Employer Survey: Most Workers Ill-Prepared For Retirement
by: Andrew Schneider, January 30, 2012 4:01:00 am
The survey by human resource consulting firm Aon Hewitt finds only 4% of respondents are convinced their employees are saving enough for their retirement. That’s down from 30% last year.
“And a lot of this stems from the employers’ feeling that workers are not really taking accountability for their own retirement success.”
Rob Austin is an associate partner in Aon Hewitt’s retirement practice.
“One thing that was very interesting in our survey this year is we actually asked employers what they think the recommended savings rate for their employees should be. And more than 70% of them said people should be saving 9% or more for their retirement, and quite honestly, we don’t see people saving at that level.”
Austin says the sputtering economy and the elimination of traditional pension plans have eaten away at workers’ ability to save for retirement. Aon Hewitt surveyed more than 500 large U.S. employers, representing over 12 million employees.