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Driving Consumer Action

Driving Consumer Action . Amir Weiss, Vice President Linda Stone, Asst. Vice President October 22, 2008 American Savings Education Council Partners Meeting . Financial Literacy Pays. We believe: Educated consumers make the best prospects and customers

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Driving Consumer Action

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  1. Driving Consumer Action Amir Weiss, Vice President Linda Stone, Asst. Vice President October 22, 2008 American Savings Education Council Partners Meeting

  2. 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

  3. 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

  4. Social Security TV spot

  5. Social Security Decision Tool • Helps consumers make better decision about when to start benefits • 100,000 users • Positions MetLife as a trusted partner

  6. Social Security Decision Tool Demo

  7. 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

  8. Employee Benefits TV spot

  9. Employee Benefits Simplifier • Helps consumers make better benefits decisions • Positions workplace benefits as foundation to “personal safety net” • Interactive & personalized

  10. Employee Benefits Simplifier Tool Demo

  11. Best Practices • Use technology to develop tools that are engaging, simple, useful & relevant • Integrate a variety of communications vehicles • Establish precise, ambitious goals & measure

  12. Thank You Amir Weiss Linda Stone aweiss@metlife.com lstone@metlife.com 212-578-4120 770-407-2559

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