Everyone has a ranking system for the most important things in their lives. Where do you think most participants rank their 401(k) investments?
In a recent nationwide survey commissioned by Schwab Retirement Plan Services, it was found that many people would consider their investments more important than their health. Of those surveyed, 73% would trade losing 15 pounds to get a 15% increase on their 401(k) balance, and 59% consider making the best investment decisions more important than staying in shape.
While many people may think that the majority of participants aren’t aware of the fees that come along with their 401(k)s, it was found that more pay attention to these fees than those at ATMs, fees for airline baggage or gym memberships. An overwhelming majority (90%) of those surveyed said they’d have to reconsider taking a job if a company offered no 401(k) plan.
When it comes to making decisions about their 401(k)s, it’s no surprise that most participants seek the help of a professional. Two-thirds report that they would appreciate advice tailored to them, and 73% find that they would be much more secure making choices about their plan is they had the assistance of a financial professional.
Politics play a major role in the way the public views finances and economics, and 69% of survey respondents believe that retirement should become not just a major policy focus, but a primary topic in presidential debates.