A recent study has revealed that employers who wish for better retirement benefits for their employees must train their employees on retirement savings. The study also revealed that boomers and low-income workers were the worst among those who got an education on this issue. The study also revealed that most people depend on family and friends for retirement advice.
Less Stress and More Retirement Benefits are Interrelated
The study was conducted by Dave Ramsey’s Ramsey Solutions. It found out that the employees who have better retirement education and more savings have less stress and more confidence as compared to people who have got no retirement education.
Age and Income
The study also exposed the fact that age and income of the workers also play a crucial role in retirement education. About half of the boomers accepted that they weren’t getting any retirement education from their employers. This percentage was about 39 percent for Generation X people and about 33 percent of millennials.
About 64 percent of low-income workers have admitted that their employers have offered them no retirement education till date. Nearly 43 percent of middle-income workers have also agreed to the same. Overall, about 40 percent of workers have no access to retirement education through their employers.
The study has also found that money plays a crucial role in predicting whether the employees are getting any retirement education or not. About 47 percent of people who have saved $250,000-$999,999 for retirement accepted that their employers educated them on retirement. Unfortunately, 7 out of 10 workers admitted that they have no access to retirement education from their employers.
Sources of Retirement Education
Only 35 percent people stated that they relied on the employers to provide them with retirement saving related education. About 32 percent people admitted that they got retirement education from family and friends. The survey also discovered that workers who got the education from family and friends were saving less or no amount towards retirement. About 47 percent of people who had no retirement savings said that their primary source of retirement education were friends or family.
Retirement Education and Emotions
The survey also uncovered the fact that people who got retirement education through their employers and saved towards some form of retirement benefits had feelings like excitement, about 49 percent, and optimism, about 40 percent. People who had no education from employers felt anxiety, about 47 percent, and fear, about 40 percent.