When it comes to saving for retirement, most employees are eager for more support, and they want their employer to automatically increase their savings rate.
A survey of workplace retirement plan participants released on Thursday by State Street Global Advisors confirmed previous findings by the company about the need for employers to provide expert guidance and play an active role in helping make saving for retirement easier:
- 74% of employees surveyed want clear examples that will show them how their savings will pay off in the future
- 71% want employers to increase their savings rate by 1% automatically each year; and
- 62% of employees 25 and younger said they want their employers to show them how to spend less so they can save more, compared to 53% of all employees surveyed
"Our study leaves no doubt employees want help in saving more and they want it to be as easy as possible," Fredrik Axsater, managing director and head of global Defined Contribution for SSgA, said in a statement. "Many of our plan sponsor clients have expressed some hesitancy about automatically increasing savings rates for their employees. We hope this survey will help convince employers to prioritize savings adequacy in 2013."
