SAN DIEGO — We talk a lot about the retirement crisis in this country: whether it's in the form of underfunded pensions or 401(k)s.
But financial illiteracy poses as great a threat to a workforce that increasingly barely knows how to save, let alone retire. That was the problem panelists tackled in one of the last sesssions of the day here at NAPA's annual 401(k) Summit.
Consider: 60 percent of employees have no rainy-day fund whatsoever. And of those who do, 46 percent of them have less than $10,000 in savings. Collectively, we're a nation working under $1.2 trillion in student loan debt. Finally, the average household credit card debt is $15,279.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
