Employees hunger for support when it comes to saving more for retirement, according to a new survey of U.S. workplace retirement plan participants by State Street Global Advisors. They also want their employer to automatically increase their savings rate.
State Street’s DC Investor Survey, conducted jointly with Boston Research Group, polled 1,000 employees who participate in a 401(k), 403(b), 457 or profit sharing plan. It found that 74 percent of employees surveyed want clear examples that will show them how their savings will pay off in the future. Seventy-one percent want employers to increase their savings rate by 1 percent automatically each year; and 62 percent of employees 25 and younger said they want their employers to show them how to spend less so they can save more, compared to 53 percent of all employees surveyed.