Employers have noticed an increase in 401(k) investment advice from employees as well as requests for help with managing debt and creating a budget.
Fifty-seven percent of respondents said employee requests for 401(k) advice have increased since September 2008 and 39% said that employee requests for broader financial education, such as budgeting and debt management, have increased during the same time period, according to a survey released today from Charles Schwab and CFO Research Services of 219 senior finance and human resource executives.
When asked about the importance of different 401(k) plan features, 87% of employers said that offering 401(k) investment advice was important to their company's retirement plan, which was second in importance to offering a company matching contribution (96%). One quarter (25%) are already offering more individualized 401(k) advice to employees in place of broader 401(k) education campaigns, educational brochures and workplace group meetings, according to the survey.
Recommended For You
The respondents reported confidence in the underlying structure of their 401(k) plans and believe recent account value losses are linked primarily to the performance of the overall economy, as opposed to problems with the current 401(k) system, the data showed.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.