) report being unable to save for retirement, while 23% have reduced or halted retirement savings due to supporting their children and/or parents. What’s more, 16% have tapped into retirement accounts or investments to manage these financial pressures.

Beyond family responsibilities, broader economic factors are also compounding retirement challenges for Gen X investors. One in four (26%) non-retired Gen X investors feel they will retire later than planned because of inflation with more than two in five (44%) expecting to retire at age 66 or later. This prediction stands in contrast to a recent EBRI study¹ showing a median retirement age of 62.

With retirement obstacles mounting, many Gen X investors feel like they have a long way to go to reach retirement readiness. One in five (20%) believe they would need $2 million or more in retirement savings to feel comfortable about their financial future. However, only 7% report saving that amount, and just 16% report having half that amount saved ($1M). Alarmingly, three in ten (30%) report having less than $100,000 saved for retirement.

"Gen X investors have shouldered the impact of major economic events, from the dot-com crash in 2000 to the Great Recession in 2008, while also entering the workforce just as pensions were being phased out, leaving them responsible for building their own retirement savings," said Craig Hawley, president of Nationwide Annuity. "Though these experiences have built resilience, many now face the added financial strain of supporting both aging parents and children. For those Gen Xers struggling financially, it’s not too late to get back on track—with the right long-term plan developed alongside a trusted financial professional."

Despite pessimism, Gen X embrace pragmatism
Having weathered significant economic events during their careers, Gen X investors are less optimistic about their financial outlook but taking proactive steps to prepare for potential near-term volatility.

Compared to other generations, Gen X is the least optimistic about their financial outlook over the next year (36%), outpacing Gen Z (40%), Baby Boomers (45%) and Millennials (49%).

Even so, this group is taking steps to manage short-term disruptions. Six in ten (60%) pre-retiree (aged 55-59) Gen X investors have adjusted their portfolios in response to high inflation, and 67% report having sufficient savings to survive a potential recession in the next 12 months. Despite these efforts, one in ten (10%) say they struggle to afford basic household expenses like groceries and utilities.

“While it’s understandable that Gen X investors are less optimistic about their financial outlook, their life experience has also made them more pragmatic,” said Hawley. “A big challenge for the Sandwich Generation is that they often put the needs of their loved ones above their own, leaving them in a potentially precarious financial situation that can have long-term implications. It’s encouraging to see some are taking action to address these challenges.”

Gen X investors are increasingly turning to experts for financial guidance, with nearly four in ten (37%) currently paying for advisor services, up from 29% just six months ago. Additionally, 21% believe a financial professional helps them stay focused on long-term goals, and 32% of Gen X investors with an advisor frequently discuss retirement readiness.

Advisors confident in understanding Gen X needs
Financial professionals feel attuned to the unique challenges faced by their Gen X clients, developing strategies to enable a comfortable retirement. Nearly nine in ten (88%) advisors report their clients financially support aging parents or children, with 55% managing and paying caregiving costs.

Furthermore, six in ten (60%) advisors say their clients plan to continue supporting family members in retirement, with 35% balancing costs for both children and aging parents.

To address these mounting commitments, advisors are providing tailored tools and strategies for managing family-related expenses in retirement. Over four in ten (42%) of advisors whose clients support their children and/or aging parents are utilizing tax deductions and credits to help manage the financial pressures of familial expenses in retirement, while 36% suggest long-term care insurance for aging parents. Nearly the same share (35%) are helping clients prioritize retirement savings over other expenses, often using retirement investment vehicles like annuities (82%) to safeguard assets from market risks.

"Gen X investors are at an age where the financial decisions they make can carry massive implications for their retirement security,” said Hawley. “Financial professionals can help this group create a holistic plan for addressing factors like long-term care, taxes and income in retirement. Good advisors can identify gaps and create plans to help clients address them before it’s too late.”

The Nationwide Retirement Institute offers additional resources to help advisors facilitate conversations with clients.

For additional insights on this survey data, see our infographic.

Nationwide’s tenth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

¹ EBRI 2024 Retirement Confidence Survey

About Advisor Authority: Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey in the U. S. among 610 advisors and financial professionals and 2,496 investors ages 18+ with investable assets (IA) of $10K+, August 26-September 13, 2024. Among the investors, there were 319 Gen Z (18-27), 724 Millennials (28-43), 635 Gen X (44-59), and 741 Baby Boomers (60-78).

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data for advisors is accurate to within + 4.0 percentage points and for investors the sample data is accurate to within + 2.5 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed populations of interest. The sample data for the subset of pre-retiree investors age 55-65 who are not retired is accurate to within + 6.7 percentage points using a 95% confidence level. 

For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Kristen Vasas-Samson.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

According to a new survey by Nationwide, around one-third (34%) of investors believe the economy will plunge into a recession within 12 months if the political party they least align with gains more power in the 2024 elections. Additionally, half believe the cost of living will rise, more than a third (34%) believe their taxes will increase and one-third (33%) believe new economic policies will pass and negatively impact their financial future.

As election fears take hold, some investors are taking action by turning to their portfolios and retirement plans, with one in four (26%) planning to invest more conservatively and nearly one in five (18%) planning to diversify retirement solutions within their portfolios.

But is it wise to make changes to your investment portfolio based on political inclinations?

“Election seasons can be draining on all of us as we’re hit with relentless campaign ads and messaging, leading us to believe we need to prepare our investment portfolios for the worst,” said Kevin Jestice, senior vice president of the Nationwide Investment Management Group. “However, it’s important to remember that election results in either party’s favor have historically had little impact on future investment returns.”

According to a Nationwide white paper, market history shows that stock returns have been fairly similar under both Democratic and Republican presidents. Even one-party legislative control has had no discernible effect on market returns.

Instead of making emotional decisions based on short-term political shifts, Jestice suggests working with an advisor to stay focused on long-term strategies. In fact, Nationwide’s survey found that 63% of Democrats, 59% of Republicans and 58% of Independents agree that working with an advisor during an election year helps them feel more secure, regardless of who is elected.

Some advisors are also helping calm nerves by implementing more comprehensive solutions into retirement portfolios, counseling investors on taking capital gains early in case tax laws change and taking Social Security benefits later, according to Nationwide’s survey. Advisors are also increasingly leveraging solutions like annuities to help protect against market risk, so make sure you talk to yours about which solution might be right for you, Jestice said.

“It can be a good thing to be informed about politics and hold strong beliefs, however it’s important to recognize the influence strong political views can have on our decision-making – including how we invest money for the future,” Jestice said. “The best thing investors can do right now is tune out political noise and tune in to their long-term financial goals by working with a trusted advisor.”

Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.
Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.
Nationwide Funds distributed by Nationwide Fund Distributors LLC, member FINRA, Columbus, Ohio.
Nationwide Investment Services Corporation, member FINRA, Columbus, Ohio
NFM-24362AO
10/2024

As Americans’ fears about the long-term solvency of Medicare grow, many want meaningful reforms. When thinking about the 2024 U.S. Presidential election, more than two in five (42%) said the top health care priority for the next administration to address should be ensuring Medicare's stability, just behind lowering out-of-pocket health care costs (43%) and lowering prescription drug prices (43%). Notably, these reforms have some bipartisan support for the next administration to address with 47% of Democrats and 43% of Republicans prioritizing Medicare’s stability, and 47% of Democrats and 44% of Republicans wanting lower prescription drug prices to be addressed.

“Concerns about the future of Medicare are adding another layer of uncertainty for Americans as they consider how they’ll manage health care costs in retirement,” said Kristi Martin Rodriguez, senior vice president of the Nationwide Retirement Institute. “With high living costs already squeezing household budgets, many are worried about having enough saved to cover their long-term health care. Given the current pressures and potential for future health care cost increases, it is never too early to begin planning for health care expenses in retirement.”

The survey found that high costs remain a major barrier for many Americans trying to build a solid financial safety net, with rising health care expenses exacerbating their concerns and financial stress. For example:

• 67% worry a single large health care issue could ruin their finances for years to come
• 49% said medical and health expenses have drastically reduced how much they saved/will be able to save for retirement
• 44% could not pay off an unexpected $5K health care out-of-pocket expense
• 25% have canceled in the past 12 months or are considering cancelling/postponing getting an annual physical this year due to high inflation

AI in health care: Streamlining costs and increasing life spans
Artificial intelligence offers promising solutions, potentially making health care more affordable while transforming the industry. By automating routine tasks and enhancing diagnostic accuracy, AI has the potential to improve patient outcomes and streamline care delivery. Many Americans share this optimism, with 53% expecting AI to enhance the quality of health care, 45% believing it will discover cures for chronic conditions that they may develop in the future, and 33% believing that AI could extend their life expectancy. Those who expect AI will add to their lifespans expect it will add approximately 10 years on average.

Although this progress is encouraging, it also suggests retirees might bear health care costs for more years. This has led to concerns for 62% of Americans who worry about living for a long-time and running out of money in retirement.

To prepare for this possibility, some Americans (18%) say they plan to update their retirement plans to accommodate for longer lifespans, but far too many may be unprepared for managing higher health expenses that could come with longer retirements.

Seeking help from a financial professional is key
The survey found that two-thirds (66%) currently do not work with a paid financial professional even though many Americans have clear knowledge gaps when it comes to paying for health care in retirement. For example, 54% are unable to estimate how much their annual health care costs would be/are in retirement and one-third (34%) admit they do not know how Medicare works to cover medical costs in retirement.

Despite these knowledge gaps, Americans overwhelmingly want expert guidance.

A majority (83%) say managing health care costs should be part of personal financial planning, with over a third (37%) strongly agreeing. Yet more than half (57%) report that their financial professional has not provided advice on how and when to file for Medicare benefits.

“Now more than ever, seeking guidance from financial professionals is essential,” added Rodriguez. “Advisors should proactively address health care costs, from Medicare to AI’s potential impact on life expectancies, to help ensure their clients' savings last as long as they will need to. A well-informed plan is key to securing financial futures.”

To help financial professionals guide these conversations, Nationwide’s Health Care Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data to help financial professionals and clients estimate future medical and long-term care expenses.

To learn more about the 2024 Nationwide Retirement Institute Health Care Costs in Retirement consumer survey, visit www.nationwide.com/healthcarecosts. In addition, financial professionals can visit www.nationwide.com/simplifyhealthcarecosts to learn more.

View an infographic and blog post for more on this data.

Nationwide, widely recognized as a leading personal lines property and casualty insurance company, offers so much more than just great home and auto insurance. The company has evolved into a financial services powerhouse, providing a wide range of retirement and investment solutions to help Americans protect their financial futures, along with offering financial solutions for businesses.

Nationwide continues to lead the way with its diverse range of financial solutions and thought leadership, ranking No.1 in 457(b) retirement plans, company-owned life insurance and universal life. Nationwide also ranks in the top ten for linked benefit long-term care insurance, traditional variable annuities and fixed indexed annuities, with forty-eight 4- or 5-star Morningstar rated mutual funds¹. Nationwide has established itself as a leader and innovative thinker in the industry with its suite of Protected Retirement solutions designed to help defined contribution plan participants convert their savings into lifetime income. Nationwide is also the nation’s No. 1 agribusiness insurer, a leader in excess & surplus lines and standard business insurance, and a top pet insurer. Founded to protect and built on trust, Nationwide has spent nearly 100 years safeguarding what people value most: their families, businesses, and futures.

Methodology
The Harris Poll, on behalf of Nationwide, conducted an online survey among 1,692 adults age 18+ residing in the U.S. The survey was conducted July 9-31, 2024.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 3.2 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

A recent Nationwide Annuity survey found that 18% of recent annuity buyers surveyed intentionally sought out or started a new financial professional relationship in order to purchase an annuity. For financial professionals, the fact that roughly a fifth of recent annuity buyers are actively seeking help for the first time reveals not only the importance of an advisor’s role in the process, but a significant sales opportunity in this growing market, according to Rona Guymon, Senior Vice President of Nationwide Annuity Distribution.

“While annuities are not new, most retirement savers are still unfamiliar with them,” said Guymon. “When it comes to securing guaranteed income in retirement, whether it’s someone who is only a few years from retirement or decades away, savers want to be sure they have the best information available. This presents an opportunity for financial professionals to build trust and establish a long-term relationship with new clients.”

Why annuities
As interest rates and stock market volatility increased over the last several years, annuities have become more popular among savers looking to convert their nest-eggs into guaranteed regular payments that will last throughout retirement. Among those responding to the latest Nationwide Annuity survey, 32% said that generating retirement or lifetime income was their prime motivator for purchasing an annuity, followed by principal protection (17%) and tax-deferred growth (13%).

Investors with fewer assets, less confidence   
The survey reinforces the role financial professionals play in the annuity purchasing process, especially for savers who may not be as sophisticated. The survey found annuity buyers who are more likely to begin a new relationship with a financial professional, specifically to buy an annuity include those with fewer assets (26% had less than $250,000 in assets), less confidence in the eventual success of their retirement plans (23% identified as having very little or no confidence) and those who already have a pension (23% indicated they have a pension).

“While it may be a bit counter-intuitive that those with a pension are turning to annuities, this statistic likely speaks to the fact that many pensions provide inadequate benefits, and these individuals realize they need to close the income gap,” Guymon said.

Personalized guidance builds trust
Financial professionals play a critical role in guiding savers through the annuity purchasing process, and it’s no wonder, says Guymon.

“Planning for retirement carries so many expectations and worries with it that trust becomes absolutely crucial,” Guymon said. “Savers need to feel confident they are making prudent moves, and when they feel their financial professional understands their unique needs and offers personalized guidance, they feel better about making these important decisions relating to their retirement security.”

Guymon noted that it’s not always financial planners that savers turn to. According to the survey, 68% of annuity buyers purchased through a financial professional, advisor or planner, while 18% bought through an insurance agent, and 13% bought directly from an annuity provider.

Interestingly, those most likely to have bought directly from an annuity provider are individuals owning multiple types of annuities (20% vs. 5% for those who own only one type) and those who bought their most recent annuity in the past five years (17% vs. 9% for those who bought 6-10 years ago).

The survey also highlights the level of ongoing engagement between annuity buyers and their financial professionals. The majority of annuity buyers (58%) discuss their annuity with their financial professional annually, while 18% engage in discussions more than once per year. Additionally, 12% discuss their annuity every two years, 7% every three or more years, and 5% never discuss their annuity with their financial professional.

“As more Americans adopt annuities, financial professionals have an important opportunity to provide updates on performance, as well as valuable guidance and support,” Guymon said. “This presents a significant opportunity for those in the industry to expand their client base and build lasting relationships.”

To learn more about the annuities Nationwide offers, visit https://financial.nationwide.com/products/annuities?utm_source=NWNewsroom&utm_medium=Newsroom&utm_campaign=NWNewsroom. Need to connect with a financial professional? Nationwide has a team of specialists ready to listen and learn about your unique insurance and financial needs.

About Nationwide’s Annuity Buyer Consumer Survey
The research was conducted online within the U.S. by Nationwide Mutual Insurance Company from February 6-26, 2024, among 300 consumer respondents between ages 50-74. Respondents owned one or more annuities purchased in the past 10 years, evenly split between those who bought in the past five years and those who bought six-to-10 years previously and have not started receiving income from the annuity.

The 2024 survey found that nearly three-quarters (72%) of adults worry the Social Security system will run out of funding in their lifetime. This concern is particularly pronounced among millennials (79%) and Gen Xers (77%), compared to Gen Z (66%) and boomers+ (66%). Alarmingly, almost one in four (23%) believe they will not get a dime of the Social Security benefits they have earned.

"Though Americans’ heightened anxiety around the Social Security program is not surprising, it is now more important than ever for them to have a retirement plan that hedges against the possibility of receiving less in benefits than expected," said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “We are in an opportune time for financial professionals to empower their clients to plan for the future and build long-term financial resilience.”

Key reforms supported by Americans
Social Security reform is top of mind for many Americans, as 69% report that a candidate’s stance on the topic will be a major factor in how they vote in the upcoming U.S. presidential election. With that in mind, many are voicing their opinions on ways the system needs to change.

Notable proposed changes that Americans support include raising the minimum eligibility age from 62 to 64 for all future retirees aged 50 or younger (66%) and increasing the full retirement age from 67 to 69 on all future retirees ages 50 or younger (51%). Interestingly, these proposals have bipartisan support with 68% of Democrats and 69% of Republicans backing the first and 50% and 51%, respectively, favoring the second.

Other proposed changes to the Social Security system include:

• Increasing taxes on higher earners to increase funding (47%)
• Decreasing taxation on benefits (40%)
• Increased funding through employer taxes (34%)

Knowledge gaps and the need for education
Despite desiring change in the system, many Americans still do not fully understand how the Social Security system works. In fact, more than half of respondents (51%) admit they do not know exactly how to maximize their Social Security benefits and one-third (33%) are uncertain about the age at which they are or were eligible for full retirement benefits.

Unfortunately, this knowledge gap has grown over the last decade. When this survey was conducted in 2015, 86% of respondents aged 50+ knew that Social Security could offer benefits for their spouse or children, whereas only 74% knew this in 2024. Similarly, 66% of respondents aged 50+ knew that divorced adults may be eligible for Social Security benefits based on their ex-spouse’s record, whereas only 52% answered this correctly in 2024.

Furthermore, two-thirds (66%) of U.S. adults did not know or were unsure that Social Security is protected against inflation, and a mere 4% could identify all five factors that determine the maximum Social Security benefit. This growing knowledge gap highlights the need for better education and resources to help Americans understand how this important element of their retirement plan will contribute to their financial security in the future.

Despite growing concerns, many Americans are not taking action
Although Americans’ widespread concerns about Social Security solvency are apparent, many are not taking proactive steps to secure their financial futures.

Almost half (47%) report that they do not pay to work with a financial professional and do not want one. In addition, 55% of U.S. adults who do not pay to work with a financial professional have no plans to seek advice about Social Security benefits from one. However, the good news is that the majority are open to learning more from a financial professional. For example, when thinking about managing their savings for retirement, three in four (75%) expressed interest in discussing savings or investment options to guarantee specific income levels during their retirement.

"Given Americans’ increasing worries about the future of Social Security, it is concerning to see that many have yet to take proactive steps to secure their retirement," added Ambrozy. "Seeking guidance from a financial professional can make a significant difference in maximizing Social Security benefits and ensuring financial stability in retirement. We encourage everyone to take action now to better understand their options and safeguard their financial futures."

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

Methodology
The research was conducted online in the U.S. by The Harris Poll on behalf of Nationwide among 1,831 adults age 18+ who currently receive or expect to receive Social Security (“national sample”), including 313 Gen Z (age 18-27), 506 millennials (age 28-43), 506 Gen Xers (age 44-59), and 506 boomers+ (age 60+).  The survey was conducted April 19-May 13, 2024.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations, and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21^st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advice to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

According to a new survey by the Nationwide Retirement Institute^®, retired investors are reprioritizing their non-essential expenses to make ends meet in the wake of economic constraints. Nearly four in ten (39%) are spending less on entertainment to meet financial commitments in today’s economic environment, and more than a third (34%) are taking fewer trips or vacations.

Additionally, long-term debt is also continuing to weigh on retirees, with 26% of retired investors continuing to pay off their mortgage, and 25% still paying down credit card debt. With everyday financial obligations remaining a concern for retirees, many expect to be less secure in their retirement than their parents and grandparents were, according to Nationwide’s survey.

“The picture of life after retirement has changed for many people as economic stressors continue to weigh on retired investors, but that doesn’t mean retirees can’t enjoy a quality life in retirement,” said Mike Morrone, Vice President of Nationwide Annuity Business Development. “If you don’t already have one, turn to an advisor or financial professional to build or update your long-term strategy, helping you protect your assets and achieve financial security.”

According to Nationwide’s survey, over one-third (37%) of retired investors don’t have a strategy in place to protect their assets against market risk. By working with an advisor to use solutions like annuities, which can help protect against outliving savings, retirees can have confidence in their financial stability, which may make it easier to consider doing the things they enjoy in retirement, Morrone said.

Financial advisors can also help retirees increase their financial knowledge and think about what they want to happen with their assets at the end of their life. More than half (59%) of advisors say their clients are confirming beneficiary designations to prepare their heirs for the transfer and management of wealth, with another 54% saying their clients are reviewing or creating estate planning documents – planning needs that will help retirees prepare for the Great Wealth Transfer. Additionally, 44% of advisors said they are working with their clients to build financial confidence and knowledge, helping them feel more positive about their choices in retirement.

“Advisors recognize and acknowledge retirees’ desire to avoid making the wrong moves in retirement,” Morrone said. “They can help you feel more confident about your retirement plans by working with you to understand your goals and anxieties, and help you protect your savings and plan for income you won’t outlive.”

For help finding a financial professional, visit https://www.nationwide.com/personal/investing/find-financial-professional/.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.
Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.
Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.
Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company © 2024 Nationwide.
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07/2024

For example, about a third (36%) of older business owners report they have pushed back their planned retirement date in the past year. The survey revealed several financial reasons why they have made this decision, including:

• They’re worried they don’t have enough money saved for the income they need in retirement
• They feel they won’t be able to live the life they want in retirement
• They had to reduce the amount they have saved due to economic conditions
• They or a family member have costly health-related expenses

For some older business owners, the next horizon isn’t even on their radar. About one-fifth (19%) of respondents aren’t even thinking about retirement right now.

The succession planning gap
Given the percentage of older business owners that have had to delay their retirement, it’s no surprise that succession planning is also a challenge. More than one-third (35%) of respondents said they don’t have a succession plan but are currently developing one. Another 16% said they don’t have one in place and don’t have plans to develop one.

The impact of not having a succession plan can be catastrophic for the business. Those who don’t have a succession plan say they intend to sell their business to a family member or trusted employee, close the business and liquidate assets, transition ownership to a co-owner or business partner or explore the possibility of selling to external buyer or investor.

“Business owners have worked hard to build their businesses, but they need help transitioning leadership to leave a lasting legacy,” said  J.J. Pérez, president of Nationwide Corporate Solutions. “Advisors can help them place a value on the business and consider the financial implications of selling it or transitioning it to a family member, partner, employee or investor. A strong succession plan may also help them boost confidence in their ability to retire and achieve financial security.”

The important role of advisors
The older business owners surveyed value outside financial advice for their business. Nearly half (45%) of respondents say they currently work with a financial advisor or planner and about two-thirds (65%) said they either have met with one in the past six months or plan to do so in the next six months. Additionally, 32% say they currently work with a third-party administrator for employee retirement benefits and 30% say they currently work with an employee benefits consultant.

Those with a financial advisor or planner for their business say they are most likely to talk to them about succession planning, inflation, access to capital, high interest rates, employee benefits, and economic uncertainty.

Those who don’t work with a financial advisor or planner say it’s because it costs too much, they don’t need advice because they can handle their finances themselves, they are too busy, or don’t know where to go to get advice.

“Our survey sheds light on several ways a financial professional can help older business owners – both with personal retirement planning and supporting their business,” said Pérez. “Understanding the perspectives of this group can help advisors more effectively engage new and existing business clients by meeting them where they are with timely advice and solutions.”

Business owners interested in addressing employee benefits and access to capital
Top challenges older business owners expect in the next 12 months include the rising cost of employee benefits and attracting/retaining employees. In the past six months they report dealing with employees asking for better compensation, more or better benefits or leaving for companies with better benefits. As a result, more than four in 10 (44%) have already or are planning to improve retirement plan offerings for their employees.

Some have already taken or are considering actions that could be potentially detrimental to their long-term financial security, including:

• Using personal savings to support their business (51%)
• Applying for a personal loan to help support the business (44%)
• Canceling or postponing a major business investment (51%)

“Beyond personal retirement planning, there’s an opportunity for financial advisors to drive conversations about employee benefit offerings and access to capital,” Pérez said. “Advisors have the opportunity to help business clients consider solutions that may help them attract and retain employees and avenues for accessing capital that may help them avoid taking on unnecessary personal risk when it comes to running their business.”

Preparing for economic disruption
There is anecdotal evidence the business disruption most business owners experienced during the pandemic may have led to a more proactive approach to preparing for the unexpected. More than seven in 10 (73%) older business owners feel at least moderately to extremely prepared to navigate the next major disruption to their business. They are taking proactive steps to manage risk, including:

• Planning for potential crises
• Implementing or updating business continuity plans
• Investing in cybersecurity
• Performing a risk management audit
• Expanding their list of risk management partners

“It’s encouraging to see business owners being proactive and feeling confident in preparing for the unexpected,” Pérez said. “I encourage advisors to position themselves as a risk management partner who can help business clients think about potential financial disruptions and consider protection solutions, new avenues to access emergency capital – and even identify other partners to bring to the table who could contribute to a broader risk management strategy for their client.”

View an infographic summarizing survey data

Survey Methodology
Edelman Data & Intelligence conducted a national online opinion survey from May 1-15, 2024 among 400 small business owners and 400 medium business owners including an oversample of 100 businessowners ages 60-65.

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With annuity demand expected to shatter records again this year, financial professionals should be prepared to discuss annuity options with their clients – especially as a recent survey from Nationwide Annuity shows they play an important role in helping investors feel confident in their annuity purchase. According to the survey of 300 annuity owners, 82% said the opinion of their financial professional made them feel more positive about their decision to buy an annuity, followed by the performance of the annuity itself (76%), market performance (70%) and interest rate changes (67%).

Additionally, the survey found investors are turning to annuities for a more secure future in retirement. 67% of investors said their top motivation for purchasing their annuity was funding their retirement, and 41% said they did so to generate a ‘personal pension’ that could provide a reliable income stream, in many cases, for life.

“More than any other source out there, investors trust their financial professional to guide them toward the right solution to ensure a protected retirement, which is why it’s so important for advisors to ensure their clients have a good understanding of how different vehicles perform in different environments,” said Rona Guymon, Senior Vice President of Nationwide Annuity Distribution. “As we mark National Annuity Awareness Month (NAAM) this June, financial professionals should seize this opportunity to engage with their clients to reinforce the value of different retirement solutions and products, including annuities, as part of a robust plan that helps them protect investments, enable growth and guarantee they won’t outlive their income.”

Annuity education driven by financial professionals increases investor satisfaction
In addition to the performance of the market and product, investors feel more confident about their purchase when they understand the complexities of annuity solutions – especially when that education comes from their financial professional.

While over 90% of investors said they were confident their annuity purchase was the right decision, having annuity knowledge made them feel even more confident (54%), compared to those who felt less knowledgeable (36%). Investors’ understanding of the annuity they purchased also varied depending on which product they bought, with investors owning registered index-linked annuities (RILAs) having the highest product comprehension (94%) of all annuity buyers, followed by those who own a fixed annuity (85%), fixed index annuity (78%) and variable annuity (70%).

“Annuity education materials and product knowledge can be provided by financial professionals as a means to engage customers,” Guymon said. “There is no real substitute for a trusted and qualified financial professional who can help clients anticipate and plan for future challenges and tailor portfolios for specific needs.”

While financial professionals are investors’ main source of annuity information (84%), 48% are also turning to websites, blogs and online articles to learn more. However, they are struggling to find high quality and neutral online information about annuities, in addition to finding the product confusing when researching on their own. More than two-thirds (69%) of investors said annuity information available online tends to be very basic and lacking detail, and 65% said annuities are harder to research online than other investment topics.

“To help investors feel more confident about their annuity purchase, financial professionals have an opportunity to tailor the product knowledge they offer their clients based on their unique needs, financial acumen and the type of annuity they own or are considering,” Guymon said. “The Nationwide Retirement Institute offers advisors access to planning tools and consultative support that can help break down topics like annuities to help them prepare their clients for their financial future.”

About Nationwide’s Annuity Buyer Consumer Survey
The research was conducted online within the U.S. by Nationwide Mutual Insurance Company from February 6-26, 2024, among 300 consumer respondents between ages 50-74. Respondents owned one or more annuities purchased in the past 10 years, evenly split between those who bought in the past 5 years and those who bought 6 to 10 years previously and have not started receiving income from the annuity.

Many American consumers are questioning the health of the U.S. economy and how it is affecting their personal finances, according to a new survey from the Nationwide Retirement Institute®. As a result, some investors are taking potentially adverse actions, and many are doing so without professional guidance.

Almost 8 in 10 (78%) respondents rate the US economy overall as poor or fair, which marks a 6% improvement from last year. When asked the reasons for a negative rating of the economy, respondents overwhelmingly cite inflation (80%), wages not keeping up with the cost of living (51%) and high housing costs (50%). Almost two-thirds (64%) rate their personal finances as poor or fair.

For many Americans, retirement planning is taking a back seat to more pressing needs. Top financial goals for respondents include managing essential expenses (57%) and paying off debt (47%), followed by saving for retirement (45%), improving their investment portfolio (23%) and estate planning (14%).

Interestingly, this data seems to contrast with other economic indicators that show a more optimistic outlook of the evolving economic environment. For example, a Congressional Budget Office report found that household purchasing power has increased across all income levels since 2019 and data from the Bureau of Labor Statistics show a healthy job market with more job openings than unemployed workers.  

Despite these uplifting economic signals, consumers continue to feel budgetary strain and are changing their behavior in ways that could potentially have long-term adverse effects. More than one in four (27%) are either reducing their retirement plan contributions or considering doing so. About one in five (21%) have withdrawn money or are considering withdrawing money from their retirement savings to cover housing costs – a move that not only depletes savings but also carries significant tax implications. Additionally, anxiety about the upcoming presidential election has 76% of respondents on edge, with almost a third (32%) anticipating making changes to their investment allocations based on its outcome.

“People are feeling a deep sense of economic unease right now, driven by headlines of geopolitical uncertainty, and the seeming disconnect between their rising grocery bills and a surging stock market. With all this, it’s natural for American savers to feel anxious and be tempted to make changes in the way they manage their personal finances,” said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute. “However, emotional responses to short-term challenges – especially ones that may be easing – can lead to long-term mistakes when it comes to planning for a secure retirement. We are in the exact type of economic environment where a financial professional and trusted partner can add real value by helping their clients focus on their long-term goals and ensure they are set up for success long past current conditions.”

Many Americans are navigating important decisions without an advisor
Nearly three fourths of survey respondents (74%) said they do not use a financial advisor for help with personal finances. The top reasons include perceived cost (44%), not having enough assets to work with one (37%), feeling they don’t need advice (23%) or that they don’t know where to go to find an advisor (22%). For advice on personal finances, respondents are turning to friends and family (54%), prayer (26%), a financial professional (26%) and online resources like web sites and blogs (25%).

“The good news is that 38% of respondents indicated they either started working with a financial professional in the past 12 months or plan to do so,” Rodriguez said. “Our data highlights a huge opportunity for advisors to engage new and existing clients who feel overwhelmed by choices in the current economic environment.”

“For those investors who feel the need to make a change in their long-term plan, it could be a costly mistake to go it alone,” Rodriguez said. “In the end, the cost of working with a financial professional is likely to pay for itself in the form of potentially better long-term outcomes. And for those who feel professional advice is out of reach, many workplace retirement plans offer tools, education and advice for free or minimal cost.”

The emergence of Gen AI is transforming the financial advisor role
Although professional advice from a human advisor is invaluable, some investors are embracing new technologies to assist with their financial planning, such as Generative Artificial Intelligence (Gen AI). Furthermore, this adoption of Gen AI is also inspiring financial professionals to change the way they support their clients. While the majority of respondents remain cautious about its use in financial planning, many are open to including it in their process.

More than four in ten (44%) respondents believe that in the next 5 years AI technology will provide better financial advice than a human advisor (an increase of 13% since 2023) and 36% currently trust financial advice provided by AI, (up 11% in the past year). Four in ten (41%) feel comfortable working with a financial professional who uses AI to make recommendations about their financial plan. 

“I don’t believe AI will ever fully replace a trusted human to human interaction, but forward-thinking advisors will begin to find opportunities to incorporate these tools in their work to create increased efficiency and free up time for to better understand their client’s needs,” Rodriguez said. “For something as consequential as financial planning, there is no substitute for the ability to listen, empathize and personalize a plan to meet each client’s personal goals.”

Rodriguez offered these tips to help advisors meet anxious clients where they are:

• Be proactive: Don’t wait for your clients to come to you. Set up time to check in with them about how they are feeling about their financial plan.
• Listen: When clients express concerns, give them room to vent. Reinforce that it’s OK to share their emotions. Demonstrate empathy without judgement.
• Understand the basis of their concerns: Ask about the sources of information they rely on. Understand if their perspective is based on reliable or questionable sources and be prepared to back up your resulting guidance with simple, solid facts.
• Revisit their goals: Ask them if their long-term objectives have changed. Explore whether their current plan needs adjustment. By involving them in this process, you may calm their nerves and help them feel more in control when it comes to taking action or merely deciding to stick to their long-term plan.

To learn more about Nationwide’s 2024 Economic Impact survey, visit news.nationwide.com.

View this infographic highlighting survey results.

Methodology
Nationwide commissioned Edelman Data & Intelligence (DXI) to conduct a nationally representative online survey of 2,000 US consumer adults aged 18 and older from May 1-15, 2024. The survey was weighted to be representative of the U.S. population by age, gender, region and ethnicity. 69% of respondents claimed household income of $75,000 or less.

As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national, and international laws as well as in line with all Market Research Standards and Guidelines.

Nationwide and its representatives do not give legal or tax advice. An attorney or tax advisor should be consulted for answers to specific questions.
 

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This survey of 1,334 U.S. adults aged 28 or older with household incomes $75,000 or higher found that many are in the difficult position of balancing caregiving and their long-term financial wellbeing, often leading them to make significant financial sacrifices.

Among the key findings:

• When considering how they will afford to provide care for loved ones, over half (56%) said they are willing to take a loan from their retirement account to be a caregiver for someone in their family, straining their long-term finances
• Nearly half (42%) believe being a caregiver will likely use up the money they had planned for their children
• Caregivers have substantial out-of-pocket non-reimbursed expenses associated with caregiving, such as co-pays, prescription drugs, gas money, transportation, and more. On average, these individuals spend $338 per month on caregiving expenses
• Nearly half (43%) are afraid that caregiving expenses will keep them from ever retiring
• Fifteen percent of Americans had to transition to part-time work to be a caregiver or take a lower paying job that is more flexible in order to be a caregiver

While it is clear that the caregiving role can place a significant financial strain on individuals and families, only 17% of adults say they have discussed long-term care planning with their financial professional. Of those who have a financial professional but have not talked with them about long-term care costs, 30% report that their financial professional has not brought it up as a planning topic.

“Long-term care planning is complicated and emotional, and has a huge impact on financial wellbeing,” said Holly Snyder, president of Nationwide’s Life Insurance business. “Our data shows that Americans would benefit from taking a more proactive approach to financial planning to ensure they are equipped to meet the needs of their loved ones and themselves as they age. The most important step financial professionals can take is to proactively communicate with their clients, ensure they understand the costs, and develop a long-term care plan that accounts for their own long-term care needs as well as those of their loved ones.”

Many Americans have misconceptions about the cost of long-term care insurance

Unfortunately, many Americans are underutilizing the safeguards in place to help manage long-term care costs, such as long-term care insurance. In fact, just one in five said that they have purchased long-term care insurance. Of those who have not purchased the insurance, nearly half (49%) cited cost as a reason for not prioritizing it.

All too often, people overestimate the cost of long-term care insurance. When presented with a description of a sample long-term care insurance policy, 20% guessed it was $500+ per month, nearly four times the actual cost of $130 per month. After they were told that the policy cost $130 per month, 40% said they were willing to consider purchasing a similar one for themselves.

“Because most people assume long-term care insurance isn’t affordable, they don’t purchase a policy, which can leave them saddled with hefty long-term care costs later in life,” Snyder added. “It is great to see that so many said they would consider purchasing a policy after seeing an estimate. This misperception is a costly mistake that can easily be avoided with the right insurance partner and a proactive financial professional.”

Future long-term care is looking bright with the help of AI

Although long-term care costs and caregiver expenses are a financial burden for many of these Americans, advancements in AI, AI helper tools, or robots could change the way people receive their long-term care and reduce the financial strains placed on caregiving and aging.

While almost one third (32%) do not believe they will be able to afford to receive long-term care in their home, over half (54%) expect that AI and robotics will be affordable for people like them to help with aspects of daily living later in life.

Americans anticipate AI to assist in more ways than only easing financial strain. Over one third (37%) believe AI will provide their in-home long-term care, relieving stress from family and loved ones. Additionally, more than half of Americans (53%) expect AI will make their job easier – either by alerting them if the person they are caring for suffers a medical emergency (47%) or helping them manage their medication and appointments (36%).

In fact, One in three Americans (33%) expect AI to extend their life an average of 6 years. And a third of caregivers (36%) expect AI to extend the life of the person they provide care an average of 7 years.

To encourage discussions around long-term care costs in retirement, Nationwide’s Health Care/LTC Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data to provide a meaningful, personalized cost estimate to help financial professionals and clients plan for future medical and long-term care expenses.

To learn more about the 2024 Nationwide Retirement Institute Long-term Care survey, visit www.nationwide.com/ltcinsights. Financial professionals can learn more at www.nationwidefinancial.com/ltcinsights.

Methodology
The research was conducted online in the United States by The Harris Poll on behalf of Nationwide among 1,334 adults ages 28+ with household income of $75K+. The survey was conducted March 12 – April 2, 2024.

Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and political party affiliation to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

The majority of pre-retiree investors (69%), defined as non-retired investors aged 55-65, agree that the norm of retiring at 65 doesn’t apply to them, according to Nationwide’s ninth annual Advisor Authority survey, powered by the Nationwide Retirement Institute. The survey also found that two-thirds (67%) of pre-retirees expect to face more challenges in retirement than their parents and grandparents.  

This stress is shifting the perception of life as a retiree, especially for those closest to retirement age. Four in 10 (41%) pre-retirees said they would continue working in retirement to supplement their income out of necessity, and more than a quarter (27%) plan to live frugally to fund their retirement goals. What’s more, pre-retirees say their plans to retire have changed over the last 12 months, with 22% expecting to retire later than planned.

“Many of us watched our parents and grandparents enjoy a smooth transition to a secure retirement powered by traditional pension benefits,” said Eric Henderson, President of Nationwide Annuity. “Today’s investors are having a tougher time picturing that for themselves as they grapple with inflation and concerns about running out of money in retirement.”

Adjusting Financial Habits and Expectations
More than other cohorts, pre-retiree investors are adjusting their spending and savings habits. Four in 10 (42%) agree that managing day-to-day expenses is getting more difficult due to the cost of living. Nearly three in 10 (27%) are saving less for retirement because of inflation, and more than half (57%) believe inflation poses the most immediate challenge to their retirement portfolio over the next 12 months. 

Additionally, more than four in 10 (41%) pre-retiree investors are avoiding unnecessary expenses such as vacations, jewelry and shopping sprees to save more for retirement, compared to 34% of non-retired investors.

In contrast to previous generations, trust in traditional financial and retirement safeguards, such as Social Security, has waned. Lack of confidence in the viability of Social Security upon retirement (38%) is a significant factor influencing pre-retirees to rethink or redefine their retirement planning strategies. Over two-fifths (43%) are not counting on Social Security benefits as much as previously expected, and more than a quarter (27%) expect to receive less in benefits than previously anticipated.

Financial Professionals Guide Near-Retirement Strategy
With difficult financial choices ahead for those nearing retirement, advisors are offering actionable insights and recommendations to guide clients toward post-career financial security. Pre-retiree investors are talking with their advisors about: accumulating sufficient savings to enter or stay in retirement (49%), tax planning strategies (38%) and converting accumulated savings into retirement income (33%).

Advisors report counseling their pre-retiree clients on when to claim Social Security benefits (28%), taxes and tax planning (23%), and planning for healthcare costs in retirement (21%). Additionally, advisors are recommending their pre-retiree clients delay taking Social Security benefits (32%) to ensure maximum payment benefits in retirement, an increase from five months ago (28%).

Advisors have also amped up their efforts to incorporate strategies to protect pre-retiree clients against market risk – more than six in ten (61%) advisors are adopting strategies or annuities to do so, compared to 55% just five months ago. Annuities (79%) and diversification/non-correlated assets (77%) rank as the most popular solutions used to help clients protect their assets against market risks.

“The final years leading up to retirement are a critical time for making decisions that can carry life-long implications,” Henderson said. “Financial professionals can help this group create a holistic plan for addressing factors like Social Security, healthcare, long-term care, taxes and income in retirement, topics the Nationwide Retirement Institute offers additional resources on to help facilitate conversations with clients. Good advisors can identify gaps and create plans to address them before it’s too late.”

Nationwide’s ninth annual Advisor Authority study powered by the Nationwide Retirement Institute^® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The research was conducted online within the U.S. by The Harris Poll on behalf of Nationwide from January 8-23, 2024, among 518 advisors and financial professionals and 2,346 investors ages 18+ with investable assets (IA) of $10K+. Investors included a subset of 391 “pre-retirees” age 55-65 who are not retired, and subsets of 346 single women and 726 married women.

Weighting: Raw data from advisors were not weighted and are therefore only representative of the individuals who completed the survey. Investor data are weighted where necessary by education, age by gender, race/ethnicity, region, marital status, household size, employment, household income, investable assets, and propensity to be online to bring them in line with their actual proportions in the population.  To ensure the investor sample was representative, the data were initially weighted separately for those with investable assets of $10K to less than $100K and those with $100K+ and then post-weighted/combined into a total investor group. Data for the subset of pre-retirees age 55-65 who are not retired were weighted separately as needed by education, age by gender, race/ethnicity, region, marital status, household size, employment, household income, investable assets and propensity to be online. 

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within + 2.8 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest. The sample data for the subset of pre-retirees age 55-65 who are not retired is accurate to within + 6.2 percentage points using a 95% confidence level. 

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Nationwide surveyed 1,000 U.S. consumers ages 60-65 about their concerns, expectations and lessons learned for retirement planning. The survey found one-third of current retirees in this age range are considering returning to work, with half (50%) citing the fear of running out of money or currently running out of money as their top reason for doing so. Survey respondents say the biggest threat to their retirement security is inflation at 90%, followed by cuts to Social Security benefits (84%) and cuts to Medicare/Medicaid benefits (83%).

There is a significant gap between the realities of current retirees and the expectations of adults ages 60-65 who are still working. These include:

• Unrealistic estimates about basic living expenses: Current workers underestimate the percentage of income they’ll spend on basic living expenses in retirement. They expect to spend 42% of their income on food, housing, and other basic expenses, while retirees actually spend 53% on those expenses.
• Lower retirement security than anticipated: 77% of respondents who are currently working say they expect to be comfortable in retirement, while only 68% of current retirees actually feel comfortable.
• Retiring ahead of schedule: 64% of current retirees stopped working earlier than planned, which can reduce important years to save for retirement. The average age of retirement was 60, while the average age of expected retirement was 67.
• Safety net shortfall: 36% of retirees said they received less in Social Security benefits than they expected. If Congress does not take action, future retirees can expect a 23% cut in benefits, according to the Social Security Administration. Nearly three-fourths (74%) of current retirees said this cut would impact their retirement “a lot,” with 71% of those still working saying the same. Only 41% of survey respondents expect Social Security to exist in its current form throughout their retirement.   

“As we enter a period of peak retirement in our country, many retirees will face harsh reality checks if they missed opportunities to prepare for this moment,” said John Carter, President and COO of Nationwide Financial. “For decades, millions of investors have focused on accumulation without a plan for how they will use that money to live in retirement. In the future, success will be determined based on whether or not retirees have enough income to cover their needs. With fewer young people able to count on defined benefit pensions and uncertainty around the future of Social Security, younger savers should focus on simple things they can control right now to set themselves up for success in the future. There is reason to be optimistic, but retirement savers need to act now to ensure success.”

Advice respondents would give to their younger selves
Survey respondents have words of wisdom to pass down to younger generations. When asked what advice they would give their younger selves about retirement planning, many emphasized the difference between what they expected and what they experienced.

• Almost a quarter of survey respondents (23%) said to expect you’ll need more money than you think.
• Nearly 1 in 5 (18%) said not to assume you can work for as long as you’d like.
• The vast majority gave tried and true advice, including start saving early (63%), start planning early (41%), and don’t live above your means (34%).
• Retirees cited working with a financial professional, saving early, maxing out retirement plan contributions and retirement plan auto increases as actions that most helped their retirement security.
• Bad investments, extravagant purchases, tapping retirement savings early and waiting until after age 30 to start saving were cited as actions that most harmed their retirement security.

“These words of advice from those who have reached retirement provide great points of reference for American savers at every stage of the retirement planning journey,” Carter said. “As American workers prepare for their retirement years, which could be sooner than anticipated and last longer than they may expect, it’s crucial that they lean on the guidance of financial professionals who can help them make the right financial decisions and avoid costly mistakes."

Guidance from financial professionals is key
Survey findings show that not enough people are drawing on professional resources. Only 37% of 60–65-year-olds get information about retirement planning from a financial advisor. Others rely on a mix of sources, including the internet (39%), friends and family (35%) and resources from their employer-sponsored retirement plan (31%). One in 10 older respondents have not yet sought out information about retirement planning.

This reluctance to seek professional guidance poses a significant threat to long-term financial well-being and can lead to uninformed decisions that have lifelong consequences. For example, nearly two-thirds of retirees (58%) opted to draw down Social Security before their retirement age and 34% accessed their retirement savings early. Nearly 1 in 5 (17%) took a loan from their 401(k)s, risking tax and other withdrawal penalties.

“One of the most crucial tasks of our time is to ensure American workers understand how everyday choices impact their financial futures,” added Carter. “It’s important for those preparing for retirement to have a holistic plan, addressing factors like the right time to take Social Security, costs of healthcare and long-term care and ways to ensure they don’t outlive their income. The best way to do that is to work with a trusted financial professional who specializes in protected income solutions or tap some of the educational resources that may be available through workplace retirement plans.”

Find a financial professional

Nationwide remains committed to empowering individuals and financial professionals with the knowledge and tools they need to make informed financial decisions, especially when it comes to retirement planning. The company’s diverse portfolio of protection solutions includes annuities, life insurance, workplace retirement plans and other solutions to help retirement savers and businesses address a wide range of challenges like achieving lifetime income, preparing for long-term care and healthcare costs in retirement, developing strategies for Social Security, legacy planning and more.

For more information on Nationwide's retirement planning resources and to access the complete survey findings, view this infographic, complete survey results, our website, or the Nationwide Advisor Advocate Blog. 

Survey Methodology
Edelman Data and Intelligence (DXI) conducted a nationally representative online survey of 1,000 U.S. residents aged 60-65 on behalf of Nationwide from November 2 – 29, 2023.

As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

For applicants ages 60 and older, underwriting for long-term care products typically involves a 20-minute cognitive screening assessment by telephone. Now, applicants for all of Nationwide’s CareMatters products can complete this assessment in as little as three minutes, at their convenience, 24 hours a day, seven days a week using new technology from Neurotrack.

"By partnering with Neurotrack, Nationwide is the first major life insurance company to offer a digital cognitive screening for our CareMatters applicants that want an alternative to the traditional telephone interview," said Erin McClintock, Director of Underwriting Innovation for Nationwide’s life insurance business. "Nationwide is committed to meeting our potential members where they are most comfortable by providing a simplified, fully digitalized experience for our life and long-term care linked benefit product."

The applicant is able to take their time getting familiar with the assessment and even practice. Once they are comfortable, the actual assessment is only two minutes long. The screening is scored using proprietary algorithms that compare speed and accuracy to large data sets of peers.

“Because the exam uses only simple shapes, and the first five digits, it’s less prone to potential bias and easier for more people to understand,” said Elli Kaplan, Neurotrack CEO and Co-founder. “Our innovation makes this process standardized and objective.”

 The online cognitive assessment is available today with select relationships and will roll out more broadly in the second quarter of 2024.

About Neurotrack

Neurotrack partners with healthcare providers and payers, as well as life and long-term care insurers to optimize cognitive screening workflows with efficient digital tools. The company also provides brain health education and behavioral support to help individuals address modifiable risk factors. Neurotrack has published 25 peer-reviewed papers, holds 11 patents on its proprietary technology, is HIPAA- and SOC2-compliant, and is registered as an FDA Class II medical device. Visit neurotrack.com for more information. 

In addition to general pessimism regarding the election’s impact on retirement prospects, investors fear the impact of new policy and opposing party rule on the U.S. economy. Nearly one in three (32%) investors believe the economy will plunge into a recession within 12 months if the political party with which they least align gains more power in the 2024 federal elections. Roughly the same percentage (31%) believe the party they least align with gaining more power in office will negatively impact their future finances, and 31% believe their taxes will increase within 12 months.

“As we get closer to the 2024 election, we’re going to see more messaging and campaign ads that portray worst case scenarios, creating anxiety in investors that can lead to short-sighted, emotional decisions,” said Eric Henderson, President of Nationwide Annuity. “It’s important for investors to not get caught up in the ‘what ifs,’ and instead focus on what they can control. A proactive step would be having a conversation with their advisor or financial professional and establishing a long-term plan – or revisiting the plan they already have in place – to ensure it remains aligned with their goals regardless of which party takes control in Washington.”

Recession fears are strong across party lines…
Some issues are viewed differently across party lines. More than half (57%) of investors who identify as Democrats say market performance will have a bigger impact on their retirement plans and portfolios than the results of the 2024 election, compared to 47% of investors who identify as Republicans.

However, Republicans tend to brace for election results more than their Democrat counterparts. More than two thirds (68%) of Republican investors believe the outcome of a presidential election will have a direct, immediate and lasting impact on the performance of the stock market, compared to 57% of Democratic investors. Independent investors are the least concerned with election results; fewer than half (40%) feel the results of next year’s election will have a bigger impact on their retirement plans and portfolios than market volatility – the lowest of the three primary political demographic groups.

“While it’s natural to feel the party you support will deliver the best economic outcome, history tells us that these instincts can be blown out of proportion,” said Mark Hackett, Chief of Investment Research for Nationwide. “Remember that election results in either party’s favor have historically had little impact on future investment returns. That’s why it’s important to apply a strong filter to election news coverage to maintain an objective understanding of the events shaping our world. It’s best to stay focused on the fundamental drivers of investment performance (e.g., company earnings, revenue growth, profit margins, etc.) and leadinindicators of economic conditions.”

Older investors are more fearful
The general fear of a recession is magnified for those closest to retirement ahead of next year’s election, as any wrong decision could have a lasting impact on how they live through retirement. Pre-retiree investors (defined as non-retired investors aged 55-65) are more concerned about an impending economic recession (50%) than investors overall (41%). Pre-retirees and those already in retirement are more concerned about inflation than investors overall (66%, 66% vs. 61%, respectively).

As a result, pre-retirees are planning to be more conservative with their assets than other investors – perhaps because they don’t have the time to recoup losses. One third (33%) of pre-retiree investors are managing their investments more conservatively in anticipation of next year’s election, compared to just 31% of all non-retired investors. In addition, just 12% of pre-retirees and 4% of retired investors plan to invest more aggressively in anticipation of next year’s election.

Economic fears spur changes to spending
As campaigning and political punditry ramp up, economic factors are still top of mind for those saving for retirement.

Overall, investors who are not retired see inflation (47%), an increased cost of living (42%), and a potential recession (31%) as the greatest long-term challenges to their retirement portfolios. To compensate, they are changing their spending and investing habits, including making adjustments to cut spending and ensure a timely retirement.

To save more for retirement in the current environment, one third (33%) of investors are avoiding unnecessary expenses, such as vacations, jewelry, and shopping sprees over the next 12 months. A quarter (25%) of non-retired investors also say they will need to work longer to save money for retirement in case Social Security runs out of money, a hard reality that is projected in 10 years, according to the most recent Social Security Trustees Report.

Despite pulling back spending and adjusting investments as political pressures and economic turbulence collide, investors are entering election season on a cautiously optimistic note. Recession fears remain elevated but are down slightly from last year – four in five (80%) investors are now concerned about a U.S. recession in the next 12 months, compared to 85% in 2022. Four in ten (40%) of all investors and 32% of pre-retirees describe their financial outlook for the next 12 months as “optimistic.”

Advisors empathize with investor concerns
Financial advisors understand the fears that can stem from changes in Washington and can help investors navigate through it. Like investors, financial advisors view inflation (46%) as the most immediate challenge to their clients’ retirement portfolios. However, they are not immune to a partisan bias; 38% believe the stock market will be volatile for the 12 months following the election if the party they least align with gains more power after next year’s federal elections.

In the face of volatility spurred on by partisan noise and a potential exchange of power in Washington, advisors still maintain a more balanced, nuanced view of the election than their clients, in part because many have designed long-term strategies to protect them against volatility. Despite election jitters, most advisors (56%) believe staying the course – i.e., not changing their clients’ investment strategies – is the best course of action in an election year.

With this approach in mind, advisors are recommending and implementing their strategies accordingly. Almost all (96%) currently have a strategy in place to help their clients protect their assets against market risk, an increase from 92% in the last 12 months.

Annuities (80% vs. 78%), diversification and noncorrelated assets (72% vs. 57%), and liquid alternatives such as mutual funds or ETFs (54% vs. 31%) all saw at least a slight increase as solutions used by advisors to help their clients protect their assets against market risk in the last year.

“While elections are important, and it’s good to be engaged in our democratic process, making emotional decisions based on what you think will happen runs the risk of derailing your retirement goals,” said Henderson. “Advisors and financial professionals should seize the opportunity to engage with their clients to reinforce the importance of sticking to their long-term plan. Another way to address client anxiety is to help them understand the value of protection solutions, like annuities, that guarantee income in retirement and guard against market volatility – regardless of who ends up winning the election.”

For additional insights on this survey data, see our infographic.

Nationwide’s ninth annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The research was conducted online within the U.S. by The Harris Poll on behalf of Nationwide from August 14-30, 2023, among 507 advisors and financial professionals and 2,404 investors ages 18+ with investable assets (IA) of $10K+.  Advisors and financial professionals included 274 RIAs, 196 broker-dealers, 143 wirehouse and 52 other financial professionals. Among the investors, there were 636 Mass Affluent (IA of $100K-$499K), 529 Emerging High Net Worth (IA of $500K-$999K), 402 High Net Worth (IA of $1M-$4.99M) and 219 Ultra High Net Worth (IA of $5M+), as well as 618 investors with $10K to less than $100K investable assets (“Less affluent”).  Investors included a subset of 464 “pre-retirees” age 55-65 who are not retired.

Raw data from advisors were not weighted and are therefore only representative of the individuals who completed the survey. Investor data are weighted where necessary by education, age by gender, race/ethnicity, region, marital status, household size, employment, household income, investable assets, and propensity to be online to bring them in line with their actual proportions in the population.  To ensure the investor sample was representative, the data were initially weighted separately for those with investable assets of $10K to less than $100K and those with $100K+ and then post-weighted/combined into a total investor group. Data for the subset of pre-retirees age 55-65 who are not retired were weighted separately as needed by education, age by gender, race/ethnicity, region, marital status, household size, employment, household income, investable assets and propensity to be online. 

Respondents for this survey were selected from among those who have agreed to participate in our surveys.   The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within + 2.7 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest. The sample data for the subset of pre-retirees age 55-65 who are not retired is accurate to within + 5.6 percentage points using a 95% confidence level. 

All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Because of this, consumers’ sentiment on the economy and their own financial strategy has deteriorated since 2022. Only 16% of consumers rate the U.S. economy as good or excellent today, an 8-point decline from September 2022. About four in ten (39%) give a positive rating to their own personal finances, another 8-point decline from September 2022.

When it comes to managing their personal finances, consumers are most concerned about inflation or rising living costs (59%), the cost of rent or housing (34%), lack of savings for unexpected or emergency expenses (32%), managing debt (31%); healthcare expenses (28%), and not being on track for retirement (18%).

“It’s not surprising that people are feeling anxious,” said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute. “It’s important for advisors and financial professionals to understand the emotions their clients are feeling right now as a first step to helping them stay focused on their long-term financial plans.”  

People need help staying the course
To offset inflation, some consumers are making decisions that could be detrimental to their long-term financial strategy. More than one-third (37%) have or are considering relying more on credit cards, 24% have or are considering reducing their retirement plan contributions, and 21% have or are considering taking out a new loan. Nearly six in ten (57%) consumers have used savings in the past 12 months to pay for everyday expenses. This is even higher for Gen Z and Millennial consumers at 64% and 66%, respectively.

In the event of a recession, consumers’ top concerns include their ability to save in general (58%), their ability to save for retirement (52%), their retirement account losing value (52%), and their ability to retire on time (42%).

Investors are turning to alternative sources for financial advice
Despite fears and concerns about their personal finances, most consumers — especially younger ones — are turning to unproven sources for help. Seven in ten survey respondents (70%) are not using a financial advisor, citing reasons such as: It costs too (46%), they don’t have enough assets (37%), they don’t know who to go to (22%), they don’t need advice and can handle themselves (21%), they don’t trust the financial services industry (16%), or they’re too busy (11%).

Instead of professional help, they are turning to other sources, including friends or family (48% Gen Pop, 66% Gen Z); online resources (26% Gen Pop, 34% Millennials), prayer (20% Gen Pop) and social media (11% Gen Pop, 22% Gen Z).

Notably, about one-third of respondents (31%) feel ChatGPT will provide better financial advice than a human advisor in the next five years. This percentage is higher for younger consumers, at 37% for Gen Z and 43% for Millennials.

“In moments like we’re experiencing today, advisors and financial professionals have a huge opportunity to build deeper, trusting relationships with clients,” Rodriguez said. “There can be a real temptation for consumers to retreat or even surrender when the financial news cycle seems so challenging. The first step for advisors is understanding where their clients are coming from by listening with empathy. That can set the stage for a more collaborative conversation about steps to keep them on track.”

Rodriguez offers five tips to help advisors and financial professionals relieve their clients’ financial anxiety and build trust

1. Listen and empathize: Reach out to clients today and enter the conversation with an understanding of their worries and fears. Listen to them and give them space to open up about their feelings.
2. Uncover the client's sources of information: If they are considering rash decisions, ask questions such as "who are you listening to?" and "what are they saying?" to determine the factors that are influencing their mindset.
3. Discuss the best path forward: Ask them what actions they're thinking of taking, the alternative options available, and work together to decide the most appropriate path forward for their situation and goals.
4. Review their risk tolerance and current asset allocation strategy: Ask what’s new in their life, if their financial goals or circumstances have changed and whether their current financial strategies are working.
5. Reinforce the plan: Reinforce with your clients the tangible and emotional benefit of a financial plan – and the importance of sticking to it when times are tough. Sometimes a quick history lesson can help them visualize the eventual economic recovery that follows every downturn.

For additional insights on this survey data, see the full survey results.

Methodology
Nationwide partnered with Edelman Data & Intelligence to conduct a 15-minute online survey among a sample of 2,000 nationally representative adult consumers between March 30 and April 13, 2023. As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

The information in this report is provided by Nationwide Economics and is general in nature and not intended as investment or economic advice, or a recommendation to buy or sell any security or adopt any investment strategy. Additionally, it does not take into account any specific investment objectives, tax and financial condition or particular needs of any specific person.

The economic and market forecasts reflect our opinion as of the date of this report and are subject to change without notice. These forecasts show a broad range of possible outcomes. Because they are subject to high levels of uncertainty, they will not reflect actual performance. We obtained certain information from sources deemed reliable, but we do not guarantee its accuracy, completeness or fairness.

Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2023 Nationwide.

NFM-22998AO

Only 16% of consumers rated the U.S. economy as good or excellent today, an 8-point decline since September 2022. This sentiment is partly driven by rising interest rates, with 70% of consumers reporting they are concerned about them – up from 61% in September 2022. Many are also uneasy with the Federal Reserve’s current policies, with more than a third (38%) believing it should cut interest rates to ease pressure on the U.S. economy.

“Despite elevated inflation, trouble in the banking sector, and 10 consecutive interest rate hikes, we continue to forecast a moderate recession in the second half of this year, which stands in contrast to fears that we’re heading for another Great Recession,” said Kathy Bostjancic, Nationwide’s Chief Economist. “Consumers are understandably worried, but consumer and business debt burdens are much less than they were 15 years ago and that should limit the degree of the economic downturn.” 

Consumers are making tradeoffs to manage inflation
Inflation continues to squeeze consumers’ finances, with 82% reporting they are concerned about inflation and rising living costs today, up five points since September 2022. As a result, more than half (57%) of Americans report dipping into their savings to pay for everyday expenses within the past 12 months. This is even higher for Gen Z and Millennial consumers at 64% and 66%, respectively.

Americans have made other sacrifices or decisions in the past 12 months due to rising inflation, including:

• Eating out less (54%) and driving less (37%)
• Delaying a major purchase (32%)
• Relying more on credit cards (23%)
• Looking for ways to save money on premiums with their existing insurance policies (23%)
• Looking for a better paying job (20%)
• Reducing their retirement plan contributions (11%)
• Decreasing coverage/limits on existing insurance policies (10%)

Because of these choices, the data signals some consumers have had to put their financial goals on hold due to inflation. Consumers’ top financial goals today include saving for retirement (44%), paying off debt (44%), building credit (24%) and saving for large purchases (22%).

Consumers need help navigating and planning for uncertainty
Despite these concerns and risks, most Americans, especially younger ones, may not be turning to the right sources for help. Most consumers surveyed (70%) aren’t using a financial advisor, citing concerns around costs (46%), not having enough assets (37%) and not knowing who to go to (22%). Consumers’ say their sources for advice and support on personal finances include:

• Friends or family (48% Gen Pop*, 66% Gen Z)
• Online resources (26% Gen Pop, 34% Millennials)
• Social media (11% Gen Pop, 22% Gen Z)
• ChatGPT (3% Gen Pop, 8% Gen Z)
  • Notably, 34% of Gen Z and 37% of millennials say they trust the financial advice provided by ChatGPT and other AI chatbots

“In moments like this, it’s easy to make emotional investing decisions,” said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute. “We live in a do-it-yourself world, but the cost of a short-term financial mistake can reverberate for years. A financial professional can work with you to build a plan that will help you weather near-term economic adversity and set you up for success in retirement.”

To view more findings from Nationwide’ 2023 Economic Impact survey, view the report here. 

 Methodology
Nationwide partnered with Edelman Data & Intelligence to conduct a 15-minute online survey among a sample of 2,000 nationally representative adult consumers between March 30 and April 13, 2022. As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

In addition to having to reduce savings contributions, women are also delaying their retirements to help their loved ones manage rising expenses. More than one in 10 (15%) women who are expecting to delay or cancel their retirement say they are doing so because they had or have to financially support a family member or friend as a result of inflation.

These setbacks are taking a toll on women’s futures and wellbeing. More than half (56%) of women feel worried when thinking about where they are at with their current retirement plan and financial investments, a 22-percentage point uptick from 2021. And 57% of those who are delaying or cancelling their retirement due to inflation say it has negatively impacted their mental health, versus 48% of men.

“Inflation has made saving for retirement particularly difficult for many Americans, but we are seeing the effects among employer-sponsored retirement plan participants greatest felt by women. In addition to having to reduce their retirement savings, women often have the responsibility of serving as the caretaker for loved ones,” said Amelia Dunlap, vice president, Retirement Solutions Marketing at Nationwide. “I know it can be difficult to navigate the short-term challenges we’re facing with market volatility and rates of inflation. It’s critical that plan sponsors help their employees keep focused on the longer-term view, avoid emotional investing or reactions and offer solutions that will help them stay on track for their goals.”

Women are seeking solutions
In addition to navigating inflation, women also struggle to optimize their income in retirement. For example, roughly half (51%) of female participants face challenges around turning their retirement savings into income in retirement. Only 4% of women are moderately or extremely familiar with retirement planning for decumulation.

However, more women than men are interested in solutions that can help them navigate challenges around inflation and better plan for retirement. Almost all (92%) female plan participants say they would be at least somewhat likely to rollover a portion or all of their current retirement plan savings into a guaranteed lifetime income investment option if they were able to, compared to 83% of men.

“The start of a new year is an opportune time for plan sponsors to reevaluate their retirement offerings to ensure their participants – particularly women – are able to retire on time with greater confidence,” continued Dunlap. “Guaranteed lifetime income investment options can help participants navigate today’s high inflation and provide them with the decumulation strategy they need in retirement. Additionally, there are investment solutions that help protect against market downturns for those that are seeking more certainty in this volatile market.”

Nationwide’s guaranteed lifetime income solutions (PDF)  offer plan participants guaranteed income for life and can help provide protection against market volatility. Nationwide also offers educational resources for financial professionals, advisors and consultants. Plan sponsors – please contact your Nationwide representative.

For more information on the findings of this survey, view this infographic or complete survey results .

Methodology
Edelman Data and Intelligence (DxI) conducted an online survey on behalf of Nationwide from July 14 – August 5, 2022. Respondents included:

• 500 Company Plan Sponsors/Benefits Decision Makers. Business executives, business owners, human resources professionals, and financial management professionals who are full-time workers at U.S. businesses with at least 10 full-time employees. They must also be decision-makers for company retirement plans including 401(k), 403(b), or 457(b) plans)
• 100 Public Sector Plan Sponsors/Benefits Decision Makers. Full-time employees of a public sector entity (federal, state, local govt) that offers a defined contribution retirement plan to its employees. Must have some level of decision making regarding these plans. Can include HR, financial management professionals or government executives/senior managers with decision making authority.
• 1,000 Plan Participants (45+). 45+ years of age, full-time worker, who has access to 401(k), 403(b), 457(b) or a government defined contribution plan at their work. Sample included a minimum 100 government plan participants.
• 100 Plan Participants (35-44). 35-44 years of age, full-time worker, who has access to 401(k), 403(b), 457(b) or a government defined contribution plan at their work.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.

This information is general in nature and is not intended to be tax, legal, accounting or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.

Nationwide and Edelman Data and Intelligence are separate and non-affiliated companies.

Provisions of these options may vary based on plan selection and/or by state regulation. These investment options may not be available in all states.

Guarantees are backed by the claims-paying ability of the issuing insurance company.

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

“As the holiday season approaches, it may be best to take a break from obsessively checking retirement balances,” said Eric Henderson, President of Nationwide Annuity. “This can create self-induced anxiety which can lead to short-sighted, emotional decisions. It’s a habit that is unlikely to serve a constructive purpose at a time when we’d all like to be focused on recharging our batteries and being with the people we care about. If you want to take proactive steps, have a conversation with your advisor or financial professional and establish a long-term plan – or revisit the plan you already have in place to ensure it remains aligned with your goals in the current environment.”

The angst generated by today’s economic uncertainty is manifesting differently among men and women investors who are not retired. Although men (45%) are marginally more likely to say that they are nervous about their post-retirement financial future than women (38%), women are twice as likely to say their retirement expectations will change significantly if the U.S. economy enters a significant downturn (37% vs. 19%).

Women are a tad more likely to say that they are taking steps to adjust their retirement portfolio in light of recent market volatility (35% vs. 26% men). This proactive preparation may help explain why 41% of women agree that they feel confident in their financial plan despite market volatility, compared to just 11% of men.

Recession fears force investors to rethink retirement timing
Investors grappling with today’s macroeconomic stressors are facing more uncertainty about when they will be able to retire. The number of men and women with near-term retirement plans is extremely low; just 2% of men and 1% of women plan to retire within the next five years.

The threat of a recession and high inflation are driving investors to change their current retirement plans. Inflation has led both women (38%) and men (26%) to rethink when they can retire. Women (44%) are more likely than men (28%) to agree that signs of inflation and recession have made them rethink where they can retire.

“While we expect a recession in 2023 to be more of a reset for the economy that will bring inflation back to normal, investors risk missing the eventual rebound if they sit on the sidelines in the year ahead,” said Mark Hackett, Chief of Investment Research. “Although we’re not expecting anything like we saw in 2008 or even 2020, now is the time for investors to be talking with their financial professionals about implications for their portfolio so they are prepared.”

Contrasting levels of confidence
Investors have varying degrees of confidence in their retirement plans. Again, men not yet in retirement are a bit more likely to say they are very nervous about spending down their nest egg in the current market environment than their female counterparts (43% vs. 38%, respectively). And although less than a quarter (24%) of all investors preparing for retirement say they currently have enough guaranteed income in their retirement portfolio to weather a recession, non-retired women are much more likely to say they have enough income in their retirement portfolio to survive a recession (38% vs. 13% of men).

Advisors are feeling the stress
Advisors and financial professionals are feeling their clients’ anxiety as well. One third of advisors (34%) say their pre- and recently retired clients are canceling or delaying retirement. Only 17% of advisors say that most of this group of clients has contingency plans for a major market downturn. Despite their pre- and recent-retiree clients apparent lack of preparation, only 23% of advisors describe this cohort as “very anxious” about the current market environment.

“According to our data, some advisors may be underestimating the level of anxiety their clients are living through,” Henderson said. “Advisors and financial professionals should seize the opportunity to engage with their clients to reinforce the importance of sticking to their long-term plan. Another way to address client anxiety about forces beyond their control is to help them understand the value of protection solutions, like annuities, that can guarantee income in retirement and guard against market volatility,” Henderson said.

For additional insights on this survey data, visit https://nationwidefinancial.com/media/pdf/NFM-22550AO.pdf.

Nationwide’s eighth annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market.

About Advisor Authority: Methodology
The eighth annual Advisory Authority Survey was conducted online within the United States by Harris Poll on behalf of Nationwide Advisory Solutions from July 27 – August 16, 2022 among 506 financial advisors and 521 investors with $10,000+ investable assets, ages 18+. Investors are weighted where necessary by age, gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

When it comes to health care in particular, tough choices today can mean bigger problems down the road. A new Nationwide Retirement Institute® survey finds that inflation has many Americans forced to make troubling choices including stopping taking a prescribed medicine: 10% say they have, and another 13% are considering doing so this year. A similar number (10% and 15%, respectively) say they’ve cancelled or postponed a medical procedure or are thinking of doing so.

Despite squeezing every penny, a fully 49% of Americans say their health care expenses have gone up this year – with no relief expected anytime soon. A third (32%) worry their monthly health care premium will increase and 40% expect their prescription drug costs will increase. Naturally, inflation has become Americans’ top stressor on retirement planning, which involves planning for medical costs as one ages.

“As the price of health care services and food reaches record highs, Americans have been forced to make tough decisions that sacrifice their health and wellbeing,” said Kristi Rodriguez, senior vice president of the Nationwide Retirement Institute. “While these decisions are understandable, these short-term tradeoffs may have long-term repercussions. Neglecting your health now can lead to far bigger costs as you age and approach retirement. Now is a critical time to consult with a financial professional to create a plan that prioritizes health care and sets you up to have access to the health care services you will need in retirement.”

More than one in ten Americans (12%) say they canceled or changed their health insurance coverage this year and another 14% say they are considering cancelling or changing their health insurance as open enrollment approaches at year’s end.

At the same time, 10% say they’ve already diverted funds from retirement savings to pay for health care expenses, either by cutting contributions or by taking withdrawals from their retirement plans. On a positive note, even more say they’ve started or increased Health Savings Account (HSA) contributions in the past year, and another 14% are considering it. This allows people with high deductible plans to set aside pre-tax money to pay for qualifying medical expenses.

One area of potential relief for those already age 65 and over is reviewing their Medicare plans during open enrollment, which runs through December 7. According to the National Council on Aging, only about 10% of people switch Medicare plans each year during open enrollment, which could mean they’re overspending for coverage they don’t need or use.

Nationwide is urging financial professionals to stress planning for health costs when working with clients: nearly three quarters (72%) of Americans say spiraling health care costs are one of their top fears about retirement, but only 39% say they have a plan to pay for health care costs in retirement.

“The role financial professionals play in creating more secure financial futures for their clients is even more important during high inflation,” Rodriguez said. “By incorporating health care into financial planning conversations, financial professionals can help clients better prepare.”

To learn more about the 2022 Nationwide Retirement Institute Health Care Costs in Retirement consumer survey, visit www.nationwide.com/healthcareinsights.com. 

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This volatile environment is contributing to a grim outlook on the future, with 88% of parents expecting an economic downturn in the next year. Only about half of U.S. parents feel confident they will be able to save enough for retirement or their children’s education, and only 48% say they are on track to meet their financial goals.

While parents overwhelmingly want support with their family’s finances, more are turning to family and friends (56%) and prayer (29%) than a professional (27%) for financial advice. 

“With the cost of living high and fear of a recession looming, parents’ confidence in their family’s financial situation is waning,” said Kristi Rodriguez, senior vice president of Nationwide Retirement Institute. “It’s understandable that families are looking for comfort during this difficult time, whether with friends and family or through their faith, but the most important step they can take is to connect with a financial professional and create a plan.”

Parents are making major lifestyle changes to offset inflation
In response to inflation pressures, U.S. parents are pulling back on discretionary spending. The top actions include:

• Dining out less often (48%)
• Reducing how much they drive (41%)
• Purchasing different or cheaper items than they typically would (41%)

They are also relying more on credit to pay for items, with one in four (23%) reporting they have accumulated additional credit card debt and another 16% saying they’ve used ‘buy now, pay later’ apps or services in response to inflation.

Gen Z families are faring worse due to inflation
The study also found the inflationary squeeze is hitting Gen Z particularly hard, and they are leaning on safety nets to soften the blow. Twenty one percent received food or household goods from a food bank and 14% have moved in with family members in the past year, compared to the average of parents at 13% and 6%, respectively. Roughly three in four Gen Z parents (74%) report that they live paycheck to paycheck most of the time and nearly a third (29%) rate their family’s financial situation as ‘poor’ — almost double the average for U.S. parents overall.

The study revealed three key areas where Gen Z parents are struggling the most:

• Paying for childcare: Roughly three in 10 (32%) Gen Z parents report they spend 50% or more of their take home pay on childcare, and one in five (21%) say they took on another job in the past year to better meet the needs of their children — nearly 10 percentage points higher than the national average for parents. Another one in 10 (9%) quit their job this year to focus on childcare.
• Finding affordable housing: Despite homeownership being a top goal for 40% of Gen Z parents, half (49%) cite the cost of rent or housing as one of their top financial concerns — 21 points higher than among U.S. parents overall.
• Planning for their family’s finances: Two in five (39%) Gen Z parents report they did not do any financial planning before they had children, compared to 28% of the national average. Another 87% of Gen Z parents say they wished they started saving or investing earlier.

Parents are taking their concerns to their employers
Parents are looking to their employers for improved benefits to help balance work and childcare. Nearly half of parents (48%) want to see increased flexibility in work hours, and more than a third (39%) want improved health insurance benefits. Nearly a quarter (23%) of parents want improved parental leave policies.

“While each family’s path to financial wellness is unique, our survey clearly demonstrates that there’s an immediate opportunity for financial professionals to help build confidence and security through financial literacy, especially for younger families who are struggling in today’s economic environment,” added Rodriguez. “Financial professionals can help with planning and other financial decisions such as maximizing workplace benefits to help families solve some immediate financial concerns.”

Financial professionals can help clients stay on top of changes in the economy and the markets with insights from Nationwide.

Methodology
Edelman Data and Intelligence (DxI) conducted an online survey on behalf of Nationwide of 1,000 nationally representative adult U.S. parents ages 18 and over with children under the age of 18 and 150 Gen Z parents with children under the age of 7. The survey was fielded from July 11 through July 21, 2022.

Adding to those concerns, most consumers (70%) across generations worry that Social Security will run out of funding in their lifetime. One in three adults (33%) not currently receiving Social Security benefits believe they won’t get a dime of what they’ve earned when they retire.

Despite worries about inflation, the survey also found an important misperception about Social Security: more than two-thirds of Americans don’t realize that Social Security is protected against inflation.

“Every year we find that all generations need more Social Security education, but in this uncertain economic environment it’s more important than ever for people nearing retirement to understand that their Social Security benefits are protected against conditions such as inflation,” said Tina Ambrozy, senior vice president of Strategic Customer Solutions at Nationwide. “There is an immediate opportunity for financial professionals to clear up clients’ misconceptions about Social Security to alleviate their fears and help them stay on track toward their long-term retirement goals.”

Americans have a pessimistic outlook on their financial futures – and they’re changing behaviors accordingly
These worries may be leading many older Americans to tap into their Social Security benefits early. In fact, one in four (26%) Boomers+ who are not currently receiving Social Security plan on filing for Social Security benefits early while continuing to work. Almost two in five (39%) Boomers+ who are not currently receiving Social Security plan on drawing their benefits before their full retirement age.

Survey findings suggest Americans’ concerns about the economy and the pandemic are fueling their fears for the future. Nine in 10 consumers (86%) are concerned about inflation’s impact on the U.S. economy. Older generations are most concerned for the future, with Gen Xers and Boomers+ more likely than Millennials to believe the U.S. economy is getting worse (57%, 67% vs. 36%).

As a result of inflation, Americans across generations are making changes in their daily lifestyles and canceling or postponing life events in the past 12 months because of inflation:

• More than two-fifths (42%) of Americans are eating out less and one-third (35%) are driving less
• 15% have cancelled or postponed taking a planned vacation
• 12% have cancelled or postponed buying a new or used car

Concerns about COVID-19’s adverse impact on retirement security has accelerated since 2021. Today, Americans are more concerned about the pandemic’s impact on their retirement plans than they were last year, with 20% of non-retired Americans pushing back their retirement start date due to COVID-19 this year, compared to just 15% in 2021. Additionally, almost half (47%) of Americans are re-evaluating their retirement plans to assess the financial impact of COVID-19, a nine-percentage point jump from 2021 (38%).

Most Americans are misinformed about Social Security
Survey findings suggest solving Social Security misconceptions may help ease some fears about the future.

• Key knowledge gaps include:
• Only 7% correctly identified all the listed factors that determine the maximum Social Security benefits an individual can receive
• Almost half (49%) of adults don’t know or aren’t sure what percent of their income is or will be replaced in retirement by Social Security, and more than two in five (44%) of those not currently receiving Social Security aren’t sure how much their monthly Social Security payments will be
• Only 13% of adults correctly guess their full retirement age based on their year of birth
• Almost half (49%) mistakenly believe if they file early their benefit will automatically go up once they reach their full retirement age

These knowledge gaps reveal an immediate opportunity for financial professionals to help their clients better navigate the Social Security landscape. While only about one in three (36%) surveyed currently work with a financial professional, the good news is more Millennials are turning to financial professionals for help, with 50% reporting they work with one in 2022, compared to just 42% in 2021. Additionally, Millennials and Gen Xers are more likely than Boomers+ to say they prefer to learn more about Social Security from a financial professional (30%, 26% vs. 12%).

“It’s understandable that people are worried about retirement in the face of the current economic environment,” continued Ambrozy. “Individuals at all stages of their careers can benefit from educating themselves about the Social Security system and retirement planning and a trusted financial professional can help with that education.”

Nationwide offers a variety of resources to help. The Nationwide Social Security 360 Analyzer® can help financial professionals assess a client’s goals to better advise on the optimal time to claim Social Security. To learn how to optimize Social Security benefits, visit www.Nationwide.com/SocialSecurity. Financial professionals can visit www.NationwideFinancial.com/SocialSecurity.

Methodology
This survey was conducted online within the U.S. by The Harris Poll on behalf of Nationwide between April 25 and May 23, 2022, among 1,853 U.S. adults age 26+ (national sample), including 674 Millennials, 576 Gen Xers, 603 Boomers+. Data were statistically weighted as needed to bring them in line with the population of U.S. residents age 26+ from the 2020 Current Population Survey for age by gender, education, race/ethnicity, region, household income, marital status, and household size. Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.9 percentage points using a 95% confidence level.  This credible interval will be wider among subsets of the surveyed population of interest. 

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building 21^st century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advice to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Black millennials report carrying substantially more medical debt compared to other generations. Of those respondents who could estimate their medical debt, Black millennials self-reported they have on average $11,469 in medical debt. That’s four times higher than Black Gen Xers ($2,818) and ten times more than Black baby boomers ($1,111).

The outsized medical debt carried by Black millennials is already impacting their financial outlook and decision making. Fifty-seven percent say health care expenses have impacted their financial health, compared to 40% of Black Gen Xers and 18% of Black baby boomers. Digging deeper into the repercussions:

• More than a third of Black millennials (35%) have skipped or delayed getting care to save on medical expenses, compared to just 19% of Black Gen Xers and 13% of Black baby boomers.
• More than half of Black millennials (57%) say they have been negatively impacted by financial stress, compared to 46% of Black Gen Xers and 27% of Black baby boomers.
• Of the Black millennials negatively impacted by financial stress, 40% say it has impacted their relationships and 20% say it impacted their overall health.

“While each person’s path to financial wellness and wealth will be unique, our latest data clearly demonstrates that young Black Americans collectively face a challenge to success posed by the cost of health care,” said Kristi Rodriguez, senior vice president of Nationwide Retirement Institute^®. “For financial professionals, it's now imperative that you understand the impact of health care costs on a long-term financial plan and know which solutions to put into place to ensure client success and confidence."

According to the Centers for Disease Control, Black Americans are disproportionately impacted by chronic conditions that drive up their health care costs, and that has only escalated as a result of the pandemic. Black millennials also say they have spent on average $6,145 on health care costs and personal protective equipment (PPE) during the pandemic. That’s ten times more than Black Gen Xers ($613) and way more than Black baby boomers ($269).

One in five Black millennials (21%) do not have health insurance and those that do are twice as likely to be self-employed and without access to a group plan. By comparison, 17% of Black Gen Xers do not have health insurance and only 2% of Black baby boomers lack health insurance.

How financial professionals can support
The good news is that 40% of Black millennials have a financial professional – a substantially higher proportion than older generations (Black Gen Xers 27%, Black baby boomers 19%). And of those millennials that have a financial professional, 77% say they talk to him or her about how their health and wellbeing impacts their wealth.

“Black millennials are right to worry about health care costs in retirement – especially if they have a chronic condition,” Rodriguez said. “By incorporating health care into financial planning conversations, financial professionals can help clients create a more secure and comfortable financial future.”

Financial professionals can click here to learn more about Nationwide’s diverse insights and resources.

Methodology
The Nationwide Retirement Institute Health Care survey was conducted online Aug 5 – 24, 2021 within the United States of 1,817 adults including an oversample of 563 Black Americans (202 Black millennials, 178 Black Gen Xers, 183 Black baby boomers) aged 25 and over by The Harris Poll on behalf of The Nationwide Retirement Institute.

Respondents for these surveys were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, and propensity to be online to bring them in line with their actual proportions in the population.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Since last October, prices of goods and services have exceeded a 5% increase on a year-over-year basis. Higher inflation leads consumers across generations to make difficult decisions with their money and savings that impacts their lifestyles and futures.

A new consumer study by the Nationwide Retirement Institute^Ò revealed that 90% of American consumers are concerned about inflation, leading to an overall grim outlook on the U.S. economy.

“Following months of decades-high inflation, the war between Russia and Ukraine is intensifying inflationary pressures, worsening supply chain snarls, and spiking gas prices. It’s understandable that consumer sentiment is very low right now,” said Mark Hackett, Nationwide’s Chief of Investment Research.

Declining purchase power has led all generations to make the tough decision to postpone or cancel major life events. Over one-third of Gen Z and Millennials have already postponed or are considering postponing their weddings and plans to start a family. Consumers are also more likely to delay buying a car or home and have cancelled their vacations. For older generations, more than 10% near retirement age have or are considering postponing plans to retire.

In addition to these cancelled or postponed major life events, all are making changes in their daily lifestyles to combat inflation. This includes:

• Eating out less (48%)
•  Driving less (35%)
• Relying more on credit cards (21%)
• Looking for a better paying job (19%) – higher for Gen Z at 32% and millennials at 30%
• Moving in with family to save money (14%) – higher for Gen Z at 30% and millennials at 21%
• Reducing contributions to their 401(k) (10%)

Regardless of the trade-offs families and individuals are making, they are still feeling the effects of inflation. This has led to an overall grim outlook on the U.S. economy and many expect continued price increases through the rest of 2022.

Despite the widespread concerns about inflation across generations, the U.S. economy is preforming better than the study’s findings may suggest.

“Americans should know that the economy is actually performing better than people think,” said Hackett. “Job security is extremely strong, and even though we’ve seen a lot of market volatility, consumers have record wealth due to equity market and home price rallies.”

However, if the Federal Reserve increases interest rates as expected at its March 2022 meeting, the news will be met with mixed feelings. Consumers are most likely to feel worried (37%) or frustrated (30%) by news of a rate hike with just 23% feeling hopeful. Fourteen percent of all respondents say they would be confused, which rises to 25% among Gen Z.

“Following months of decades-high inflation, the war between Russia and Ukraine is intensifying inflationary pressures, worsening supply chain snarls, and spiking gas prices. It’s understandable that consumer sentiment is very low right now,” said Mark Hackett, Nationwide’s Chief of Investment Research. “But Americans should know that the economy is actually performing better than people think, job security is extremely strong, and even though we’ve seen a lot of market volatility, consumers have record wealth due to equity market and home price rallies.”

Americans are postponing or canceling major life events due to inflation
As inflation continues to rise, consumers are feeling the squeeze. Almost all consumers (90%) are concerned about the rising rate of inflation, and more than half (58%) say their purchasing power is declining.

As a result, consumers are setting aside major life events because of rising costs, especially younger generations. More than one-third (35%) of Gen Z and millennials (34%) have already postponed or are considering postponing plans to start a family. Additionally, 33% of Gen Z and another 28% of millennials have already postponed or are considering postponing plans to hold a wedding. This trend extends to older generations as well: more than one in 10 (13%) of consumers near retirement age (Gen Xers and baby boomers) have already postponed or are considering postponing plans to retire.

In addition to cancelling or postponing major life events, consumers across generations are making changes in their daily lifestyles. This includes:

• Eating out less (48%)
• Driving less (35%)
• Relying more on credit cards (21%)
• Looking for a better paying job (19%) – higher for Gen Z at 32% and millennials at 30%
• Moving in with family to save money (14%) – higher for Gen Z at 30% and millennials at 21%
• Reducing contributions to their 401(k) (10%)

Most see U.S. economy getting worse through 2022
Consumers expected continued price increases and economic upheaval through the rest of 2022. Just 28% of consumers expect the current inflationary surge to be temporary, and the majority expect increases in housing costs, gas prices, interest rates, and the general cost of goods and services over the next 12 months. Fifty-five percent of consumers expect income tax rates to rise and 46% say the same of unemployment.

“While it’s understandable that consumers are relying more on credit cards and reducing their retirement plan contributions to soften the short-term effects of inflation, it’s important for consumers to consider the implications on their long-term financial strategy,” said Eric Henderson, president of Nationwide Financial's annuity business. “This is an opportunity for consumers to work with a financial advisor to revise their spending budget so they can make day-to-day ends meet while still save for future goals, like retirement.”

Advisors can click here to see our latest insights on inflation and other financial topics to help plan client conversations.

Methodology
Edelman Data and Intelligence (DxI) conducted an online survey of 2,000 nationally representative adult U.S. consumers ages 18 and over on behalf of Nationwide. The survey was fielded from February 11 through February 17, 2022.

In fact, 72% of women investors have a strategy in place to protect themselves from outliving savings, 83% have a strategy in place to generate guaranteed income in retirement and 59% have a strategy in place to help protect assets against market risk. Additionally, due to experiencing firsthand how market volatility can significantly impact their portfolio, 68% of women investors will more conservatively revise their investing strategy, and 73% will revise their investing strategy to be more actively managed.

“Women investors are not taking their experiences living through the COVID-19 pandemic or other financial crises lightly,” said Ann Bair, SVP of Marketing for Nationwide Financial. “After experiencing the upheaval of these events, from market volatility to juggling childcare during remote learning, women are being more proactive in thinking about and planning for their futures.”

Taking Action, But Proceeding with Caution
About half of women investors indicated the Crash of 2008 (50%) and COVID-19 recession (48%) were two major financial crises that impacted how they approach finances and investments. Profound events such as these have led many women investors to start thinking further ahead about their financial futures, adjusting their approach to managing their personal finances by taking actions such as proactively starting a "rainy day" or emergency fund (23%) or establishing and following a budget (21%).

Women have already demonstrated a stronger likelihood than men to make better long-term decisions when facing financial crises. For example, fewer women investors (8%) than male investors (15%) liquidated assets from qualified retirement savings plans (e.g., 401(k), 403(b), 457, IRA) to cover financial obligations in response to crises that had a profound impact on them – a smart decision given the long-term consequences that can occur when pulling money out of your retirement savings.

Lessons learned from previous crises will help women face future events. With the COVID-19 recession still fresh in everyone’s minds, 16% of women expect to live through two additional financial crises in their lifetimes. These lessons may benefit women in the near-term—as 70% are concerned about a US economic recession in the next 12 months and 56% anticipate market volatility will increase over the next 12 months.

Women Investors Seek Solutions to Build Their Financial Confidence
Two-thirds of women investors work with an advisor (64%), and the main reason they do so is to feel more confident in their financial future (40%).

When women investors were asked what would make them more likely to work with, or influenced them to work with, an advisor or financial professional, an advisors’ experience (41%) was the most common factor. Ninety-two percent of those that currently work with an advisor or financial professional say that it helps them feel more confident they can make the right investment decisions, even during an extreme financial crisis.

“Women have distinct needs and perspectives that may be different from the traditional male client base that makes up the bulk of many financial services practices. When advisors recognize this and tailor their strategies to meet women where they are, they can build long-lasting, trusting relationships, and help their female clients achieve a more secure financial future,” said Lori Hall, Director of Strategic Accounts for Nationwide Financial. 

To help protect themselves from outliving their savings, women rely on solutions such as Social Security (64%), dividend yielding stocks (36%) and defined benefit plans/pensions (33%). However, financial professionals can help them branch out beyond those common solutions to find additional ways to meet their long-term needs in retirement, especially with the murky future of retirement income sources like Social Security and pensions.

“Advisors and financial professionals can help women understand what they can expect from strategies they currently have in place and think about other factors that may impact retirement income, including when they collect Social Security, health care costs, inflation, market volatility and taxes,” Hall said. “This can help identify gaps in their plan that may be addressed through new solutions.”

As it currently stands, two in five women investors (41%) are likely to choose an annuity to protect themselves against market risks as part of their holistic financial plans and about half of women investors (52%) are likely to choose an annuity to protect against outliving savings.

Nationwide’s seventh annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market. This is the fourth in a series of ongoing releases from the seventh annual study.

About Advisor Authority: Methodology
The seventh annual Advisory Authority Survey was conducted online within the United States by The Harris Poll on behalf of Nationwide from July 22 – August 17, 2021 among 1,632 advisors and financial professionals and 839 investors, ages 18+. Among the 839 investors, there were 363 women, 475 men. Investors are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in Harris Poll online research, no estimates of theoretical sampling error can be calculated.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Fewer women than men have been able to hit financial milestones such as contributing to a 401(k)/IRA (50% of women vs 58% of men), building an emergency fund (47% of women vs 59% of men) or increasing their retirement plan contributions (39% of women vs 51% of men).

Retirement plan sponsors have taken notice of these challenges, too, with 70% saying they believe female participants are more likely to have been financially impacted by the pandemic than men. A major factor could be family responsibilities — one in three women report they had thought about leaving their jobs or downshifting their careers in 2021, compared to one in four in 2020.

As a result of these factors, many women are experiencing negative emotions when thinking about their current retirement plan status, including being worried (34%), frustrated (15%) or panicked (10%).These percentages are even higher for women who have delayed or cancelled their retirement plans, with 45% feeling worried, 54% frustrated and 16% panicked. In fact, 51% of women who have delayed or cancelled their retirement plans say the decision has negatively affected their mental health.

"Working through the pandemic hasn’t been easy for anyone. This is particularly true for women, who are balancing child or elder care challenges and career burnout” said Amelia Dunlap, vice president, Retirement Solutions Marketing at Nationwide. “This only adds to the stress that women are facing, feeling off course from their overall financial and retirement goals.”

Taking Action
The good news is women are turning their energy into action. Since the pandemic began, 66% of plan sponsors have noticed that women are more likely to make changes to their retirement plans than men. Of the women who are expecting to delay or cancel their retirement plans, 67% say they've shifted their overall approach to saving for retirement in response.

The survey found women are also interested in exploring solutions that can help them reach their goals. About half (48%) of female participants showed interest in in-plan guaranteed lifetime income investment option, more than any other option provided to them. About one in three (35%) are likely to roll over their retirement savings into one if given the chance. The female participants who don’t contribute to a guaranteed lifetime income investment option say that their biggest barriers stem from a lack of knowledge.

“As employees are setting goals for the new year, plan sponsors have an opportunity to explore solutions that help their female participants — and all participants — retire on time with confidence, such as guaranteed lifetime income investment options,” continued Dunlap. “However, in addition to considering their investment option line-up, our survey reveals that plan sponsors must also include educational offerings to ensure participants have the tools they need to address lack of knowledge and confidence.”

View an infographic of the survey data.

Nationwide offers a list of considerations to help plan sponsors, consultants and advisors get conversations about in-plan guarantees started, as well as additional resources for the small business 401(k) market and institutional/government market.     

 Nationwide Retirement Solutions administers nearly 34,000 retirement plans, protecting more than $173.9 billion in participant assets, and helping secure financial futures for more than 2.6 million participants in the governmental 457, corporate 401(k) and not-for-profit 403(b) markets. Nationwide is committed to serving the retirement industry by doing the right thing at the right time through better participant experiences, administrative simplicity and values that translate to service.

Methodology
Edelman Data and Intelligence (DxI) conducted the online survey on behalf of Nationwide July 19-August 4, 2021. Respondents included:

• 500 company plan sponsor, including business executives, business owners, human resources professionals, and financial management professionals who are full-time workers at U.S. businesses with at least 10 full-time employees. They must also be decision-makers for company retirement plans including 401(k), 403(b), or 457(b) plans.
• 300 financial advisors or consultants who advise at least one plan sponsor on investment decisions, financial planning, and options.
• 1,000 plan participants 45+ years of age who work full-time and have access to a 401(k), 403(b), or 457(b) plan through their employer.

As a member in good standing with The Insights Association as well as ESOMAR Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

According to a recent survey of advisors and financial professionals conducted for Nationwide by ETF Trends, nearly 9 in 10 (86%) advisors are at least somewhat concerned about achieving their clients’ income needs over the next three years.

The survey additionally found that many are looking to alternative income strategies to bridge the gap for their clients. About half (46%) currently invest in alternative income strategies and 35% are considering investing in these strategies. Nearly 8 in 10 are comfortable with non-traditional income strategies for their clients

“Income from the asset classes that investors have traditionally turned to has decreased with interest rates and the income that has been generated is likely to be impacted by inflation,” said Mark Hackett, chief of investment research of Nationwide’s Investment Management Group. “I think advisors recognize that some traditional strategies may not yield adequate income for clients in the year ahead, and that’s why they are increasingly considering additional options to generate income while seeking downside protection to help their clients diversify their portfolio.”

While advisors responded with moderate confidence in the Bloomberg U.S. Aggregate Float Adjusted Index, with 63% of them expressing expectations of annualized total return between 0-5% over the next three years, one third (34%) believe that the Agg is more likely to dip into the red instead. Advisors are not overly optimistic about how high yielding their high yield investments will be over the next three years. More than six in 10 (65%) respondents expect their high-income investments to yield a paltry 0-5%. Less than a quarter (22.5%) believe that yields will exceed 5%.

In terms of potential threats to the equity and fixed income markets, the survey found that 40% of advisors said their biggest concern in the next three years was inflation, followed by stock valuations (21%), volatility (21%) and higher interest rates (18%).

Advisors are also on the lookout for future market corrections. Only one in ten advisors (10.8%) said that they were “unconcerned” with the potential of a 20% market correction. Instead, most (55.9%) expressed that they were “somewhat concerned,” while a full third considered themselves "very concerned.”

“With more moderate predictions for equity market growth in 2022, advisors realize non-traditional income strategies can be an option for their clients to address current and future market conditions,” said Hackett.

Nationwide introduced its own alternative income strategy in late 2019, the Nationwide Risk-Managed Income ETF (trading symbol: NUSI), which has grown to more than $650 million in assets under management in less than two years. The Fund is listed on the New York Stock Exchange and has an expense ratio of 0.68%.

Investors interested in learning more about the Nationwide Risk-Managed Income ETF should contact their financial professional or visit the website. Financial professionals interested in learning more about Nationwide ETFs can call 1-877-893-1830. 

Methodology
The ETF Trends Investment Income Survey, sponsored by Nationwide, was conducted in the fall of 2021. The survey was conducted online, with a sample size of 574 verified financial advisors.

According to the tenth annual Nationwide Retirement Institute® Long-term Care survey of 1,812 U.S. adults aged 24 or over and 706 caregivers, conducted by The Harris Poll in October 2021, the vast majority of Americans (88%) believe it’s more important than ever for people to have a plan for long-term care and have long-term care insurance (86%) as COVID-19 has raised concerns about nursing homes.

“The pandemic has further fueled people’s fear of being alone in a nursing home when they need long-term care,” said Holly Snyder, president of Nationwide’s life insurance business. “Our survey revealed that six in 10 adults would rather die than live in a nursing home. It’s also made people consider whether they have a plan that will allow them to age in place in their current home if they need long-term care.”

What’s more, 80% of Americans agree that it is important for them to live in a single-floor home when they age. In contrast, 68% of non-retirees say their current home has stairs.

“Many adults are concerned about navigating their home’s stairs and step-up entries as they age,” Snyder added. “In fact, nearly half of those we surveyed (47%) say they are more afraid of falling than getting cancer. There are long-term care solutions with cash indemnity style benefits that allow policy holders to use the money to pay for more than just typical assisted living expenses. You can use this coverage to pay a relative to help with your long-term care and to install lifts, elevators and safety railings so you can stay in your home.”

A family affair
Most adults (70%) would like to have the option of relying on their family for long-term care if they need it. In fact, half (50%) feel it is the responsibility of their family to care for them if they need long-term care. This sentiment is particularly high for Millennials (69%) and declines with age (52% for Gen Xers and 33% for Boomers+). Millennials and Gen Xers expect their parents to live with them when they get older (61% and 49%), and they expect to live with their adult children when they get older (46% and 36% vs. just one in four Boomers).

That said, two-thirds of adults (66%) are worried they will become a burden to their family as they get older. Seven in 10 adults (70%) would not expect a family member to provide long-term care if they were unable to compensate them.

Many adults misunderstand long-term care coverage
The survey reveals that 25% of adults self-report that they currently own long-term care insurance for themselves. This is concerning, as industry data shows only 15% of Americans have purchased long-term care insurance and most of those are older consumers.*

According to the survey, Millennials (39%) are more likely than Gen Xers (26%) and Boomers+ (19%) to claim they currently own long-term care insurance for themselves. Most say they bought the insurance at work, which gives away the misconception - too many adults confuse long-term disability insurance with long-term care insurance.

“Rarely is long-term care included in a company benefit package,” Snyder said. “This misconception could mean that many Americans – mostly Millennials – mistakenly believe they have some sort long-term care coverage, when in fact they do not.”

Most Americans (61%) cannot even estimate what current annual nursing home costs could be. Those who did, estimate current annual nursing home costs to be $43,096. That is not even half of what a semi-private room averages in 2020 ($93,075 semi-private, $105,850 for a private room**). They also underestimate home health care costs at $33,617 ($54,912**).

Caregivers face unique challenges 
According to the survey, two in 10 adults are currently caregivers (21%) and close to four in 10 have been a caregiver at some point in their lives (39%). Caregiving is a time and money-intensive role. On average, most caregivers spend an average of 31.4 hours and $692 a month on caregiving duties.

Eight in 10 (80%) believe they should be able to be a caregiver without dipping into their savings to cover day to day expenses. The reality is, many say they are afraid caregiving expenses will keep them from ever retiring (68% of Millennials and 53% of Gen Xers), as well as worry caregiving could cause them to lose their job (62% of Millennials and 42% of Gen Xers). Despite all this, if given the choice, 80% of caregivers would choose to be a caregiver all over again.

Financial professionals have solutions
Nearly half of adults across all age groups have not discussed long-term care costs with anyone. With fewer than one in 10 adults (8%) saying they’ve discussed long-term planning with their financial professional, it’s important they start the planning process today to set themselves, their loved ones and future caregivers, up for success.

The good news is that more than one-third (36%) plan to discuss long-term care costs with a financial professional in the future, in particular younger adults (41% Millennials and 46% Gen Xers, vs. 24% Boomers+).

“It is very clear that Americans across all generations need more education about long-term care costs and solutions,” Snyder said. “Financial professionals can help adults create a plan that addresses these issues.”

To encourage discussions around health care and long-term costs in retirement, Nationwide’s Health Care/LTC Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data to provide a meaningful, personalized cost estimate that will help financial professionals and clients plan for future medical and long-term care expenses.

To learn more about the 2021 Nationwide Long-term Care Consumer Survey, visit www.nationwide.com/ltcinsights. Financial professionals can learn more at www.nationwidefinancial.com/ltcinsights.

Methodology
The 2021 Nationwide Retirement Institute Long-term Care survey was conducted online within the United States between adults aged 25 and over by The Harris Poll on behalf of The Nationwide Retirement Institute. Within the survey, respondents who are current caregivers or have been caregivers in the past were identified. Caregivers are defined as those who have ever or are now providing paid or unpaid long-term care to a friend or family member, not through an agency, business, or non-governmental organization. Those who care(d) only for a child under 18 or a child over 18 born with a disability did not qualify as a caregiver for this survey.

Respondents for these surveys were selected from among those who have agreed to participate in our surveys. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, household income, marital status, household size, and propensity to be online to bring them in line with their actual proportions in the population. A propensity score was incorporated into weighting to adjust for attitudinal and behavioral differences between those who are online versus those who are not, those who join online panels versus those who do not, and those who responded to this survey versus those who did not.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

These delayed retirements have had a direct impact on these employees’ happiness at work and likely business outcomes for their employers.

• Nearly half of surveyed plan participants (48%) report feeling frustrated
• 42% are worried
• 38% are sad
• 17% feel hopeless

These emotions are bleeding into their work life, with plan participants indicating their delayed retirement has negatively impacted their mental health (48%), morale at work (39%), and productivity (23%). What may be more concerning is many companies aren’t aware of these repercussions. Less than a quarter of plan sponsors surveyed have recognized these issues in their workplace.

“While many companies are focused on attracting and retaining talent during the Great Resignation, there is another group of their employee base that needs attention in order to transition out of the workforce,” said Amelia Dunlap, vice president of Nationwide Retirement Solutions marketing. “It’s clear delayed retirements can foster negative emotions, which can be detrimental to a company’s culture and bottom line. Employers should look to invest in the short-term and long-term financial planning solutions that help employees reach their financial goals and prepare for the retirement they want, when they want it. Doing so may not only help those who are ready to retire, but potentially serve as a reason for younger talent to stay with the company.”

One of the long-term planning solutions plan sponsors could consider to help employees retire on time is offering guaranteed lifetime income investment options for participants. In fact, about half (46%) of plan participants are interested in these options. Eighty-one percent of plan sponsors acknowledge their employees want this, too.

Forces causing older workers to consider delaying their retirement are driven by uncertainty in how their retirement savings will translate to retirement security. Half of participants are worried about market volatility (51%), managing lifestyle and expenses (50%) and outliving their income (48%) in retirement.

“With long-term financial security top of mind for employees, guaranteed lifetime income investment options within an employer sponsored defined contribution plan can help them grow their retirement savings with the confidence that they can generate income they won’t outlive in retirement,” continued Dunlap. “To get started, plan sponsors should work with their plan advisor or consultant to identify which option is right for their plan participants and benefits mix.”

Nationwide offers a list of considerations to help plan sponsors, consultants and advisors get conversations about in-plan guarantees started, as well as additional resources for advisors and consultants.

Methodology
Edelman Data and Intelligence (DxI) conducted the online survey on behalf of Nationwide July 19-August 4, 2021. Respondents included 500 company plan sponsors, 300 financial advisors or consultants who advise at least one plan sponsor and 1,000 plan participants 45+ years of age or older

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“Our seventh annual Advisor Authority study makes it clear that working with an advisor or financial professional on a holistic plan is fundamental for investors to have the confidence they need to confront the impact of compounding financial crises,” said Craig Hawley, Head of Nationwide Annuity Distribution. “Last year was a powerful reminder that the unexpected can shock the system, re-define our lives and our finances, and have an outsized impact on everything from portfolios and retirement plans to investors’ psyches and their advisors’ practices.”

85% Blindsided by Outside Events
Investors with investable assets of $100,000 or more were most likely to say the 2008 Crash and subsequent Global Financial Crisis (37%) had the most profound impact on their approach to finances and investments. This clearly surpassed the 2020 COVID-19 Crash and Recession (28%), and substantially exceeded the impact of every other major financial crisis over the past century, including the 2001 Dot-Com Crash (9%), the 1990 Recession (6%), Black Monday in 1987 (4%) the 1981 Recession (6%), the OPEC Embargo in 1973 (3%), the Bear Market of 1968 (2%) and the Crash of 1929 and Great Depression (5%).

Yet it is also clear that financial pressures from the pandemic are not over yet. While investors with an optimistic financial outlook increased 13 points from last year (49% in 2021 vs 36% in 2020), this is still down from prior years (55% in 2019, 62% in 2018, 51% in 2017). In fact, 65% of investors are still concerned about a U.S. Bear Market over the next 12 months, 61% anticipate market volatility will increase and 69% are concerned about a U.S. economic recession. It is also sobering to learn that just like last year, during the height of the pandemic, 85% of investors continue to say they can do all the right things to manage their finances and still be blindsided by outside events.

“Investors’ demand for advice and the need for holistic planning will continue to rise as multiple factors keep chipping away at their confidence, their outlook becomes increasingly uncertain, and goals difficult to achieve,” said Mark Hackett, Chief of Investment Research, Nationwide Investment Management Group. “Economic and earnings headwinds have emerged, compounded by ongoing supply chain issues and uncertainty in Washington, and volatility ramps up, as the Fed signaled a shift in policy, including the start of the taper, rising rates and the steepest yield curve in months.”

More than two-thirds of investors (68%) expect to live through more financial crises. While 11% expect to live through one more crisis, 22% expect to live through two more crises and 35% expect to live through three or more additional crises in their lifetime. Nearly one-third (32%) say they don’t know or are unsure how many more crises to expect.

But there is good news. A full 91% of investors who have an advisor or financial professional say that working with their advisor or financial professional helps them feel more confident that they can make the right investment decisions—even during an extreme financial crisis. And 89% of investors say that having a plan for their investments helps them feel in control—even if they can’t plan for everything.

Financial Professionals Regain their Footing Faster
On the other hand, advisors and financial professionals with an optimistic financial outlook not only increased 25 points over last year (63% in 2021 vs 38% in 2020), their level of optimism this year is equal to or greater than four of the past five years (50% in 2019, 64% in 2018, 54% in 2017, 63% in 2016). But while advisors and financial professionals are much more positive about the year ahead, they remain clear-eyed about the challenges, with 77% still concerned about a U.S. Bear Market over the next 12 months, 79% anticipating market volatility will increase and 76% concerned about a U.S. economic recession.

Rising optimism in the face of outsized challenges reveals that advisors and financial professionals have built more confidence than investors after confronting the impact of compounding financial crises. In fact, after living through prior crises, 70% of financial professionals feel more confident about their ability to help protect their clients’ finances and investments should another crisis arise, compared to only 44% of investors. Likewise, 69% of financial professionals feel more confident about their ability to help clients prepare for and live in retirement, compared to only 41% of investors. Meanwhile, 66% of financial professionals feel more confident about investing their clients’ assets in the stock market, compared to just 38% of investors.

Investors See Opportunity—But Proceed with Caution
Many investors changed their behavior in response to the crisis that had the most profound impact on them—some for the better and some for the worse. Investors’ top three changes to their personal finances were proactive and practical. These included establishing and following a budget (22%), starting to work with an advisor or financial professional (21%) and starting a “rainy day" fund and/or “emergency fund" (21%). Meanwhile, 39% said they made no changes when it came to their personal finances and they “stayed the course” with their long-term financial plan.

Likewise, investors’ top three changes to their investing approach showed a sense of caution, as well as a sense of opportunity. These included managing investments more conservatively (20%) and adopting a new strategy to protect assets against market risk (17%) while at the same time using the market decline as a buying opportunity (17%).However, 37% said they made no changes when it came to their investing approach and they “stayed the course” with their long-term financial plan.

But some investors made less beneficial financial and investing decisions in response to the crisis that had the most profound impact on them. These included liquidating assets from qualified retirement savings plans to cover financial obligations (12%), liquidating assets from non-qualified investment accounts to cover financial obligations (12%), moving the majority of their investments from stocks to cash (9%) and panicking and selling investments at a loss (7%).

Creating Control in Times of Crises
To create a sense of control and security for clients during recent market crises, advisors and financial professionals were most likely to educate clients on market cycles (44%), listen to their needs and concerns (43%), focus on holistic financial planning (38%) and identify buying opportunities (36%).

But despite the fact that 91% of investors who work with an advisor or financial professional say that this helps them feel more confident they can make the right investment decisions, only 63% of investors are currently working with one. So there is room to grow and the opportunity is huge. And while 89% of investors say that having a plan for their investments helps them feel in control, it’s clear that there is a preparation gap and many could benefit from more comprehensive holistic planning.

Closing the Preparation Gap to Help Protect Assets
When it comes to protecting assets, it’s obvious that many investors could be better prepared. While 93% of advisors and financial professionals have a strategy in place to protect their clients’ assets against market risk, only 66% of investors have a strategy—an almost 30-point preparation gap.

While advisors and financial professionals (55%) and investors (49%) say they are most likely to rely on diversification to manage market risk, our findings also reveal that investors have a shortfall—and financial professionals have an opportunity for educating clients. First, advisors and financial professionals are much more likely than investors to deploy a broad range of risk management solutions, including Hedging Strategies (39% vs 20%), Liquid Alternatives (38% vs 23%), Smart Beta ETFs (31% vs 11%) and Non-Correlated Assets (31% vs 10%).

In addition, advisors and financial professionals are also much more likely than investors to use a range of annuities for protecting assets against market risk—including Fixed Annuities (48% vs 29%), Fixed Indexed Annuities (46% vs 23%), In-Plan Principal Protection Guarantees (38% vs 22%) and Registered Index Linked Annuities (35% vs 11%). Likewise, 88% of financial professionals compared to just 55% of investors are likely to use an annuity to protect against market risk as part of a holistic financial plan in the next 12 months.

Protecting Retirement Against Future Crises
It’s encouraging that 87% of advisors and financial professionals and 82% of investors have a strategy to generate guaranteed income in retirement. Yet 92% of financial professionals compared to just 74% of investors have a strategy in place to help protect against outliving savings. This nearly 20-point preparation gap reflects the fact that investors are more reliant on Social Security and less adept at leveraging other solutions at a time when pensions plans are disappearing, the safety net is under threat, and people are living longer.

In fact, while advisors and financial professionals (51%) and investors (62%) are both very likely to use Social Security to help protect against outliving savings, advisors and financial professionals are more likely than investors to use a wider range of solutions including Dividend Yielding Stocks (49% vs 37%), Fixed Income Ladders / Bond Ladders (46% vs 16%), Yield Generating ETFs / Income Generating ETFs / Multi-Asset ETFs (46% vs 19%), and Defined Benefit Plan / Pension (42% vs 37%).

In addition, advisors and financial professionals are roughly two to three times more likely than investors to use a range of annuities which can guarantee income for life that will never run out, including Variable Annuities with living benefit riders (48% vs 26%), In-Plan Income Guarantees (42% vs 29%), Single Premium Immediate Annuities (38% vs 10%), Longevity Insurance / Deferred Income Annuities (36% vs 14%) Qualifying Longevity Annuity Contracts (36% vs 12%) and Contingent Deferred Annuities (30% vs 13%). Likewise, 89% of advisors and financial professionals compared to only 58% of investors will use an annuity to protect against outliving savings as part of a holistic financial plans in the next 12 months.

For additional insights on Confronting the Impact of Compounding Financial Crises, financial professionals can also download the latest infographic from the seventh annual Advisor Authority study at: https://news.nationwide.com/rising-above-compounding-financial-crisis-infographic/ 

Nationwide’s seventh annual Advisor Authority study powered by the Nationwide Retirement Institute® explores critical issues confronting advisors, financial professionals and individual investors—and the innovative techniques that they need to succeed in today’s complex market. This is the second in a series of ongoing releases from the seventh annual study.

About Advisor Authority: Methodology
The seventh annual Advisory Authority Survey was conducted online within the United States by The Harris Poll on behalf of Nationwide from July 22 – August 17, 2021 among 1,632 advisors and financial professionals and 839 investors, ages 18+. Among the 1,632 advisors and financial professionals, there were 790 RIAs, 790 broker-dealer, 501 wirehouse and 160 other financial professionals. Among the 839 investors, there were 210 Mass Affluent, 210 Emerging High Net Worth, 210 High Net Worth and 209 Ultra High Net Worth. Investors are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, household size, investable assets and propensity to be online to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. Because the sample is based on those who were invited to participate in Harris Poll online research, no estimates of theoretical sampling error can be calculated.

About The Harris Poll
The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.