Woman and man talking Forty six percent of participants who say they “definitely will” keep assets with their provider (either in the plan or a rollover) after leaving their job. (Photo: Getty)

If people aren’t confident that what they’re doing is advancing them toward their goal, they’re likely to quit or make bad decisions—and according to a J.D. Power report, retirement plan participants are experiencing a “crisis of confidence.” That bodes ill for how they’ll do in retirement.

According to the J.D. Power 2019 U.S. Retirement Plan Participant Satisfaction Study, only 17 percent of plan participants say they’re “very confident” in their retirement preparedness—and it’s even worse among boomers, at just 15 percent. Considering that 10,000 boomers a day are entering retirement, retirement plan providers need to rethink their approach on both digital tools and human advisors.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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