401(k) Participant Study: 2015

401(k) Participant Study: 2015

August 2015

Health insurance and 401(k) plans are the two must have benefits for people looking for a job

Benefit/work option must-have if looking for a new job Total

93%

86%

Would think twice about taking a new job if

401(k) plan not offered = 90%

Health insurance

401(k) plan

45%

40%

35%

17%

3%

1%

Disability insurance

Life insurance Five extra days Ability to work

Gym

Onsite day

of vacation or from home membership or care

PTO

onsite gym

Q1 If you were looking for a new job, which benefits or work options would you see as "must haves," "nice to haves" and which don't you care about? (Base: Total = 1000)

Charles Schwab

2

Life's priorities: family, work, knowing how much to save for retirement and making best 401(k) choices

Key priorities in life Total

86%

51%

74%

20%

35%

13% 1%

Maintaining strong

relationships with my family

54%

22% 3%

1% Excelling at work

69%

19%

50%

68%

18%

50%

59%

15%

44%

27%

4%

Knowing how much to save for retirement

28%

4%

Making the best 401(k) investment

choices

36%

5%

Staying in shape

56%

14%

42%

Critical/high (NET)

5 - Critical

4 ? High priority

38%

5%

1% Eating healthy foods

3 ? Somewhat of a priority

2 ? Low priority 1 ? Not a priority

Q27 How much of a priority is each of the following for you on a scale of 1 through 5, where 1 means not a priority and 5 means a critical priority? (Base: Total = 1000)

Charles Schwab

3

Participants would rather see their 401(k) balance grow by 15% in 2015 than lose 15 pounds

Preferred for 2015 Total

Lose 15 pounds

eBnoeuingghhtoe2ae7ltn%hjoyy

retirement

HavinHgaevneouygohur mo4n0e1y(tko) eancjocyount

rbetairleamnecnet grow by 15%

73%

Q30 Which of these things would you rather have happen in 2015? (Base: Total = 1000)

Charles Schwab

4

Fees paid for 401(k)s are about as important in decisions as those paid for cell phones, ordering online or using ATMs Credit card fees are considered most important

Importance of fees

Total

Very important

Somewhat important

Not at all important

Choosing a credit card

75%

22% 3%

Choosing a cell phone plan

67%

30%

3%

401(k) investments

Ordering items online (shipping fees)

Using an ATM

Choosing an airline (baggage fees)

Signing up at a gym

64% 61% 60% 50% 49%

33%

3%

35%

4%

30% 10%

43%

7%

35%

16%

Q12. How important are fees when you make decisions about the following? (Base: Total = 1000)

Charles Schwab

5

Few participants would feel confident in their ability to save for retirement if they did not have a 401(k)

Confidence in ability to save for retirement without a 401(k) plan Total

Extremely confident

Being healthy Vcoenreyfidneonutgh to enjoy

retirement

Somewhat confident

5% 15%

Extremely/ very confident (NET) =

20%

Having enough money to enjoy

36%retirement

Not at all confident

44%

Q24. If you did not have a 401(k) plan, how confident would you feel about your ability to save for retirement? (Base: Total = 1000)

Charles Schwab

6

Participants are evenly split on biggest retirement concern: being healthy vs. having enough money

What concerns you more regarding retirement Total

Being healthy enough to enjoy

retirement

Having enough money to enjoy

retirement

50%

50%

Q31 Which are you more concerned about? (Base: Total = 1000)

Charles Schwab

7

A third of participants are not willing to sacrifice their quality of life to save for retirement One in three say unexpected expenses are obstacles to saving

Obstacles faced when trying to save for retirement

Total

Not willing to sacrifice things that add to my quality of life (occasional dinners out and vacations)

Paying for unexpected expenses like home repairs

35% 31%

Needing enough money to pay basic monthly bills

26%

Paying off credit card debt

24%

Wanting to save for my kids' education

22%

Still paying off student loans

17%

Having medical bills to pay

17%

Other 3%

None of the above

23%

Q15 Thinking about your own efforts to save for a comfortable retirement, which of the following are obstacles you face, if any? (Base: Total = 1000)

Charles Schwab

8

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