Filed Under:Life Insurance, Life Planning Strategies

OneAmerica: Most plan participants learn about finances from parents

Most retirement plan participants learn about finances from their parents, according to new research.

OneAmerica Financial Partners, Inc. released this finding in a summary of results from an online survey of 6,360 retirement plan participants. OneAmerica polled visitors to its participant website to determine how they learned about finances and prepared for retirement, what resources are most effective and how confident they are with their retirement preparations.

Fifty-six percent of respondents reported learning about finances from their parents, choosing from a list that also included books, a teacher or other family members. Younger adults between the ages of 20 and 30 were even more likely (71 percent) to have learned from parents, the report states.

“They should understand how important it is that they, themselves, understand finances and the basics of retirement, knowing their children are learning from them.”

“Parents should take these findings to heart and understand the tremendous role they play in the financial literacy of their children,” says Marsha Whitehead, vice president of marketing communications for the retirement services division. “They should understand how important it is that they, themselves, understand finances and the basics of retirement, knowing their children are learning from them.”

Whitehead also says the OneAmerica companies’ recently launched participant education program, “One Day is Today,” which is designed to help participants take a fresh, serious look at their own retirement situation.

“These findings tell us that there’s opportunity for our industry to fill in knowledge gaps,” adds Whitehead. “We need to pool our resources and help parents raise financially literate children. Better educating participants about their own retirement plans could have a ripple effect on future generations of retirement plan participants.”

OneAmerica states that it plans to replicate the survey in coming years to gauge progress in helping participants prepare for a secure retirement.

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.