While employees are making some strides in preparing for retirement, many are still not receiving enough advice in planning, according to a new MetLife Inc. survey.
Forty-two percent of surveyed employees said they’re confident in their ability to make good decisions on how to manage the money in their 401(k) plans, up from 36% in 2008. And 47% said they have a retirement plan, compared to 39% in 2008.
But while 41% of workers indicated they would like to have a financial planner to help them invest their 401(k) savings, just 35% of employers said they offer retirement planning sessions.
That said, Bill Raczko, senior vice president for U.S. business and marketing at MetLife, noted that there appeared to be more employers bringing advice programs into the workplace. But he noted that any lingering reluctance is likely based on getting the employer comfortable with the matter of fiduciary duty, rather than the way those planners are being paid.
“The best way to address that (discomfort) is to have the advice provider work closely with the benefit managers,” Mr. Raczko said. That cooperation would give employers reassurance that the guidance that workers receive is relevant and that the message that’s being delivered is clear, he added.
MetLife’s eighth annual study of employee benefits trends surveyed about 1,300 workers and 1,500 employers in the fourth quarter. The study was unveiled at MetLife’s National Benefits Symposium in Washington on Tuesday.
Darla Mercado is a reporter at InvestmentNews, a sister publication of Pensions & Investments.