Banks' variable annuity sales jumped 14% from July to $1.3 billion in August, 27% higher than they were in January, according to Kehrer-LIMRA.
Consumer savings, including retirement accounts, fell 28% to an average $1,436 per month in the third quarter from the second quarter, First Command Financial Services found. However, the results indicate a likely uptick next year.
Only 21% of small-business owners expect a rebound before mid-2011, while 47% expect a recovery in the last six months of next year, an Adminstaff survey found. Thirty-two percent of respondents were unsure.
Fidelity Investments reported a 20% increase over the past three years in the number of participants in its tax-exempt workplace savings plans at higher education, healthcare and other not-for-profit institutions.
While just over half of bank executives are cautiously confident that Dodd-Frank will fix some of the problems inherent in the financial services industry, just under half think it'll fail completely in its goals, according to Grant Thornton.
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