Do your employees know enough about their retirement plan options to feel confident making investment decisions? According to a recent survey, many Americans (33% of those surveyed) aren’t familiar with investment options in their plans. And more women (37%) than men (29%) feel inadequately informed about plan options. Younger employees, Gen Y — those born from the early 1980s to the early 2000s — feel the least informed; 43% say they are unfamiliar with their plan’s options.
According to TIAA-CREF, a financial services organization that sponsored the survey, employees familiar with their investment options are almost twice as likely to save the recommended minimum of 10%–14% of their annual income for retirement.