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
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.