Study after study suggests that most Americans aren\u2019t well-prepared for retirement \u2013 even if it\u2019s just a few years away.<\/p>\n
One recent survey<\/a> of U.S. households found that only 18% of older workers feel they\u2019re on track with financial planning, and only 26% report they have enough money saved. This is a part of a long trend, but the COVID-19 pandemic and its impact on inflation and interest rates have only led to more uncertainly and stress for pre-retirees.<\/p>\n It\u2019s been called a \u201clooming crisis,\u201d but it\u2019s also a vital opportunity for banks and credit unions to foster financial wellness<\/a> and elevate their brand.<\/p>\n Older workers have long been underserved by investment firms and national banks in their pursuit of high-net-worth individuals and commercial clients. Despite their pressing money concerns, pre-retirees represent a large and lucrative demographic. Consider the following statistics:<\/p>\n Meanwhile, because of pre-retirees\u2019 pressing concerns, community financial institutions with a tradition of personalized service are well positioned to cater to this segment. Even without factoring in formal advisory services and investment products, banks and credit unions can become trusted financial partners to this demographic. They are able to provide support and advice on a broad range of financial wellness topics and offer mutually beneficial solutions like home equity loans and flexible IRAs.<\/p>\n But financial institutions continue to leave cash on the table. In one study<\/a>, only 20% of pre-retirees said their financial institution helps them to save for retirement \u2013 while 82% said this would be of value to them.<\/p>\n Why the disconnect? A lot of it comes down to communication. Financial institutions that can effectively reach this demographic with a holistic, service-oriented message will gain a competitive advantage and lay a strong foundation for long-term banking and lending relationships.<\/p>\n \u201c[Provide] advice that doesn\u2019t come off like trying to sell something. I want to trust you before I give you my money.\u201d<\/p>\n That\u2019s what one survey<\/a> respondent said when asked what financial institutions should do to help consumers with retirement. Happily, most marketing professionals in the finance vertical have come to understand the value of educational content and meaningful dialogue over narrow sales pitches. For a segment that is experiencing extra uncertainty and anxiety, it\u2019s all the more important to lead with empathy and dependable advice.<\/p>\n Here are some other insights we\u2019ve garnered over 15 years of helping community banks and credit unions to forge meaningful connections with pre-retirees:<\/p>\nReaching Pre-Retirees Is a Must<\/h2>\n
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Tips For Marketing to Pre-Retirees<\/h2>\n
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