Participants in 401(k) plans are putting less emphasis on saving for retirement as more immediate financial pressures take priority, according to the fifth annual Mercer Workplace Survey. Only 15% of households consider saving for retirement their biggest financial worry, compared with 21% that are most concerned with keeping up with monthly expenses.
The survey also found that 48% of employees wished they had saved more money in their 401(k) plan, 38% would have increased their contributions to the tax-deferred maximum and 27% said they would have paid closer attention to their accounts.
The firm surveyed 2,200 employees enrolled in 401(k) and health plans using Mercer as the provider.
