KING OF PRUSSIA, PA – September 21, 2023 – The American College of Financial Services is excited to announce Carol Parlin Prushan as Senior Vice President, Advancement and Alumni Relations. Working closely with The College’s Executive Leadership team, Prushan will shape the advancement strategy of The College as the institution moves into its next 100 years.

Building meaningful relationships across constituent groups is a major aim of The College as it forges the path toward its Centennial in 2027, connections that will be the cornerstone of its future. The College’s network of corporate partners, individual donors, alumni and professional organizations are just a few of the groups that make up the core supporters of its strategic initiatives. Prushan will be key in nurturing those relationships and continuing to build meaningful pathways.

As SVP of Advancement and Alumni Relations, Prushan will be a member of The College’s Executive Leadership Team. Starting from September 18, Prushan will report directly to President and CEO George Nichols III, CAP®.  

Prushan will direct the integration of annual College-wide fundraising efforts and lead an alumni relations program that fosters connectivity with The College’s mission and provides opportunities for deeper networking and idea sharing to support the profession’s growth.

“Carol is a highly trusted, respected, and valued leader with excellent judgement and unwavering integrity,” said Nichols. “We look forward to the renewed energy and vision she will bring to The College’s fundraising and networking strategy as we bring forth our refreshed brand and strategic areas of focus to all our constituents and build new pathways.”

Prushan comes to The College with over 30 years’ experience as an advancement professional, serving vulnerable communities and impacting social change. She has expertise in fundraising, Board relations, leadership, cultural transformation, revenue expansion and optimization, community engagement, and strategic planning and event management.

“I look forward to working with my colleagues at The College to help solidify its future as a leader in financial services education,” said Prushan.  “This is an exciting time to be a part of this storied institution, working with our community of stakeholders to shape the next century of the industry and its professionals.”

Most recently, Prushan served as Vice President and Chief Development Officer at Einstein Healthcare Network, an independent academic medical center primarily serving the poorest community in Philadelphia. At Einstein Healthcare Network, Carol was instrumental in The Einstein Campaign raising $167M, exceeding the initial goal of $100M, and grew their annual campaign from $3M to $10M.

Prushan graduated from Syracuse University with a Bachelor of Science in Marketing and Management Information Systems. She contributes to and participates in many organizations such as the Forum of Executive Woman, Healthcare Businesswomen’s Association, Delta Phi Epsilon Sorority, and the Jewish Federation of Greater Philadelphia.
 

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ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES    
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Contact:

Sarah Tremallo 
908-967-0381 / stremallo@jconnelly.com

Lindsey Allumbaugh 
678-643-1310 / lindsey.allumbaugh@theamericancollege.edu   
 

KING OF PRUSSIA, PA – September 12, 2023 – The American College of Financial Services is proud to announce the launch of the FinServe Network, a remarkable cross-section of leaders and rising stars in financial services, including College alumni and dedicated volunteers who represent the uniqueness and diverse landscape of the profession.  

“We are honored to have these ambassadors join the inaugural FinServe Network class and partner with The College to reach our bold strategic vision to better serve financial professionals and society for the next 100 years,” said George Nichols III, CAP®, President and CEO of The American College of Financial Services. “Through valuable connections and the networks derived from those relationships, we are advancing the conversation around what the financial services profession should truly be. We couldn't be prouder to collaborate with these leaders and look forward to working together to help redefine the future of financial services.”

The FinServe Network serves as a valuable resource for The College, advocating on behalf of its vast alumni network, providing unique perspectives and expertise on industry trends, and sharing a collective passion for lifelong learning. FinServe ambassadors will provide a behind-the-scenes preview into the innovative ways The College is growing with the intent of sparking ideas to put forward in their own careers. Issues such as training, retention, career development, access to financial services and practice management are all topics that were workshopped during the FinServe Network’s first in-person gathering in Spring 2023, and these conversations will continue as The College identifies additional areas to best serve its alumni in their career paths.

“The opportunity to be involved in shaping the programs and offerings of The College to truly impact our colleagues and future professionals is extremely inspiring,” said FinServe ambassador Heather Welsh, CFP®, AEP®, MSFS, Vice President, Wealth Planning Department Leader, Sequoia Financial Group. “The exchange of ideas with other College alumni has always been so valuable to me and formalizing this forum opens so many opportunities to meaningfully impact the industry. Financial services and financial education is for everyone.”

The ambassadors are also highly committed to working with The College to create content to inspire and engage in guided conversation on The College’s new website, across social media, and at industry events.

“I’m honored to go beyond broker/dealer affiliations and join a group of financial planning and wealth management leaders chosen by The American College of Financial Services,” said FinServe ambassador Padric Scott, WMCP®, ChFC®, CLU®, CAP®, AEP®, CFP®, CCFC, President and CEO, Crossroad Capital Partners. “This noble profession is constantly evolving, and it is exciting to be at the forefront of that conversation. Our goal as FinServe ambassadors is to continue to expand the opportunities offered through our connection with The College and foster sustained growth through those connections that will hopefully open new avenues for access.”

Meet the FinServe Network ambassadors partnering with The College to benefit society at TheAmericanCollege.edu/FinServeNetwork.  

Inaugural FinServe Network Ambassadors:

• Jason Austell, CFP®, MSFS, ChFC®, CLU®, RICP®, AEP®, CAP®, CASL®, MassMutual
• Nancy Du, MBA, RICP®, CFP®, Ashford Advisors
• Mary Fischer-Nassib, CAP®, Sow Good Now
• Drew Gerling, MSFS, ChFC®, CLU®, CAP®, RICP®, CFP®, Thrivent
• Centario J. Grier, J&G Legacy Financial Group
• Terry Parham, Jr., CFP®, ChFC®, CLU®, RICP®, WMCP®, Innovative Wealth Building
• Richard Peck, CFP®, ChFC®, CAP®, Richard C. Peck Consulting, LLC
• Alanah Phillips, Break Up With Your Broker-Dealer, Advisor Launch Pad
• Angela Ribuffo, CFP®, RICP®, ChFC®, WMCP®, CDFA®, CLTC®, Raion Financial Strategies, LLC
• Irv Rosenzweig, ChFC®, CLU®, AEP®, CFP®, Diversified, LLC
• Padric Scott, WMCP®, ChFC®, CLU®, CAP®, AEP®, CFP®, CCFC, Crossroad Capital Partners
• Andrew Tudor, CFP®, CAP®, RICP®, Alchemist Wealth
• Heather Welsh, CFP®, AEP®, MSFS, Sequoia Financial Group
• Fatima T. Williams, FSCP®, New York Life Insurance Company, LLC
• Marco Williams, CFP®, J.P. Morgan
• Scott A. Winslow, MSFS, ChFC®, CLU®, RICP®, AEP®, CCFC, Nabell Winslow Investments & Wealth Management   
   

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ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES   
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Contacts:

Sarah Tremallo   
908-967-0381 / stremallo@jconnelly.com     

Lindsey Allumbaugh   
678-643-1310 / lindsey.allumbaugh@theamericancollege.edu  

KING OF PRUSSIA, PA – September 7, 2023 – The Annual Clambake & Soldier-Citizen Award Ceremony, hosted by The American College of Financial Services and the American College Center for Military and Veterans Affairs, and supported by the Center’s founding sponsor and partner, Penn Mutual, will take place September 21, 2023, at the National Constitution Center in Philadelphia, Pennsylvania. The event, which is celebrating its ninth year, transforms the lives of active-duty, guard, reserve members, veterans, and their spouses by raising money for full scholarships for professional designations and degree programs offered by The College.

“We’ve been here for military families for over 10 years, with roots that go much deeper, offering life-changing career transition support and opportunities for those who have honorably served in the Armed Forces," said Jim Roy, #16 CMSAF, USAF (Ret.), Executive Director of the Center for Military and Veterans Affairs. "We couldn’t do the work we do without the impactful donations of partners, organizations and individuals. This event is a celebration of that support and an opportunity to honor those who serve.”

The event features a patriotic, informative, and moving program, highlighting the work of the Center and the promise of the veterans and service members it serves. The cornerstone of the Clambake is The American College Soldier-Citizen Award, established in 2014 to recognize individuals in the financial services industry who have made significant contributions to the United States military, their community, and our society. The award aims to celebrate sacrifice, success, and service. The 2023 Soldier Citizen Award Recipient is Admiral Michael G. Mullen, USN (Ret.)

“Admiral Mike Mullen truly exemplifies the values of a soldier and a citizen. As a soldier, he has given over 40 years of military service to our nation at the highest levels of leadership,” said John M. Howard, Chairperson of the Board of Trustees of The American College of Financial Services. “As a citizen, he has done significant work in the financial services industry, held numerous board positions with for-profit and nonprofit organizations, taught national security decision-making policy, ethics, and leadership, and has received many distinguished awards. Much of his work with non-profit organizations is related to assisting military veterans and their families. It was an honor to nominate Admiral Mullen for this award in recognition of his sacrifice, success, and service.”

Admiral Mullen is President of MGM Consulting, which counsels global clients on related issues to geo-political developments, national security interests, and strategic leadership. He served as the 28th Chief of Naval Operations from 2005–2007 and the 17th Chairman of the U.S. Joint Chiefs of Staff for Presidents Bush and Obama from 2007 to 2011. He led the military during a critical time of change and transition.  Admiral Mullen advanced the rapid fielding of innovative technologies, championed emerging and enduring global partnerships, and promoted new methods for countering terrorism. After his retirement from the United States Navy in November 2011 after 43 years of honorable service, Admiral Mullen joined the corporate boards of General Motors from 2013–2018 and Sprint from 2013–2019. He serves on numerous boards, including Bloomberg Philanthropies, Naval Academy Foundation, Naval Postgraduate School Foundation, and a wide array of nonprofit organizations dedicated to improving the growth, development, recovery, and transition of military veterans and their families.

This year’s Clambake will be emceed by Tracey C. Jones, MBA, PhD, Center Advisory Council Chair, author, speaker, veteran, publisher, podcaster, and international leadership expert, who currently serves as president of Tremendous Leadership and T3 Solutions. The Center for Military and Veterans Affairs has experienced robust growth since its launch in 2012 thanks to generous support from corporate and private donors, and many members of the military community. The annual Clambake & Soldier-Citizen Award Ceremony continues to generate professional interest and garner financial support for the important mission of the Center.

The following morning, on September 22, 2023, the Military Center will host a Leadership Symposium, "Bridging the Gap in an Ever-Changing World", that includes a panel of distinguished leaders from academics, business, and the military. The panel will be followed by the annual Maury Stewart Lecture, supported by Center Founding Partner and Sponsor Penn Mutual Life Insurance Company. The lecture, which engages the most notable individuals from diverse disciplines to address themes and issues critical to leadership development in the financial services profession, will be delivered by marquee speaker Colonel Nicole Malachowski, USAF (Ret.) on the subject Harnessing Headwinds: Successfully Navigating Change & Adversity. She is a combat veteran and the first woman pilot on the Thunderbirds Air Demonstration Squadron.

Join the Center’s work to empower those who serve with the gift of knowledge, education, and career transition opportunities. Make your gift today at TheAmericanCollege.edu/Veterans.

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ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES   
Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Contacts:

Sarah Tremallo 
908-967-0381 / stremallo@jconnelly.com  

Lindsey Allumbaugh 
678-643-1310 / lindsey.allumbaugh@theamericancollege.edu  

Joe Bergan, the Principal responsible for Professional Development Elective Training at Edward Jones, and Ellen Rinaldi — who served as the Chief Security Officer and Chief Information Security Officer at Vanguard — will bring their array of insights to the Board. Bergan and Rinaldi possess decades of financial services leadership experience that aligns with The College’s mission to benefit society and vision to accelerate impact leading into its centennial celebration in 2027. 

“Joe and Ellen have been standout leaders within their respective financial fields, and we are pleased to welcome them to The American College of Financial Services Board of Trustees,” says George Nichols III, President, and CEO at The American College of Financial Services. “They bring decades of senior leadership and unique skills in client-facing, home office, and information technology roles to their governance responsibilities. Their guidance will be invaluable.” 

Bergan spearheads the Professional Development Elective Training initiative for Edward Jones’ Branch Development division. He began his tenure at Edward Jones in 1998 as a Financial Advisor in Sunset Hills, Missouri, and built his career on fostering meaningful personal and financial relationships with clients through advanced development and designations. These efforts led to him being recognized as a top financial advisor within his region, and he would later share his success with others by serving in several leadership roles. This included a stint as a regional leader, which he held from 2008 until November 2013. Bergan has since relocated to the firm’s St. Louis headquarters, where he has held his current responsibilities since October 2021. He is a graduate of the University of Pennsylvania Wharton School’s Securities Industry Institute and earned a degree in business administration from the University of Notre Dame. 

“As I’ve grown with Edward Jones, I’ve made a commitment to uplifting others within the financial services industry, which is why I am honored to support other financial professionals through my work with The American College of Financial Services Board of Trustees,” Bergan says. “I am excited to share the skills I’ve developed over the course of my career within the profession’s leading academic institution.” 

Rinaldi served as an expert in cyber risk management for Vanguard, a $6 trillion-plus financial services organization. She created a comprehensive, integrated global security function that successfully protected more than 22 million institutional and retail shareholders’ assets as well as sensitive corporate data and business and technical infrastructure. Rinaldi has more than twenty years of leadership experience and served as the first Chair of the Chief Information Security Officer Advisory Committee of the Investment Company Institute (ICI) for four years until her retirement in January 2019. 

“In an age where technology is at the forefront of business, it is paramount that the appropriate security measures are taken to mitigate cyber risks and ensure trusted, secure financial exchanges,” Rinaldi says. “I am honored to share my experience with the Board of The American College of Financial Services. This institution delivers the high-quality education necessary for future financial leaders to innovate and thrive, and I am excited to be aiding them on their path toward success.” 

Rinaldi received her B.A. from the University of Connecticut, her J.D. from Suffolk University Law School, and her L.L.M. in Taxation from Boston University Law School. She serves as a member of the Board of Penn National Insurance, a mutual regional casualty property company and sits on both the Finance and Audit Committees. She is also on the Board of Governors for Main Line Health, a not-for-profit health system with four of Philadelphia’s most respected acute care hospitals.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation's largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College's faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Hosted by The American College of Financial Services — a nonprofit, accredited institution delivering an educational and impact platform for financial professionals, nonprofit leaders, and consumers — the Annual Conference of African American Financial Professionals (CAAFP) will be held in Chicago, IL, August 7-9, 2023. 

This marks the 17th year of The College hosting this premier event and since its founding, the CAAFP has served to advocate and advance the charge for increased representation of Black and African American professionals in the financial services industry. This year’s conference theme is “Reclaiming Black Wealth” and is a follow-up to a tremendously successful gathering last year in Washington, DC, focusing on empowering Black communities, businesses, and individuals. 

This year’s expansive agenda will reinforce and elevate the conversation around how the financial services industry can inspire Black professionals and promote the advancement of all underserved communities through education and empowerment, as we seek to narrow the wealth gap and create sustainable, generational change. This is the core mission of the CAAFP. 

Keynote sessions will feature thought leaders from a variety of backgrounds in financial services and other areas, including Lauren Simmons, Eszylfie Taylor and Linda Clemons. There will be a wide range of breakout sessions, led by change agents and industry experts, covering and continuing education credit, with a focus on empowering Black communities and the advisors that serve them. Four main tracks include:

• Retirement - Prepare to help clients improve their financial fitness and retirement readiness no matter where they are in life.
• Consumer Connections - Build skills and learning tools to cultivate personal and professional networks to better understand the real needs of clients and communities.
• Applied Knowledge - Focus on foundational industry knowledge, insights from thought leaders and experts, and best practices from pioneers and bold new voices making an impact across financial services.
• Niche Markets – Access opportunities and trailblazing strategies to increase professional and personal influence through community networks. 

"As the nation's leading financial services educator, we look forward to gathering with this outstanding community and introducing innovative programs to empower future generations of Black financial professionals," says George Nichols III, President, and CEO of The American College of Financial Services. “The Conference of African American Financial Professionals has continued to grow and innovate over two decades. It is a true testament to the conversations, education and advancement that happens as a result of this gathering and the efforts of its attendees.” 

To learn more about the CAAFP and register, visit TheAmericanCollege.edu/CAAFP-2023.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation's largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College's faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Guild partners with forward-thinking companies to invest in their employees, unlocking opportunities for personal and professional growth through education and learning programs, career development, and one-on-one coaching. 

“The College’s applied financial knowledge and education has supported professional growth and success for nearly a century. We’re excited to work alongside Guild and innovative financial services organizations in service of those who fortify the financial security of all Americans,” said George Nichols III, The College’s President and Chief Executive Officer. “We look forward to educating these professionals and becoming their lifelong learning partner.” 

Through this new partnership, employees at innovative employers including Regions Bank will now have employer-funded access to The College’s applied financial knowledge and education through some of the most recognized and reputable programs in the profession, allowing financial services professionals across the country to attend without the burden of student debt. As it grows in impact ahead of its centennial celebration in 2027, The College helps professionals accelerate through knowledge, grow through connections, and uplift through community. 

“We are proud to announce the addition of The American College of Financial Services to Guild’s Learning Marketplace,” said Marty Martinez, Chief Partnerships Officer at Guild. “The College has a history of supporting financial services professionals, helping them realize their career goals through rigorous, practical education in their field. They are positioned to support employers across the sector as they invest in the career development of their employees and unlock in-demand career pathways across financial services.” 

Current employees at U.S. based companies whose employer offers education programs are encouraged to contact their HR representatives to see if Guild and The College are an option for them.

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us. 

ABOUT GUILD 

Guild’s Career Opportunity Platform™ enables forward-thinking employers to invest in their employees, unlocking life-changing opportunities for personal and professional growth through education and learning programs, career development, and one-on-one coaching. Guild partners with the nation’s largest employers — including Walmart, Chipotle, Discover, Hilton, Target, The Walt Disney Company, and healthcare systems like Providence Health and UCHealth — to create cultures of opportunity that will help them attract and retain top talent, and build the workforce of the future. Guild offers a marketplace of curated education and learning programs designed for the success of working adults. Layered onto that is support, guidance, and resources at every step to help ensure the new skills employees are building translate into career pathways that are in demand at their companies — all without paying for tuition or career services on their own. For more information, visit guild.com.

These findings are part of the new RICP® Retirement Income Literacy Survey from The American College of Financial Services – the most comprehensive survey exploring the drawdown phase of Americans' financial lifetimes, when people are no longer receiving a paycheck from their jobs but must still fund their lifestyles during a potentially lengthy retirement.

"Over the next 12 years, an estimated 10,000 Baby Boomers will reach the age 65 every day," said David Littell, Retirement Income Program Co-Director at The American College of Financial Services. "More and more Americans are retiring but so few understand basic facts and strategies when it comes to ensuring that their retirement is a comfortable one. The results of this survey are alarming and a stark reminder of the need to be prepared for the decades in retirement when you are not earning a steady stream of income." 

Americans believe they know a lot more than they do when it comes to retirement income literacy. Although the majority fail the quiz, most are also confident about their retirement income knowledge. Almost two thirds (61%) of respondents indicate they have high levels of retirement income knowledge. Of those who claim to be highly knowledgably, only 33% could pass the quiz. 

The Demographic Divide 

There are significant differences in literacy rates between men and women, college educated and non-college educated, and between wealthier and less wealthy respondents. 

• Only 17% of women passed the quiz as opposed to 35% of men 
• 49% of respondents with over $1 million in assets passed as opposed to 20% of respondents with below $1 million in assets 
• 40% of those with a graduate degree or more passed – as opposed to just 9% of respondents without a college degree who passed 

Littell continued, "The drastic demographic differences are unsettling because all Americans – regardless of background – deserve to live out their retirement comfortably. This divide underscores how important it is for everyone to plan ahead." 

Clueless on Strategies to Improve Retirement Security 

Respondents lack knowledge of the strategies that are most effective to improve retirement security. 

• Only 33% understand that it is more effective to work two years longer or defer Social Security for two years than to increase retirement contributions by 3% for five years just prior to retirement 
• Fewer than half (45%) recognize that a life annuity can protect against life expectancy risk 
• Only 38% of participants in the survey know that 4% is the amount they can afford to "safely" withdraw per year from a retirement account 

Jamie Hopkins, Retirement Income Program Co-Director at The American College of Financial Services said, "Retirees are living much longer so there's a need for smart advice around how to turn consumers' nest eggs into something they can live on for up to three decades or longer in many cases." 

Long-Term Care: Out of Sight, Out of Mind 

Very worrying is the fact that a majority (82%) of respondents do not expect that most older Americans will need long-term care at some point in their lives. When considering long-term care, respondents lack knowledge on several critical items. 

• Just one in three (33%) know that Medicaid pays for the majority of long-term care expenses provided in nursing homes 
• Just 30% know that family members – not nursing homes, assisted living facilities, or hospitals – provide the majority of long-term care costs 

Hopkins also noted, "It is extremely hard to put a good retirement plan in place when consumers are not literate about the risks they face and how to solve for these risks. For instance, the misunderstandings about long-term care shown in the survey indicate that people don't understand the huge burden a long-term care event will have both on their finances and family." 

Power of Retirement Literacy 

Retirement literacy rates appear to correlate with better retirement planning as those with higher scores are more likely to have plans in place. Respondents who passed the quiz were: 

• 46% more likely to have a long-term care plan in place 
• 36% more likely to feel confident they could manage their own investments throughout retirement 
• 16% more likely to have a written plan in place 

Littell continued, "With more and more Americans entering into retirement each year, there is a premium on retirement literacy. The time is now for retirees and pre-retirees to gain the knowledge they need to make smart decisions for a financially secure retirement. It is critical to have a plan in place in order to ensure you are on track for secure retirement years." 

Methodology 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior and attitudinal questions about retirement income planning. 

Information for this study was gathered through online interviews conducted between February 16 – March 1, 2017. A total of 1,244 Americans were interviewed. To qualify for participation in the study, respondents had to be ages 60-75 and have at least $100,000 in household assets, not including their primary residence. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Nearly twice as many retirement-age men are able to pass, and although those numbers are still grim, this underscores the trouble women face in their own retirement knowledge. Even more worrisome is that despite low retirement literacy, the majority of women (55%) are still extremely confident that they and their spouses would have enough money to retire comfortably. 

These findings are part of the RICP® Retirement Income Literacy Survey from The American College of Financial Services – the most comprehensive survey exploring the drawdown phase of Americans' financial lifetimes, when people are no longer receiving a paycheck from their jobs but must still fund their lifestyles during a potentially lengthy retirement. 

Women demonstrated lower literacy rates in 10 out of 12 knowledge categories. There was a discrepancy in performance between men and women across the areas of annuity products in retirement (16% vs 24%), company retirement plans (30% vs 40%) and investment considerations in retirement planning (21% vs 49%). However, women performed just as well as men (76%) on the topic of Medicare insurance planning and actually exceed on the topic of paying for long-term care expenses (38% vs 35%), which is important as women live longer on average. 

Retirement Income Literacy: Don't Know, Don't Care 

Women are aware that they have poor retirement literacy – yet this does not impact their confidence in retirement. Only a third (33%) of women stated they were extremely knowledgeable about retirement income planning, compared to 44% of men. However the majority of women (55%) reported they were extremely confident they would have enough money to live comfortably throughout retirement. 

• Only 24% of extremely confident women could pass the quiz while roughly 42% of the extremely confident men could pass the quiz. 
• In all 12 knowledge categories – including strategies for sustaining income, life expectancy, and life insurance – women reported lower self-perceived retirement income planning knowledge than men. 

"Women face considerable challenges when it comes to preparing for retirement, and lacking financial literacy certainly does not help the cause," said Jocelyn Wright, State Farm® Chair in Women and Financial Services and Assistant Professor of Women's Studies at The American College of Financial Services. "This is a problem, especially when a female at age 65 can expect to live another 20 years on average, two years longer than the average man. With this in mind, women cannot depend on their spouse to hold the keys to their retirement. It is time to get smart on how to navigate this complex and extremely important stage of life." 

Financial Decision-Making: Riding in the Passenger's Seat 

Men tend to think they are the primary decision maker while women tend to believe that they split the decision making. In fact, there is a disconnect between finances being a team effort. Eighty percent of women said that they shared the decision making with their spouse while only 35% of men stated they shared the decision making. Women were also less likely to use resources such as friends or the internet for advice and information around financial assets. 

• Only 20% of women responded that they were the primary financial decision maker, compared to 65% of married male respondents. 
• Only 27% of women stated that they consult friends for advice and information about financial assets, compared to 39% of men. 
• 46% of female respondents looked up financial information online at least once a year, compared to 61% of male respondents. 

Interestingly, women respondents who identified themselves as the primary financial decision maker in the household were more than twice as likely to pass the retirement literacy quiz (26%) than those that identified themselves as sharing the decision making (12%). 

Silver Lining: Knowing Where to Turn 

Although the majority of women are lacking retirement income literacy, most do understand the value of a financial advisor and believe advisors are a good source of knowledge around retirement income. The survey found that women were just as likely as men to consult a financial advisor or a financial services firm to get financial information. Women also had different expectations from their advisor. 

• About half (55%) of women with a financial advisor stated that it is extremely important that their financial advisor educate them about the risks of running out of money in retirement, as opposed to only 42% of men. 
• Additionally, 60% of women said it is important to receive education from an advisor about investment management, as opposed to only 47% of men. 

"All people, regardless of gender, should be equipped with the knowledge that could better prepare them for retirement," said Jamie Hopkins, Retirement Income Program Co-Director at The American College of Financial Services. "Women face a number of challenges that the average man does not face in retirement, including greater longevity. So in some ways women should be more aggressive investors and have better retirement income literacy rates as they need to make their money last even longer in retirement." 

Methodology 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions about retirement income planning. 

Information for this study was gathered through online interviews conducted between February 16–March 1, 2017. A total of 1,244 Americans were interviewed. To qualify for participation in the study, respondents had to be ages 60-75 and have at least $100,000 in household assets, not including their primary residence. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Retirees and pre-retirees (ages 50-75) displayed a lack of knowledge around awareness of income in retirement, basic investment management and understanding of long-term care needs – yet those with a written retirement plan in place reported feeling more prepared to navigate the COVID-19 pandemic than their counterparts did. 

A majority of respondents are holding their financial plans steady amid the COVID-19 pandemic, yet just one in three report having a formal, written retirement plan in place. 

These findings are part of the third iteration of the Retirement Income Literacy Survey from The American College of Financial Services, testing consumers’ knowledge about retirement income concepts and focusing on the drawdown phase when Americans have limited or no ability to earn additional money through work. This year’s study expanded the scope of those surveyed to include Americans ages 50-75. 

“With a troubled economy and an acceleration of early or forced retirements, consumer understanding of retirement principles is particularly important. Yet the survey demonstrates that retirement literacy remains troublingly low,” said Steve Parrish, JD, RICP®, CLU®, ChFC®, RHU®, AEP®, Adjunct Professor of Advanced Planning and Co-Director of the Retirement Income Center at The American College of Financial Services. “Financial advisors should take heed of this situation and embrace the opportunity it provides to help Americans prepare for a successful retirement.” 

Knowledge Gap Needs to Close in Retirement Income Planning and Investment Management 

Retirement literacy in 2020 remains low overall, as was the case in The College’s 2014 and 2017 surveys, with eight in ten (81%) failing a 38-question retirement literacy quiz. In fact, the average score of the quiz was just 42%. This is further underscored by consumers’ own lack of confidence – only a third of consumers consider themselves highly knowledgeable about retirement income planning. 

Among the financial planning elements driving low scores on the quiz was consumers’ particularly low level of knowledge about preserving assets and sustaining income in retirement: 

• More than half underestimate the life expectancy of a 65-year-old man, suggesting that many do not realize how long their assets may have to last. 
• Only 32% know that $4,000 is the most they can afford to “safely” withdraw per year from a $100,000 retirement account, suggesting most do not know how to determine a prudent withdrawal rate. 
• Only 35% know that a negative single year return in a retirement portfolio has the most significant impact on long-term retirement security if it happens at the year of retirement, suggesting a fundamental lack of knowledge about investment risk in the pre-retirement and retirement period. 

“Determining how much you can spend in retirement when you don’t know how long you will live or what market returns you will experience is complicated,” said Wade Pfau, PhD, CFA, RICP®, Professor of Retirement Income, RICP® Program Director, and Co-Director of the Retirement Income Center at The American College of Financial Services. “Unfortunately the task is even harder for Americans who do not recognize how to properly evaluate these risks in the first place, and who do not understand the lasting impact of a market downturn in the early years of retirement. The survey demonstrates that these retirees don’t fully understand the consequences a bad market can have on their long-term retirement prospects.” 

Consumers also displayed a significant lack of knowledge when it comes to understanding investments, despite the fact that a majority self-report that they are at least moderately knowledgeable about investment management. 

• Just 26% understand that the value of bonds and bond funds falls as interest rates rise. 
• Just 28% know that actively managed mutual funds have higher fees than ETFs. 
• Only 18% know that B-rated corporate bonds have higher yield than AAA corporate bonds or treasury bonds. 

Long-Term Care is an Afterthought Leaving Many Unprepared 

The survey found that only three in ten (31%) have a plan in place for how to fund long-term care needs and only one in four (23%) have some sort of long-term care insurance coverage. Very worrying is the fact that most older Americans are split on whether they will even need long-term care insurance in the future: 

• Half (50%) say it is at least somewhat likely they will need long-term care services in the future. Only 8% consider it very likely that they will ever experience a long-term care need, even though the reality is that 70% will. 
• 52% of respondents have not looked into long-term care insurance at all. 
• Just 25% know that family members provide the majority of long-term care services nationally, which is concerning as 70% of respondents do not expect their family members to provide the care, highlighting a disconnect in the planning process. 

“The story coming from the data suggests that people underestimate their life expectancy – and what’s more, assume they will be healthy for the entirety of their life,” said Timi Jorgensen, Assistant Professor and Director of Financial Literacy at The American College of Financial Services. “Advisors can help with long-term care conversations, and they can work with clients to make a plan on when and how to have these crucial discussions with family about the likelihood of healthcare needs.” 

COVID-19 Preparedness: Better with a Written Plan 

Nearly four in ten (39%) consumers reported feeling highly prepared for the market downturn associated with the pandemic. Interestingly, what made a difference in consumers’ perception of preparedness for the crisis was having a formal, written retirement plan: 

• Those with a written retirement plan (47% vs. 35% of those without) or a retirement income plan (43% vs. 22%) reported feeling more prepared to deal with the market downturn. 
• Yet only one in three (33%) respondents report having a written plan. 

While many felt prepared, the pandemic has shifted the mindset of many investors. Four in ten (39%) say they now feel less comfortable taking investment risk. Only 8% say they’ve adjusted their allocations to be more conservative, but a realignment of risk tolerance is noteworthy. More than half (54%) of consumers said they are holding their financial plans steady. 

“A bottom-line conclusion from this survey is that until the plan is written, it isn’t real. And the pandemic showed that those with a real plan are in better shape to grapple with forced financial changes,” said Parrish. “We are in an environment where people are coming into retirement, sometimes faster than expected, without an approach to converting their pot of money into a stream of income, and yet they are looking at increased life expectancy, increased risk of a long-term care event, and decreased prospects of having their needs covered by Social Security and employer plans. This is a clarion call for financial advisors to help their clients increase financial literacy and, together, craft a plan for a successful retirement.”

STUDY METHODOLOGY 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions to assess retirement literacy among individuals who are approaching or already in retirement. Information for this study was gathered through online interviews with over 1,500 Americans conducted between April 29 – May 18, 2020. To qualify for participation in the study, respondents had to be ages 50-75 and have at least $100,000 in household assets, not including their primary residence. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.

Yet the results reveal a staggering gap between women with an idea about retirement income options and the ones who have a formal, written retirement plan in place, which is just one in three of the women surveyed. The research also reveals nine in ten (94%) women with partners or spouses equally share or lead financial decision-making for their households, with female retirees and pre-retirees (ages 50-75) more open to financial advice than men. 

This combination of decision-making power and openness to advice indicates that women are a critical audience for financial advisors. The study shows this is a clear opportunity for financial professionals to expand their business by providing guidance to women to build financial strategies and close the planning gap. Women reported retirement income planning, guaranteed lifetime income, and health and long-term care among the greatest areas of concern. 

These findings are part of the third iteration of the Retirement Income Literacy Survey from The American College of Financial Services, testing consumers’ knowledge about retirement income concepts and focusing on the drawdown phase when Americans have limited or no ability to earn additional money through work. The 2020 study expanded the scope of those surveyed to include Americans ages 50-75. 

“There are enough things to lose sleep over, but not having a financial plan should not be one of them,” said Hilary Fiorella, Executive Director of the Center for Women in Financial Services at The American College of Financial Services. “Advisors need to understand that women may come to the table with different approaches to retirement planning, with many thinking about finances holistically and maybe more conservatively than men. Whether that conservatism is based on fear or misinformation is an ideal place to start a conversation with an advisor. While this research suggests lower retirement literacy levels than men, women also demonstrate an awareness of their knowledge level, admitting what they don’t know and prioritizing financial education and advice – the sign of an ideal client relationship.” 

Closing the Knowledge Gap: Retirement Income Planning and Finding Guaranteed Income are Key Focus Areas for Women

Retirement literacy remains low overall, with 89% of women and 72% of men receiving a failing grade on a 38-question retirement literacy quiz. The research suggests retirement income plans are less formal or not well understood for men and women alike, further underscored by consumers’ lack of confidence: 

• Only one in four women (14%) feel knowledgeable about retirement income planning. 
• Four in ten women (43%) feel less comfortable with investment risk because of the COVID-19 crisis. 
• Only 16% of women feel very knowledgeable about investment considerations for retirement planning, though self-reported knowledge seems to increase with age and assets. 
• Even fewer – 14% of women – feel knowledgeable about strategies for sustaining income in retirement. 

Yet women demonstrate they are ready and willing to build a meaningful retirement plan. Six in ten women (61%) believe good advice from a financial professional is very important to satisfactory portfolio performance, more so than men who feel the same way. 

Guaranteed income is also a major concern: seventy percent of women emphasize the value of guaranteed income sources, a total that is even higher among eight in ten (80%) Black women and Hispanic women (77%). Yet despite this perceived importance, women rate their own knowledge as low when it comes to the sources to build a guaranteed lifetime income: 

• Only two in ten (20%) women feel highly knowledgeable about Social Security. 
• Only one out of ten (10%) respondents feel educated about annuity products in retirement. 

“Women are concerned about running out of money in retirement and more than half want their advisors to educate them on strategies to protect against investment risk and on how to prudently spend each year to ensure they don’t outlive their assets,” said Timi Jorgensen, PhD, Assistant Professor and Director of Financial Literacy at The American College of Financial Services. “Women and their advisors should prioritize understanding of retirement savings vehicles and how guaranteed income fits into a retirement income strategy.” 

Long-Term Care Fraught with Concerns, Misconceptions: Gap Exists Between Care Need, Funding Plan 

Women outscored men on the understanding of who pays for long-term care, though only three in ten women (30%) correctly stated that most expenses are paid for by Medicaid, compared to just one in five men. Still, half of women express a high level of concern about the cost of healthcare in retirement, with one-third (34%) saying they worry about paying for long-term care expenses. 

Only 12% of women feel highly knowledgeable about long-term care, and the research reveals a sizable gap exists between believing long-term care is likely and having a funding plan to support it: 

• 50% of women expect to require long-term care in the future, yet fewer than three in 10 (27%) have a plan to fund a long-term care need. 
• Only one in four (27%) women claim they own any type of insurance that would cover long-term care needs. 
• Black and Hispanic women are less likely to believe they will develop a care need, even though national studies suggest Black and Hispanic women are especially likely to be caregivers, and caregiving can negatively impact their health. 

“There is a troublingly low level of self-reported and tested knowledge surrounding long-term care needs,” said Jorgensen. “Long-term care is a critical issue for this audience, and advisors can help women close the gap from theoretical to practical in terms of expected long-term care need and how it’s paid for.” 

STUDY METHODOLOGY 

The American College of Financial Services commissioned Greenwald & Associates for the study. Respondents were asked a number of knowledge, behavior, and attitudinal questions to assess retirement literacy among individuals who are approaching or already in retirement. Information for this study was gathered through online interviews with over 1,500 Americans, including conducted between April 29 – May 18, 2020 (821 women, 688 men). To qualify for participation in the study, respondents had to be ages 50-75 and have at least $100,000 in household assets, not including their primary residence. 

ABOUT THE AMERICAN COLLEGE OF FINANCIAL SERVICES 

Founded in 1927, The American College of Financial Services is the nation’s largest nonprofit educational institution devoted to financial services professionals. Holding the highest level of academic accreditation, The College has educated over 200,000 professionals across the United States through certificate, designation, and graduate degree programs. Its portfolio of applied knowledge also includes just-in-time learning and consumer financial education programs. The College’s faculty represents some of the foremost thought leaders in the financial services industry. Visit TheAmericanCollege.edu and connect with us on LinkedIn, Twitter, Instagram, Facebook, and YouTube. Discover all the ways you can expand your opportunities with us.