Participants Stay Put ? Strong Survey
In addition, over the last year more than half of respondents didn’t make any changes at all to their 401(k), the survey finds.
Bear Market Blues
Analysis of the data shows that:
- while less than 10% of the sample plan to increase their contributions to make up for losses,
- some 25% of 401(k) participants are considering delaying retirement due to the volatile market, and
- over a third of those over the age of 55 believe the weak equity market will affect when they will be able to retire
Women Worry
While 43% of men are very confident in their ability to live comfortably throughout their retirement years, only 30% of women concur, according to the survey.
Furthermore, women are more content to stick with investment choices and trade less often in their accounts. Over the last year,
- 60% of women made no changes to their 401(k) plans,
- versus 45% of men, and
- only 36% of women made one or two changes to their 401(k),
- whereas 46% of men did so
Credit Card Debt
Four-fifths of respondents say that debt, such as loans and credit card debt, has a minimal or no effect on their ability to save for retirement. However, among those earning less than $50,000 per annum, 25% report that debt does have a large or moderate impact on their ability to save for retirement.
Results are based on interviews conducted with 500 full-time workers over the age of 21, who participate in their company’s 401(k) plan.