The boss should be required to help workers save for retirement, according to a majority of American workers.
According to a LIMRA Secure Retirement Institute study released Thursday, 53 percent of employees think their companies should be required to provide retirement plans, and even more, 60 percent, feel employers should put money into their employees’ retirement accounts.
Most workers (61 percent) would be more likely to save for retirement if they were offered an employer-sponsored retirement plan, according to “Workers and Retirement Programs: What Are They Thinking?”
Currently only 58 percent of employees have access to a defined contribution retirement plan, which leaves 50 million workers without access to a workplace plan, according to the Bureau of Labor Statistics.
“Improving access to worksite retirement savings plans is a critical step in improving retirement security and opportunities for workers,” says Deb Dupont, associate managing director for LIMRA Secure Retirement Institute. “Workers who have the convenience of being able to save for retirement from a payroll deduction are more likely to save than those who don’t.”
A drastic split is seen between the savings habits of those with access to a plan and those without. Eighty-three percent of employees who have access to a plan are regularly saving for retirement, while among those without access, only 21 percent are regularly saving for retirement, says LIMRA, an association of insurance and financial services companies.
The survey included 2,498 full and part-time employees.