Most Consumers Baffled By Annuities, Study Finds
April 29, 2020 by Staff
According to a recent Secure Retirement Institute study, only 1 in 4 consumers can correctly answer at least 7 out of 10 annuity-related questions. In addition, more than 40% answered “not sure” to each of the 10 questions.
“Our study annuity owners go to the head of the class when it comes to understanding how annuities work,” said Matt Drinkwater, corporate vice president at SRI. “Almost 6 in 10 annuity owners achieved a high score on the annuity quiz, compared with just 21% of those who don’t own an annuity. We believe that knowledge likely contributes to annuity owners’ positive views of annuities. Twice as many annuity owners view the products positively, compared to non-owners (83% to 41%).”