Nationwide Financial Redefines "Retirement Calculator" with Unique,
Interactive Experience
Market Research Demonstrates Boomers Turning to Web for Retirement Planning
Needs
COLUMBUS, Ohio, Oct. 20 /PRNewswire/ -- In response to the growing need
for a different kind of retirement preparedness resource, Nationwide
Financial Services, Inc. (NYSE: NFS) today announced the launch of
RetirAbility Check(SM). RetirAbility Check(SM), available at
http://www.nationwide.com, is a free, innovative and customized financial resource
that enables users to generate a single number -- their R-Score(SM),
similar to a credit score -- that measures their retirement readiness.
Recent Nationwide research shows nearly half of Americans go online to
search for financial planning resources and information, yet many (44
percent) believe financial service providers are missing the mark on ease
of use and content.
"Our research indicates Americans want to be engaged beyond just data,
statistics and online questionnaires," said Keith Millner, senior vice
president of Nationwide Financial's In-Retirement business unit. "With
RetirAbility Check(SM), Nationwide created a new definition of retirement
tool. Each step has been strategically planned to keep the user engaged.
The result is an experience that is new, smart, entertaining ... and a bit
different."
RetirAbility Check(SM) is based on solid research and is the first
retirement preparedness resource that helps consumers evaluate their
retirement readiness against that of their peers. The peer-level comparison
data is derived from the National Retirement Risk Index, exceptional
research conducted by the Center for Retirement Research at Boston College
and funded by a grant from Nationwide. The Index revealed a disturbing fact
-- 43 percent of Americans are at risk of being financially unprepared for
retirement.(1)
"The Index discovered that Americans need more sources of guaranteed
lifelong income, smarter investment strategies and increased savings.
Nationwide sought to translate all of this intelligent research into a
consumer-friendly format. RetirAbility Check(SM) is a unique combination of
strategic, independent research and creative, fresh thinking. The result is
a fun experience that allows users to evaluate their financial risk profile
in the context of their peers," said Millner.
RetirAbility Check(SM) -- which is free and anonymous -- is simple to
use, open to anyone and can be completed in less than eight minutes:
1. Users are introduced to RetirAbility Check(SM) by an engaging host, who
challenges them to find out how prepared for retirement they are "in
the amount of time it takes to make a box of macaroni and cheese."
Users fill out basic demographic and financial information.
2. Users are then introduced to their RetirAbility Check(SM) guide,
similar in age and gender, who guides them through the process, keeps
it light-hearted and provides no-holds-barred commentary on their
answers. The guides interact with users in surprising and sometimes
quite comical ways -- from playing the air guitar to acting out animal
sounds, it all depends on who is answering the questions, and how!
3. As users move through the questions, they receive factoids and tips
about how to improve their score, all while being teased and cajoled by
their online guide.
4. Once information-gathering and assessment are complete, the peer guide
reveals the user's R-Score(SM). The score represents how prepared users
are to meet their retirement needs. In other words, a score of 56 means
they are on track to have 56 percent of what they need to maintain
their current standard of living if they retire at age 65.
5. Users will receive a description of the score and be presented feedback
on the number; peer and national averages appear here as well, giving
the user information about how his or her score compares to others.
6. At this point, the user receives personalized suggestions for score
improvement.
"RetirAbility Check(SM) is not your average online experience -- From
its credible research base and interactive structure to its irreverent tone
and consumer-friendliness, there is nothing like it online," said Millner.
"Nationwide Financial believes it is imperative consumers are challenged in
new ways to improve their retirement readiness. RetirAbility Check(SM) is
one of the first steps in empowering consumers to meet personal retirement
goals."
RetirAbility Check(SM) and the Index are based on data from the Federal
Reserve Board's Survey of Consumer Finances, which is a comprehensive
measure of household finances that includes Social Security,
employer-sponsored pensions, non-pension financial assets and housing. The
Index bundled together complex pieces of the retirement puzzle to come up
with a collective measurement of our retirement readiness as a nation.
About Nationwide Financial
Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded
company based in Columbus, Ohio, provides a variety of financial services
that help consumers invest(2) and protect their long-term assets, and
offers retirement plans and services through both public- and
private-sector employers.
It's part of the Nationwide group of companies, which offers
diversified insurance and financial services. The group is led by
Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune
100 based on 2005 revenue(3). For more information, visit
http://www.nationwide.com.
Nationwide and the Nationwide Framemark are federally registered
service marks of Nationwide Mutual Insurance Company.
Nationwide Investment Services Corporation, member NASD. In MI only:
Nationwide Investment Svcs. Corporation.
1) (Full report and other details are at:
http://www.bc.edu/centers/crr/nrri.shtml)
2) Nationwide Investment Services Corporation, member NASD. In MI only:
Nationwide Investment Svcs. Corporation.
3) Fortune Magazine, April 2006
About RetirAbility Check(SM)
The National Retirement Risk Index, developed by the Center for
Retirement Research at Boston College funded by a grant from Nationwide,
illustrated that 43 percent of working-age households are "at risk" of
being unable to maintain their pre-retirement standard of living in
retirement. RetirAbility Check(SM) takes the next step in delivering what
consumers need such as sources of guaranteed lifelong income, smarter
saving options and better investment strategies. RetirAbility Check(SM)
provides consumers a distinct and easy way to see exactly where they stand
by offering insights on increasing their retirement readiness. Using this
resource, consumers create and learn about their own personal retirement
readiness score -- thereby giving them a starting point to learn more about
financial strategies and to take action to implement those strategies.
Visit http://www.nationwide.com/RetirAbilityCheck for more information.
About The National Retirement Risk Index
The National Retirement Risk Index, developed by the Center for
Retirement Research at Boston College, is based on data from the Federal
Reserve Board's Survey of Consumer Finances. The Index is a comprehensive
measure of household finances that includes Social Security,
employer-sponsored pensions, non- pension financial assets, and housing.
The Index was funded by a grant from Nationwide Mutual Insurance Company.
Contacts:
Lauren Dettloff 312-751-3540
lauren.dettloff@fleishman.com
Suzanne Kennedy 212-453-2451
kennedys@fleishman.com
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwide.com/RetirAbilityCheck
http://http://www.nationwidefinancial.com
http://www.bc.edu/centers/crr/nrri.shtml
http://www.prnewswire.com/comp/607050.html/
CONTACT:
Lauren Dettloff, +1-312-751-3540,
lauren.dettloff@fleishman.com, or Suzanne Kennedy,
+1-212-453-2451, kennedys@fleishman.com, for Nationwide Financial
Services, Inc.
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