With 56% of companies very likely to focus on financial wellness in the next year, program effort is quickly becoming more important in the industry. (Aon Hewitt Study)
Average balances vary dramatically by industry, largely due to two factors: average tenure and average salary. But when 36% of Americans have less than $1,000 saved for retirement, improvement is needed across all industries.
Despite the steady growth, 52% of Americans have less than $10,000 saved for retirement, and almost one-third of Americans have less than $1,000 saved.
Ramsey Financial Wellness. "HR Financial Wellness Assessment." Web survey: FinancialWellness.com. March 17, 2016
Retirement Health Comparison Stats
U.S. Department of Labor. "Form 5500 Annual Report." www.dol.gov 2011-2014
With 80% of all companies contributing to employee retirement accounts, it continues to become a more integral part of the retirement plan landscape.
U.S. Department of Labor. "Form 5500 Annual Report." www.dol.gov 2011-2014
At the same time employers offered up $118 billion in 401(k) mathces, American workers borrowed back $10 billion from those same 401(k)s. And an additional $60 billion came out in withdrawals for non-retirement purposes.
U.S. Department of Labor. "Form 5500 Annual Report." www.dol.gov 2011-2014
Last year, 21% of employees in America borrowed against their retirement plan.
