In August 2016, Charles Schwab conducted a survey of 1,000 employees between the ages of 25-70 who currently contributed to their retirement plan.
The survey revealed that an employee’s 401k is their primary source of retirement savings. It is also apparent that they desire help as less than half of those asked know how much they should save for a comfortable retirement.
70% of those who participated wanted personalized investment advice for their 401(k), and 85% said they would use a financial wellness program that would provide them with education, tools and resources to improve their overall financial health.
It was also confirmed in the survey that anywhere between 41%-67% of employees spent time at work taking care of their personal finances.
What is compelling is that although 91% of employees would think twice about taking a new job if a 401(k) isn’t offered, less than half (43%) know how much they should save for a comfortable retirement.
Employees need confidence in their ability to make financial decisions. This can be done through a financial wellness program that assesses their financial situation and educates them to boost their confidence.