Schwab Retirement Plan Services recently announced the results of a nationwide survey of 401k participants. When it comes to getting professional 401k advice, only a small percentage of participants actually got help even though most people acknowledged their need for such advice and the confidence that would come from it. Participants were much more likely to get help for the following things:
- 87% – Changing their oil
- 51% – Installing a new faucet
- 36% – Preparing their taxes
- 32% – Getting help landscaping
- 24% – Getting help making 401k investment decisions
Clearly, this is more evidence that we have an engagement problem when it comes to getting most people to save and invest wisely for retirement, even though people recognize the need to do so and the peace of mind that comes from it.
Schwab has put together a really nice infographic that summarizes the results in more detail: Schwab 401k Survey Infographic.
