A poll conducted by J.P. Morgan Asset Management of more than 1,000 American workers participating in a DC plan has found that the vast majority of savers are at a loss for how to manage retirement planning and acknowledge that they need professional help.
When it comes to saving more, workers would strongly welcome help with their DC plan and other retirement savings guidance.
Seventy-six percent of participants say they need professional assistance with key elements of retirement planning, including how much to save and how to allocate their investments. Yet, despite this, 48% of workers don’t have access to help either through work or on their own.
Participants also feel overwhelmed about making retirement decisions.
A significant proportion of participants do not take the time to use the information available to them to learn about the plan, and many feel utterly unable to make decisions about investing.
And only 20% of participants feel that they can absorb the information being provided by their plan about retirement saving.
“Clearly, there is still more work to be done in helping participants get the most out of workplace retirement savings vehicles,” said Catherine Peterson, director of retirement insights at J.P. Morgan Asset Management. “These findings make it clear that workers do need help to make better decisions.
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