However, advice seeking increases with age, account balance and annual contribution level.
The firm is offering tips, tools, studies and articles on Facebook, Twitter and LinkedIn.
The impact is greater for younger investors, as they have a long time horizon for saving, MassMutual finds.
Upon review, the correlations between financial education and improved financial behaviors is often better explained by other individual difference factors that were not measured in a given study, such as familiarity with numerical concepts, financial confidence, and willingness to take risks.
A number of key terms commonly present difficulty for nonprofit plan sponsors of all sizes—in particular the terminology surrounding “revenue sharing,” “fee levelization,” “fee policy statements,” and “3(21) vs. 3(38) advisers.”
The Center for Retirement Research projects that 40% of those born between 1976 and 1985 will be unable to replace 75% of the income they received between the ages of 55 and 54 when they reach age 70.
With Americans expecting to live to age 90 and many finding retirement savings a challenge, work, at least part-time, could become a retirement expectation for many.
Another 40% say they reduced their debt during the year.
Eighty percent of single women keep a portion of their savings in cash, with 35% keeping 50% or more in liquid savings.
Nearly half of sponsors do not think they are fiduciaries, up markedly from 30% in 2011.
Nearly one in four say they would be willing to save more than 50% of their paycheck to have more money in the long run.
Fifty percent of Gen Xers surveyed say they cannot start saving for retirement until they pay off their credit card debt.
Fifty-seven percent of employees surveyed do not want their employer to send personalized messages to people facing important financial decisions.
More than one in four now avoid the market and nearly half have altered their spending and savings habits.
More than one-third of retirees continue to grow their assets, BlackRock found.
If the plan is not already automatically enrolling participants and escalating their deferrals each year, AB says, it should be.