2020
Participant Survey

Findings

Respondents


Unemployed

Gender

  • Male
  • Female

Highest Educational Achievement

  • Some high school
  • High school graduate
  • College graduate
  • Postgraduate degree/studies

Total Retirement Savings

  • <$50,000
  • $50,000 – $250,000
  • >$250,000
  • Not reported

Expected Retirement Age

  • <65
  • 65 – 70
  • >70

Confidence in Achieving a Secure and Comfortable Retirement

  • Very confident
  • Confident
  • Somewhat confident
  • Only a little confident
  • Not at all confident
  • Unsure

Uses a Financial Adviser

  • Works with an adviser
  • Does not work with an adviser, but plans to in the future
  • Does not plan to work with an adviser
  • Unsure

Employed

Gender

  • Male
  • Female

Highest Educational Achievement

  • Some high school
  • High school graduate
  • College graduate
  • Postgraduate degree/studies

Total Retirement Savings

  • <$50,000
  • $50,000 – $250,000
  • >$250,000
  • Not reported

Expected Retirement Age

  • <65
  • 65 – 70
  • >70

Confidence in Achieving a Secure and Comfortable Retirement

  • Very confident
  • Confident
  • Somewhat confident
  • Only a little confident
  • Not at all confident
  • Unsure

Uses a Financial Adviser

  • Works with an adviser
  • Does not work with an adviser, but plans to in the future
  • Does not plan to work with an adviser
  • Unsure

Overall

Age*

>30
11%
30 – 50
56%
>50
33%

Household Income

<$50,000
16%
$50,000 – $100,000
37%
>$100,000
47%

Employer Size

<100 employees
19%
100 – 499 employees
22%
500 – 999 employees
17%
1,000 – 5,000 employees
17%
>5,000 employees
25%

Participant Behavior

How Would You Prefer to Receive Information on Financial Wellness?

Read a short, printed brochure with 3 – 5 actionable steps delivered to your home in the mail
17%
Attend a 90-minute group seminar
10%
Review a newsletter via email
18%
Browse an interactive online library
17%
Meet one-on-one with an adviser for 30 minutes
26%
Listen to an informative 30-minute podcast
12%

Participants Who Use a Financial Adviser, by Retirement Savings*

<$50K in retirement savings
14%
$50K – $100K in retirement savings
43%
>$100K – $250K in retirement savings
52%
>$250K retirement savings
57%

Households With Total Retirement Savings <$50,000, by Household Income

<$50K household income
30%
$50K – $100K household income
40%
>$100K – $250K household income
6%

Participants with Total Retirement Savings <$50,000, by Gender*

Female
39%
Male
20%

Actions taken in previous 12 months

Increased deferral rate
26%
Changed asset-allocation strategy
9%
Rebalanced account
10%
Calculated retirement income
7%

Participant’s Deferral Rate

≤5%
37%
>5% – 10%
31%
>10%
27%
Don't know
5%

Participants With >10% Deferral Rate, by Age

Under 30
8%
30 – 50
28%
Over 50
36%

Participants Deferring >5% of Salary, by Total Household Income

<$50K household income
20%
$50K – $100K household income
38%
>$100K household income
58%

Hypothetical Trade-Off Scenarios*


* Includes unemployed respondents