Employees aren’t saving enough, and they want your help
We wanted to know what employees have to say about saving for retirement and retirement plan features. So we asked retirement plan participants and nonparticipants to share their thoughts with us on a number of financial health topics.1
Their answers will give you some insight into employees’ expectations for retirement. And some ideas to help improve the success of your retirement plan. Take a look at four key themes consistently shared with us.
- They’re saving, but not nearly enough
- It probably comes as no surprise to you that many employees need to save more to live the life they want in retirement. Very few feel confident they’ll have enough to live comfortably throughout their golden years.
- Employees are stressed out
- They expressed concerns about their current financial situation and that they won’t be able to retire on time. Unfortunately, all that worry can have an impact on the way they do their jobs.
- They want to make smart financial choices
- Most have good intentions and are already doing things to create a better financial life. And they get it when it comes to how much they may need to save for retirement.
- Your employees want (and need) your help
- They told us they not only need help, but they want it from you—their employer. Most feel good about retirement plans doing some of the work through plan features like automatic enrollment and automatic escalation.
Your employees get it. They know they need to save more and they’re looking to you for help.
1 Principal, Retirement Readiness Participant Survey, January 2019
The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.
Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group®, Des Moines, IA 50392.