ING Retirement Research Institute released a white paper Monday outlining employees' retirement dilemma; namely that while employees want control of their assets, they're not sure about how to invest them, and turn to their employers for guidance.
The paper, based on research conducted for ING by Boston Consulting Group between May 2010 and August 2010, found that almost half of employees don't feel in control of their retirement plan. Employees want regular contact from their employers on advice and services, especially regarding asset allocation and how to calculate what they'll need in retirement.
"We wondered why, with all the research out there, aren't workers saving?" Ashley Agard, head of the ING Retirement Research Institute, told AdvisorOne. The reason, ING found, is that workers are confused and overwhelmed.
"Employers do a very good job with in-plan advice," she said, "but workers are looking for broader, more holistic advice."