Just under half of respondents said they relied on professional advice for retirement savings and investments.
Student loans loomed large among concerns in the survey, with 28 percent of millennials saying their college debt is keeping them from saving more; 30 percent said it’s the reason they opt out of plan participation altogether.
Gen Xers also voiced concern over student loan debt. The report said despite an average age of 45, 15 percent of Gen X participants say the cost of their educational loans holds them back.
The survey included data from 1,000 U.S. workers, of which 700 were plan participants. The respondents comprised 503 millennials, 249 Gen Xers and 248 baby boomers.