Those unsure about their retirement prospects were more likely than those who felt “on track” to say that they didn’t know as much as they should about retirement investing and that they didn’t know how much money they should save to fund the retirement they wanted, according to BlackRock.
Unsure participants were also less likely to be taking steps to improve their retirement knowledge. Only 11 percent of the unsure participants had calculated how much money they needed to set aside for retirement, compared to 35 percent of those who felt like they were on track. One-in-four unsure participants claim to have a good sense of how to generate ongoing retirement income, versus 68 percent of those who were certain they were on track.
BlackRock surveyed 1,003 defined contribution plan participants in 200 large- and mega-sized defined contribution plans earlier this year.