Annuity Owners Face Online Information Gap

News June 17, 2024 at 11:19 AM
Share & Print

people holding emoticon

Typical annuity owners appreciate what you're telling them about annuities, but they think that much of the annuity information posted online is useless.

About 84% of the annuity owners who participated in a recent Nationwide survey said that they had learned a lot about annuities from their financial professionals, and 48% said they had looked for annuity information online.

But 80% of the annuity owners agreed that they wished there was more neutral, quality information about annuities online. Just 5% disagreed with that view.

About 69% agreed that "information available online about annuities tends to be very basic, lacking detail."

What it means: The surge in annuity popularity may increase consumer demand for the kind of detailed, warts-and-all content that stock market investors and mutual fund investors get.

The survey: Nationwide quantified annuity owners' frustration with online annuity content in February, when it sponsored an online survey of 300 annuity owners.

All of the survey participants were 50 through 74 years old, and all had purchased annuities through financial professionals, either on their own or with a spouse or partner.

The participants were not told that Nationwide was conducting the survey.

Annuity confidence: About 96% of the survey participants said they were very confident or somewhat confident that buying an annuity was the right decision.

The most important factor shaping the participants' thinking was the opinion of their financial professionals: 82% said their financial professionals' views made them feel more positive about their annuities.

Credit: Adobe Stock

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

Resource Center