In addition, the survey results show that 55% of respondents are satisfied with their company’s overall benefits package.
Results from Financial Engine’s 2001 Participant survey show that, when participants were given the chance to use the online advice provider’s services:
- almost 40% of those who were not already contributing the maximum amount to their defined contribution plan, increased their savings by an average of 42%
- almost 30% started saving more in investments held outside of their company-sponsored plan
- just over 40% of employees increased savings in either their company-sponsored plan or outside accounts.
These savings rates increased across all demographics, according to Financial Engines, although participants with less than $50,000 in total financial assets showed the biggest change in savings after using Financial Engines – 47% increased their savings rates.
The survey also found that nearly half of the participants who used the service received recommendations to change their portfolios, and of those,
- almost 55% made all or some of the changes
- another 36% say they plan to make changes in the future.