This article accompanies Rescuing Retirement.
Anticipated retirement contributions and deferral rates are on the way up; the proportion of participants contributing at the tax-deferred maximum is up; and 401(k) transactional activity is also up as participants become more engaged with their accounts, according to the Mercer Workplace Survey, which tracks employee attitudes toward, and experiences with, employer-sponsored retirement, and health and benefits programs.
The series was launched in the spring of 2003 and draws on studies trended back to the spring of 2001.
This excerpt from the report, dated September 2011, also finds that an increase in auto features may be positively affecting employee behavior. It also finds that participants' confidence in virtually every aspect of their retirement planning is on the rise, along with their satisfaction with the information they receive to help manage their 401(k).
Click here to see some of Mercer's in-depth findings on the biggest financial worries of retirement-plan participants, trends on average anticipated plan contributions, actions taken by participants and their confidence in retirement planning.
The findings are based on a national cross-section of active 401(k) participants, defined as those currently contributing to a 401(k) plan irrespective of balance or having a 401(k) balance of $1,000 or more with their current employer whether or not they are currently contributing. Online interviews were completed with 1,507 participants between June 16 and July 1, 2011.
To see the entire study on Mercer's site, click here.