How Better Understanding Employee Perceptions of 401(k)s Can Lead Sponsors to More Effective Plan Delivery & Design
Did you know:
76% of employees said they understand their plan at least somewhat well, while only 46% of sponsors believe the majority of their employees understand how a retirement plan works.
What participants do know is that they need to be saving more. Of those who are putting money away, only 36% are saving over 6%, while 64% think they should be.
86% of employers feel obligated to help educate employees on saving for retirement, but less than 10% of employees view their employer as their “go-to” person for financial advice.
Read more in Vestwell’s newest report which gauges how employees are thinking about their retirement plans and what plan sponsors can do to increase engagement.