Most workers are unengaged when it comes to knowing more about their 401(k) plan's offerings and most are financially unprepared for retirement, according to two new studies by Schwab Retirement Plan Services.

CFO Research Services, on behalf of Schwab, surveyed more than 200 senior finance and human resources executives from large and mid-sized U.S. companies about their perceptions of 401(k) plans in the workplace. The survey found that more than half, 54 percent, of employers reported that employees participating in plans are not taking full advantage of the investment options, features and services offered in connection with their 401(k) plan.

Employees RetirementThe majority of employers surveyed said they plan to do a better job in educating their workers by using interactive planning tools, printed educational materials and in-person workshops.

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Only 16 percent of employers plan to adopt or promote personalized savings and investment management through a third-party advisor, despite evidence that shows having access to an advisor has a positive impact on employee savings and investing behavior.

Of those surveyed, 45 percent said they use automatic enrollment to get people to participate in their retirement plan and another 25 percent said they are very or somewhat likely to use automatic enrollment as well.

A survey of 401(k) participants by Koski Research, on behalf of Schwab, found that more than half say they don't have the time, interest or knowledge to properly manage their workplace savings plan. Seventy-three percent spend less than eight hours a year managing their 401(k) account and 56 percent do not review plan-related education materials they receive.

Eighty-three percent of the 1,000 people surveyed said they would be interested in receiving professional investment management help from their employer, but only one in 10 participants actually take advantage of 401(k) investment management advice when it is offered.

"This data suggests that employers and their employees, while sharing a common goal of retirement preparedness, have different points of view on which engagement strategies are most effective in helping employees achieve that goal," said Dave Gray, vice president of 401(k) client experience at Charles Schwab.

The Charles Schwab Corporation provides financial services, with more than 300 offices and 8.6 million active brokerage accounts, 1.52 million corporate retirement plan participants, 801,000 banking accounts, and $1.83 trillion in client assets as of March 31, 2012.

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