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Participation rates are on the rise in plans with auto-enrollment (85%) and on the decline in plans without auto-enrollment (52%).
"Building Futures." Fidelity Investments. Accessed April 07, 2016. https://communications.fidelity.com/wi/2013/buildingfutures/?utm_medium=Web
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)
"Hot Topics in Retirement and Financial Well-Being." Aon Hewitt. Accessed April 7, 2016. http://www.aon.com/attachments/human-capital-consulting/2016-hot-topics-retirement-financial-wellbeing-report.pdf
Contribution rate is by far the largest driver of retirement success, accounting for 74% of retirement readiness.
Blanchett, David, and Jason Grant. "Retirement Success: A Surprising Look into the Factors That Drive Positive Outcomes." ASPPA. Accessed April 7, 2016. https://www.asppa.org/Portals/2/PDFs/Magazines/ASPPA Journal/TAJ-Summer2011-ret-success.pdf
74% of being on track for retirement is savings rate.
Blanchett, David, and Jason Grant. "Retirement Success: A Surprising Look into the Factors That Drive Positive Outcomes." ASPPA. Accessed April 7, 2016. https://www.asppa.org/Portals/2/PDFs/Magazines/ASPPA Journal/TAJ-Summer2011-ret-success.pdf
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.
Hellmich, Nanci. "Retirement: A Third Have Less than $1,000 Put Away." USA Today. 2014. Accessed April 07, 2016. http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/
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.
Hellmich, Nanci. "Retirement: A Third Have Less than $1,000 Put Away." USA Today. 2014. Accessed April 07, 2016. http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/
100% of Americans will have to retire, but 52% have less than $10,000 saved for retirement.
Hellmich, Nanci. "Retirement: A Third Have Less than $1,000 Put Away." USA Today. 2014. Accessed April 07, 2016. http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/
Benefit Quality Comparison Stats
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.
VanDerhel, Jack, Sarah Holden, Luis Alonso, Steven Bass, and AnnMarie Pino. "401(k) Plan Assest Allocation, Account Balances, and Loan Activity in 2013." Accessed April 7, 2016. https://www.ebri.org/pdf/briefspdf/EBRI_IB_408_Dec14.401(k)-update.pdf
Only 13% of companies receieve a score of good or better.
Ramsey Financial Wellness. "Financial Wellness Assessment." Web survey: SmartDollar.com. March 2016
Nationally, 83% of employees are interested in improving their money-management skills.
Ramsey Financial Wellness. "PreFinancial Wellness Assessment." Web survey: SmartDollar.com. March 2016
64% of Americans can't cover a $1,000 emergency without borrowing money.
Market Watch 2015
With 70% of Americans currently living paycheck to paycheck, a 15% contribution rate is nearly impossible with their current money habits.
CNN Money 2013
The average American household wastes 24% of their take-home pay on consumer debt payments.
U.S. Census Bureau et al. 2014

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