Mercer Survey Reveals 401(k) Participants Who Use In-Plan Advice Have More Positive Retirement Outlooks
28 3월 2013 - 10:01PM
Business Wire
Employees who say they use advisory services offered to them in
their 401(k) plan have a distinctly more positive outlook about
their future retirement versus those who do not, according to an
analysis of data from the recent Mercer Workplace Survey
http://www.mercer.com/2012-mws-summary. Nearly one-fifth (18%) of
survey respondents say they engage with an online or in-person
advisory service in their 401(k) plan. Although a relatively small
percentage of the base, these participants are much more likely to
feel that they will have enough money for retirement, can live as
well or better than when working and will not have to delay
retirement (See Figure 1).
Figure 1: Expectations in Retirement: which of these statements
below do you expect will be true for you in retirement?
Allrespondents
Those who engaged with in-plan advice in
the past year
I will have enough money to pay for health care
35% 49% I will live as
well or better as I did when I was working
29% 40% I will be able to help
out younger family members with tuition or housing expenses
15% 26% I will be
able to leave money to family members or charities
23% 33% I will be in a
position to travel extensively 16%
24% I will run out of money
21% 17% I will
have to reduce my standard of living
44% 34% I will consider delaying
retirement 44%
34% I will work at least part time in retirement
52% 38%
Source: Mercer Workplace Survey
This year’s Mercer Workplace Survey also revealed that awareness
and availability of in-plan investment advice is high; in fact 79%
of participants said that their plan offers some type of advice
(online, in-person/telephonic, or both) up from 72% in 2011.
“This is great news for plan sponsors who offer advisory
services in their 401(k) plan, as there is a clear correlation
between positive retirement sentiment and engagement with these
services,” said Dave Tolve, Administration Product Leader for
Mercer. “Yet, with relatively low usage among participants -
especially when you start to look at the demographics - there is
still work to be done.”
Looking at the demographics of typical in-plan advice users
compared to those who do not use these services shows participants
who are younger; better-educated; and have higher incomes, balances
and deferral rates.
“This profile of the typical in-plan advice user should give
pause to plan sponsors who want to communicate the high value that
investment advice services can provide,” said Suzanne Nolan,
Administration Marketing and Communications Leader for Mercer.
“These are participants who may in fact need this advice the least,
given that they often have longer retirement savings horizons, tend
to utilize outside advisors and potentially have both more
financial and educational resources at their disposal. The true
challenge for a plan sponsor offering in-plan advice is to reach
those on the lower end of the income spectrum, where ‘every dollar
counts’, and who may also have a shorter timeframe in which to
accomplish their retirement savings goals.”
About the Mercer Workplace Survey
The 2012 Mercer Workplace Survey
(www.mercer.com/2012-mws-summary) tracks employee attitudes toward,
and experiences with, employer-sponsored retirement, health and
benefits programs. The survey represents a national cross-section
of active 401(k) participants, defined as those currently
contributing to a 401(k) plan irrespective of balance or having a
401(k) balance of $1,000 or more with their current employer
whether or not they are currently contributing. Eligible
non-participants and those only holding balances at previous
employers are not included in this research. Respondents are also
required to be enrolled in their employer’s health plan. Online
interviews were completed with 1,656 participants between June 6
and June 21, 2012. The survey’s margin of error is plus/minus
2.4%.
About Mercer
Mercer is a global consulting leader in talent, health,
retirement and investments. Mercer helps clients around the world
advance the health, wealth and performance of their most vital
asset – their people. Mercer’s 20,000 employees are based in more
than 40 countries. Mercer is a wholly owned subsidiary of Marsh
& McLennan Companies (NYSE: MMC), a global team of professional
services companies offering clients advice and solutions in the
areas of risk, strategy and human capital. With 53,000 employees
worldwide and annual revenue exceeding $11 billion, Marsh &
McLennan Companies is also the parent company of Marsh, a global
leader in insurance broking and risk management; Guy Carpenter, a
global leader in providing risk and reinsurance intermediary
services; and Oliver Wyman, a global leader in management
consulting. For more information, visit www.mercer.com. Follow
Mercer on Twitter @MercerInsights.
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