7 in 10 U.S. workers want their employer to provide professional financial advice.

About the Survey

Investing at Work

"Help me help myself." That's what U.S. workers are saying to their employers when it comes to planning for retirement.

Schwab's Rethinking Retirement Survey polled representatives of Generation Y (ages 13-31), Generation X (ages 32-43), Baby Boomers (ages 44-62) and the Silent Generation (ages 63-83). Here's what we heard:

7 in 10 American workers surveyed want their employers to provide professional financial advice. And their desire for financial advice and guidance extends beyond the 401(k) plan.

Q: In which of the following areas would you like your employer to provide you with financial advice?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
Retirement preparation beyond 401(k), 403(b) or similar plans	69%	72%	65%	69%	58%
Saving and investing for needs outside of retirement	57%	58%	59%	55%	47%
Investing in a 401(k), 403(b) or similar plan	55%	65%	62%	43%	41%
Tax planning	36%	35%	40%	34%	31%
Budgeting	31%	37%	32%	23%	22%
Debt reduction	30%	34%	32%	23%	20%
None of the above	5%	3%	4%	8%	12%

Investing in an employer-sponsored plan is viewed as an "easy" way to save for retirement, according to the survey.

Q: What do you like best about investing in a 401(k), 403(b) or similar plan?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
My employer provides a match on part of the money I save.	43%	45%	41%	47%	43%
It's an easy way to save for retirement because it comes right out of my paycheck.	28%	29%	32%	21%	22%
I can save for retirement and reduce my taxes.	24%	16%	21%	27%	32%
I can access certain investments that I might not be able to access outside my 401(k) or 403(b) plan.	5%	10%	5%	5%	4%

Three-quarters of those surveyed want to make their own investment decisions but have access to help when they need it.

Q: Which best describes how you prefer to save in your 401(k), 403(b) or similar plan?	Total	Gen Y	Gen X	Baby Boomers	Silent Generation
I'd like to handle the decision-making, getting some help if I need it.	76%	81%	71%	75%	73%
I'd like my employer to make enrollment and savings in my plan an automatic process that I just sign off on.	15%	14%	16%	15%	14%
I want to make all the decisions myself without any assistance or advice.	9%	5%	12%	10%	13%

Other Resources

Ask Carrie about the pros and cons of a 401(k) plan, or read Saving for Retirement: IRA vs. 401(k) on schwab.com.
Schwab Corporate & Retirement Services helps companies manage retirement and stock plan services.
Employee Benefit Research Institute provides research and education on employee benefit programs.

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