A survey by JP Morgan Asset Management shows that even though about four in five respondents didn’t change their contributions or investments during the COVID-19 pandemic, more than half feel say they’re overloaded with information and don’t know how to start planning for retirement.
The survey indicates about 62 percent of participants wish they could just push a button and completely hand over retirement planning.
Several other key trends emerged in the study: 1) Participants think they should be saving more than they are; 2) Participants’ favorable/neutral views of auto-enrollment continues to rise, climbing to 87% this year. Four in 10 survey respondents were automatically enrolled into their current plan; 3) About 90 percent identify retirement benefits as an important factor when deciding to stay with their current employers or consider a new employment opportunity; and 4) about 70% believe that their employer has a responsibility to help employees with their financial wellness.
