Education is key to addressing retirement savings gap: Vestwell
While the majority of savers welcome the advice of plan advisors, only 41 percent of respondents said an advisor has reached out to them in the past year.
By Kristen Beckman|December 16, 2020 at 11:16 AM
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Despite similar views on how much they should be saving for retirement, African Americans and Hispanics/Latinos are saving less for retirement than whites, signifying a persistent retirement savings gap that could hint at a crisis to come.
According to the 2020 Employee Retirement Trends Report by Vestwell, a digital recordkeeping platform, more than half of respondents believe they should be saving more than 10 percent of their salary in a retirement savings plan, and 65 percent believe they should be saving at least 7 percent of their salary.
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