Employees who participate in defined contribution enrollment plans would like more guidance from their employers, according to a new survey from State Street Global Advisors.
Ninety-three percent of respondents said that a computer tool that guided them through investment options would help them save more.
In addition, the majority of those surveyed were in favor of auto-enrollment and auto-escalation
features, the survey found.
Three-quarters said they would be willing to be automatically enrolled
for six months in a 10 percent savings program, while 74 percent said being automatically required “to save more or invest in a professionally managed fund” would positively affect their retirement readiness.
Meanwhile, 54 percent described themselves as “very” or “somewhat confident” that their current savings plan would provide them with their planned retirement lifestyle
, the study said.