The financial services industry spent $1.14 billion in 2011 to advertise products and services designed to address retirement and investment needs, and yet 58 percent of Americans do not have a formal retirement savings and income plan, and many don’t work with professionals to help them prepare a plan.

“Meeting the Retirement Challenge: New approaches and solutions for the financial services industry,” from the Deloitte Center for Financial Services, surveyed nearly 4,500 consumers spanning a range of age and income groups, to better understand the attitudes and behavioral constraints that prevent them from controlling their retirement.

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