One-third of Americans who participate in an employer-sponsored retirement plan say they are not familiar with the plan’s investment options, according to a new TIAA-CREF survey.
The research shows a pronounced difference between male and female respondents, with 37 percent of women stating they are not familiar compared to 29 percent of men. Generational differences also are apparent, with 43 percent of Gen Y respondents stating they are not familiar with their plan options.
The survey was conducted by an independent research firm and polled a random sample of more than 1,000 adults nationwide on their retirement plans.
The report reveals that 39 percent of people who are familiar with their investment options save more than 10 percent of their annual income for retirement. This is nearly double the percentage (21 percent) of people who are not familiar with their options.