Employees who are making payments on student loan debt are contributing less to retirement savings plans, creating a shortfall that can add up over the career of a participant.
A report published by the Employee Benefit Research Institute and J.P. Morgan Asset Management found student loan debt payments have a significant impact on 401(k) contributions and account balances. The organizations are conducting ongoing research to understand how various financial factors impact employees' retirement preparations. Using recordkeeper and banking data, the study tracked whether retirement plan contributions among active participants changed when student loan payments started or stopped.
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