Schwab 401(k) Survey Shows Sharp Increase in Confidence and Demand for Financial Advice - Seite 2

“Optimism is fueling a recalibration of expectations,” said Golladay. “Workers went back to basics for a year and re-discovered the importance of work-life balance. Do-it-yourself retirement planning was really tested because workers were pressed in other areas. Many have decided that more help is the answer, and they are also looking beyond retirement to other workplace benefits that support financial security.”

Must-Have Benefits

401(k) plans and health insurance again top the list of desired workplace benefits with more than 80% of participants saying these are “must-haves.” Other top-five must-have benefits according to survey respondents are life insurance (50%), disability insurance (43%), and health savings accounts (38%).

Among these other benefits, health savings accounts (HSAs) had the largest increase in respondents who consider them must-haves compared with 2020, growing from 32% to 38%. Eight out of ten survey respondents (79%) have access to an HSA at work, and half (49%) use it. HSAs have been a popular way to pay insurance deductibles and other immediate healthcare expenses, but more participants are also using HSAs to save for healthcare expenses in retirement; 54% in 2021 compared with 41% in 2020.

“It’s good news that plan participants have kept one eye on their future retirement even as they face a challenging present,” said Golladay. “Successful employers will capitalize on this and provide benefits and resources that can help turn today’s optimism and engagement into tomorrow’s financial security.”

About the survey

This online survey of U.S. 401(k) participants was conducted by Logica Research for Schwab Retirement Plan Services, Inc. Logica Research is neither affiliated with, nor employed by, Schwab Retirement Plan Services, Inc. The survey is based on 1,000 interviews. Survey respondents were actively employed by companies with at least 25 employees, were 401(k) plan participants and were 21-70 years old. For past surveys, respondents were 25 to 70 years old, so for comparing 2021 results to previous waves, the data was rebased on those aged 25 to 70. Survey respondents were not asked to indicate whether they had 401(k) accounts with Schwab Retirement Plan Services, Inc. All data is self-reported by study participants and is not verified or validated. Respondents participated in the study between April 1 and April 15, 2021. Detailed results can be found here.