Defined contribution participants know what they need to do when it comes to retirement saving, but there's a gap between knowing what to do and being able to act on that knowledge, according to a new survey by State Street Global Advisors, the asset management business of State Street Corp.

The survey of more than 1,000 401(k), 403(b), 457, and profit-sharing plan participants found that 78 percent of respondents knew it is important to determine how much to save for a secure retirement but only 33 percent felt they had the knowledge to figure that out. Eighty-three percent of respondents said they could cut at least 5 percent out of their household budget to save more, and 64 percent said they could reduce expenses by 10 percent or more. More than half said they would be willing to increase their savings rate to as high as 10 percent if their employer automatically increased their savings rate by 1 percent each year.

The bi-annual SSgA Defined Contribution Investor Survey, conducted jointly with Boston Research Group, was attempting to identify DC plan participants' behaviors and perceptions about saving and investing. It found that simplicity and repetition are key to engaging employees to help close the "Action Gap."