Retirement Services Survey Design Case Study Solution
Discussion of the survey
To design the research question, first we look at what the topic is. As we have to design the research for the financial industry clients that want to analyze the drivers of consumer behavior in the retirement service industry. After selecting the topic, we did some preliminary research on our topic, such as quick searches from journals on our topic and we look at their results, what they have already done.
After that, we select our audience, as our audience for this survey would be the retirees, persons who have retired from employment. And finally, we write down some survey questions.
We have used simple language in our questionnaire and audience can clearly understand and provide us the answers according to the questions.
We have used random sampling method for selecting an appropriate sample for our survey and we have used the web technique to deliver the questionnaire.
We have selected this technique because it is faster and cheaper source of collecting the data.
It is faster in a way that the information will be gathered automatically, we don’t have to wait for the paper to come back and then gather the information.
This technique is cheaper in a way that research cost will be decreased and responses are processed automatically and output would be accessible at any time.
If we talk about our audience then this technique would be easy to be used. In this technological era, use of the internet is very common and the majority of people would like to answer surveys online rather than using the telephone.
The sample error is the type of error that occurs due to the selection of the sample which does not represent the population.
Recommendation to client based on the information collected
Based on our information, financial education influences the retirement saving, as workers do not have any financial education and due to that they do not save any amount for their retirement period. As a result, workers are unlikely to achieve an ideal balance between the future consumption during the retirement and current consumption while working.
Moreover, the lack of information regarding the risk and return, distribution of income might result in them to mis allocate their retirement portfolio.
Based on that information, we would recommend the financial industry clients to introduce the financial education programs for the employees and workers so that workers can invest in retirement plan and save for their future. (MacFarland, 2011)
Clients can provide the financial information that consists of written communication between the worker and the client, that written communication may explain the company retirement options and general information regarding the economic conditions and financial markets.
Clients can hire financial advisors who can provide that information to the workers and in exchange to that worker can invest some of the portions of his salary in the retirement plans and company can get the benefit from that money.
Clients can conduct the financial education seminars to provide the financial education to the people who do not have any information regarding the retirement plans. (Clark, 2004)
Errors
Non-response and sampling errors can occur in our surveys.
Non-response error occurs when respondents are different as compared to who do not respond. It may be possible in our survey that people to whom our survey may not represent the population perfectly and this error can affect the final results.
As we are conducting online surveys and sometimes people do not respond to our survey, however people who respond do not represent the population, so this error can occur in our surveys.
The extent of this error can be checked through follow-up surveys.
Another error that can occur in our survey is sampling error. This error occurs because a lower number of people respond to the survey and this can affect the final results of the survey.
When the lower number of people responds to the survey then it would be very difficult for the researcher to generalize the results on the overall population, this error can occur in our survey because our audience is retirees and some old age people does not prefer internet for the surveys so this error can occur in our survey.
To control this error, we have to carefully design the samples and ensure that large audience responds to our survey. (Qualtrics, 2010)
Qualitative research technique
We have selected interviews as our qualitative research technique, we have used this technique because an interview will enable us to go much deeper and this survey includes some private questions such as about the income, some people do not want to share this information with other people, so to secure the privacy of our audience, we have selected this technique for qualitative research.
Moreover, interviews would also allow for a longer speaking time, more information is likely to be collected by using the in-depth interviews and that would be useful for the next quantitative phase..........................
This is just a sample partial case solution. Please place the order on the website to order your own originally done case solution.
Related Case Solutions & Analyses:
Procter & Gamble in the 21st Century (C): Integrating Gillette
Negotiating on Thin Ice: The 2004-2005 NHL Dispute (B)
Lehman Brothers (D): Reemergence of the Equity Research Department
Ancora: Private University Providing Healthcare for the Poor
Trench Town Rock: The Creation of Jamaicas Music Industry
Data Vast INC: The Target Segment Decision
SIX SIGMA AT ACADEMIC MEDICAL HOSPITAL (A)
Better Works
Energy Gel: A New Product Introduction
Fambul Medical Practice
