401(k) plans can be an attractive workplace benefit. However, research also shows that there is an education gap. Seventy-one percent of respondents to a recent Fisher Investments survey failed a basic 401(k) IQ quiz, missing at least three of the nine basic questions.
While this may not be surprising to many plan advisers, what is interesting is that two out of three Americans are currently dissatisfied with their employer’s 401(k) service, and 50% are dissatisfied with the level of education and support they receive. So how do advisers close the 401(k) education and confidence gap so that Americans can get on a healthy retirement life path — and ultimately increase satisfaction among customers?
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