Despite a moribund economy across the country that puts pressure on families and individuals to only spend on the essentials, one in five people plan to increase their retirement plan contributions.
The news comes from a recent poll conducted by The Hartford, composed of 1,000 employed Americans ages 18 to 65. The poll also found that 78% of respondents completely or mostly understood their retirement benefits, up from 65% in 2009.
The findings of the survey come at a convenient time for The Hartford as they roll out a campaign to stimulate employee participation in employer sponsored retirement savings plans. The Hartford has designed the “It’s in Your Power” campaign to coincide with National Save for Retirement Week which begins on Oct. 16 and runs through the 22.
National Save for Retirement week began in 2006 with the introduction of S. Res. 550 (first resolution), a bill introduced by Senators Gordon Smith (R,OR) and Kent Conrad (D, ND). The purpose of the bill was to designate one week out of the year to “elevate public knowledge about retirement savings and encourage employees to save and participate in their employer-sponsored retirement plans.”
Soon after, the International City/County Management Association (ICMA-RC) partnered with the National Association of Government Defined Contribution Administrators (NAGDCA) to facilitate plan sponsors and plan participants’ activity in webinars, and retirement polls that educate both parties on the importance of retirement planning.
The Hartford hopes its “It’s in Your Power” program will work in tandem with National Save for Retirement literature to encourage savings through a series of communications.