Prudential Financial : Setting a tone for change

Caroline Feeney speaks on the financial industry's role in helping to solve America's looming retirement crisis.

Caroline Feeney, CEO of Prudential's U.S. Businesses, joined the Alliance for Lifetime Income's recent #Peak65 Economic Impact Forum for a lively panel discussion where she shared a bold vision: "Imagine a future where no American faces the prospect of running out of money in retirement."

"As an industry we have an opportunity to significantly change lives for the better," said Feeney, who is board chair for the Alliance. "We can do that by providing education, by providing access to much-needed financial advice and solutions."

Feeney spoke about the financial industry's role in solving America's looming retirement crisis during a panel discussion on April 18 at the National Press Club in Washington, D.C., following the release of the Alliance's Peak 65 Economic Impact Study. The study's overarching finding: Most of the 30.4 million Americans who will turn 65 between 2024 and 2030 are not financially prepared for retirement.

"Prudential's purpose, which we are very passionate about, is making sure that we are doing our part to help improve people's lives by solving the financial challenges of our customers," Feeney explained, "And that means expanding access to investing, to insurance, and to retirement security."

She added, "We absolutely believe in people living a better life longer. But living longer shouldn't come with the cost of compromising the quality of life."

The study was conducted by Robert J. Shapiro, the former Undersecretary of Commerce for Economic Affairs. Prior to the panel discussion, Shapiro detailed the study's findings in a conversation with Jason Fichtner, executive director, Retirement Income Institute and chief economist for the Bipartisan Policy Center.

Feeney was joined on the panel by Ellen G. Cooper, chairman, president & CEO, Lincoln Financial Group; Bryan Pinsky, president, Individual Retirement, Corebridge Financial; William Gale, chair, Federal Economic Policy, Brookings Institution; and Shai Akabas, executive director, Economic Policy Program, Bipartisan Policy Center. The discussion was moderated by Jean Chatzky, Education Fellow, Retirement Income Institute, and CEO, HerMoney.

The speakers unpacked a range of retirement readiness topics, including the role of solutions such as annuities in creating a protected stream of lifetime income, the unique challenges women face in saving for retirement, and the impact of the gender pay gap.

"The pay gap is translating into lower savings, and it's exacerbated by the fact that women have a lower risk tolerance when it comes to investing," said Feeney, noting that an increasing number of women are primary caregivers and financial decision-makers in their households.

Prudential Financial, Inc. is a founding member of the Alliance, a nonprofit organization created by the world's leading financial services organizations dedicated to educating Americans on the value of protected income as part of a retirement plan.

To learn more about the study and watch a replay of the panel discussion, visit the Alliance for Lifetime Income,and to read Caroline's own recap, please visit her LinkedIn page.

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