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Driving Consumer Action
Amir Weiss, Vice President
Linda Stone, Asst. Vice President
October 22, 2008
American Savings Education Council Partners Meeting
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Financial Literacy Pays
• We believe:– Educated consumers make the best prospects and customers– Individuals face enormous, often crippling, financial complexity– The remedy is public/private sector partnership that encourages
people to act
• Americans know they must act—and want to—but don’t know how to get started. – Purchase barriers impede consumer action– Simply creating more awareness is not the answer
• The solution is financial literacy efforts that generate active engagement to drive consumer action
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Social Security
• 3.4 million Google searches a month for “Social Security”
• A major source of retirement income– For two thirds of older Americans, Social Security
represents 50% or more of their income– First baby boomer takes retirement in Jan 2008– 58% of women and 53% of men start benefits at 62
• Life expectancy of the average American at age 66 is 17.5 years, yet only 33% delay Social Security to normal retirement age
• Depending on your situation, it may pay to take benefits later.
The New York Times, May 2007
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Social Security TV spot
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Social Security Decision Tool
• Helps consumers make better decision about when to start benefits
• 100,000 users
• Positions MetLife as a trusted partner
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Social Security Decision Tool Demo
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Emergence of “Benefits Consumers”
• Continuing shift of benefit decision making to employees – strong desire for tools
• Inertia and uncertainty in making best benefit choices– 44% experience major life events in last 12 months;
– 75% make no changes to their benefits
• Employees looking for interactive, personalized, simple decision tools
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Employee Benefits TV spot
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Employee Benefits Simplifier
• Helps consumers make better benefits decisions
• Positions workplace benefits as foundation to “personal safety net”
• Interactive & personalized
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Employee Benefits Simplifier Tool Demo
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Best Practices
• Use technology to develop tools that are engaging, simple, useful & relevant
• Integrate a variety of communications vehicles
• Establish precise, ambitious goals & measure
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