2. 2
Methodology
Representative national survey of:
3,026 working adults 18+ currently contributing to a 401(k) plan or eligible
to contribute and have balance of $1,000+
1,027 adults retired in the last 1 to 5 years and deriving income from a
rollover IRA or left-in-plan 401(k)
In process: n=250 Millennial eligible non-participants in 401(k) plans
Conducted online February 19th through March 3rd, 2015
3. 3
Methodology: Worker Stratification and Weighting
Actual N = Actual
Proportion
Weighted
Proportion
Baby Boomer 514 17% 30%
Gen X 1,007 33% 41%
Millennial 1,505 50% 29%
Total Workers 3,026 100% 100%
4. 4
Agenda
Economic climate
Workers: focus on Millennials
Millennial eligible non-participants in 401(k) plans
Retirees
Descriptive information
Segment Profile Summaries
5. 55
By Workers
I am overqualified
for this job
24%
My qualifications
for this job are
about right
75%
I am
underqualified for
this job
1%
How would you describe the fit between your skills, education and experience and your current job?
Level of Qualification for Position
Base: Workers
Q. 58 NEW
6. 66
By Worker Generation
How would you describe the fit between your skills, education and experience and your current job?
Base: Workers
Q. 58
Level of Qualification for Position
2%
73%
74%
78%
75%
26%
24%
20%
24%
Millennial
Gen X
Baby Boomer
Total Workers
I am underqualified for this job My qualifications for this job are about right I am overqualified for this job
NEW
7. 77
By Workers
55%
42%
28%
9%
12%
7%
5%
5%
3%
2%
27%
34%
28%
30%
29%
26%
22%
19%
15%
11%
14%
19%
32%
47%
44%
48%
49%
51%
49%
47%
5%
6%
11%
14%
15%
18%
25%
25%
34%
40%
I avoid dealing with my financial situation because it is out of control
I have trouble meeting my monthly expenses
I would benefit from having someone help me with my spending and
debt management
I commit to purchasing only what is on my shopping list when I go to
the store
I shop by going to the store for pre-selected items that I have
researched online
I save by any means necessary
I am more comfortable with saving and investing extra money than
with spending it
I save money by cutting my flexible expenses, including entertainment,
eating out and travel
I'm confident that my spending is well within the limits of what I can
afford
I'm pretty good at living within my means
Not Accurately At All Not Very Accurately Somewhat Accurately Very Accurately
Please indicate how accurately each of the following statements describes you when it comes to money.
Dealing with Money
Q. 12
8. 88
By Worker Generation
Please indicate how accurately each of the following statements describes you when it comes to money.
Q. 12
Dealing with Money
40%
34%
25%
25%
18%
42%
34%
22%
19%
14%
39%
32%
24%
25%
19%
41%
35%
28%
30%
22%
I'm pretty good at living within my means
I'm confident that my spending is well within the limits
of what I can afford
I save money by cutting my flexible expenses, including
entertainment, eating out and travel
I am more comfortable with saving and investing extra
money than with spending it
I save by any means necessary
Total Workers Baby Boomer Gen X Millennial
Describes me "Very accurately"
9. 99
15%
14%
11%
6%
5%
10%
12%
4%
3%
1%
16%
15%
12%
7%
5%
20%
15%
18%
8%
8%
I shop by going to the store for pre-selected items that I
have researched online
I commit to purchasing only what is on my shopping list
when I go to the store
I would benefit from having someone help me with my
spending and debt management
I have trouble meeting my monthly expenses
I avoid dealing with my financial situation because it is
out of control
Total Workers Baby Boomer Gen X Millennial
By Worker Generation
Please indicate how accurately each of the following statements describes you when it comes to money.
Q. 12
Dealing with Money (cont’d)
Describes me "Very accurately"
10. 1010
By Worker Generation
32%
25%
19%
25%
68%
75%
81%
75%
Millennial
Gen X
Baby Boomer
Total Workers
Manage differently About the same way
In the year ahead, do you expect to manage your credit card spending and debt about the same way you
managed it in the past year, or do you expect do manage your credit cards and credit card debt
differently?
Credit Card Spending
Q.13
11. 1111
By Worker Generation
Please indicate below how you expect to manage your credit card spending and debt in the year ahead.
Q. 14
Managing Credit Cards Differently
69%
66%
38%
32%
14%
10%
4%
74%
82%
21%
26%
16%
1%
2%
65%
63%
42%
37%
13%
9%
5%
70%
59%
44%
29%
13%
16%
4%
Pay down existing credit card debt
Decrease your use of credit cards
Pay your credit cards in full each month
Stop using credit cards for new purchases
Refinance credit card debt at a lower interest rate
Increase your use of credit cards
Increase your credit card debt
Total Workers Baby Boomer Gen X Millennial
Base: Expect to manage credit cards differently (25%)
12. 1212
By Worker Generation
When it comes to managing spending, which of the following statements are true or not true for you?
Q. 15
Managing Spending
74%
73%
71%
62%
47%
32%
67%
61%
56%
64%
55%
41%
20%
57%
75%
76%
73%
64%
49%
35%
69%
84%
86%
75%
67%
51%
42%
75%
This year, you plan to make managing your financial
situation a higher priority
This year, you plan to improve your budgeting process
and better manage your spending to a budget
You track expenses carefully
You stick to a spending budget
You have a formal spending budget but it does not use
spreadsheets or online applications
You have a formal spending budget which uses
spreadsheets or online applications
Net: Have a written spending budget
Total Workers Baby Boomer Gen X Millennial
"True"
13. 1313
By Workers and Retirees
To what extent do you consider this expense essential, in the sense that you have to incur it, versus non-
essential, in the sense that you can choose to incur it or not?
Q. 18
Essential Expenses
96%
96%
95%
93%
93%
93%
82%
78%
77%
91%
96%
94%
89%
84%
76%
79%
80%
79%
Health care
Housing expenses
Food you eat at home
Federal, state and local income taxes
Interest on and repayment of student loans
Child care or day care expenses
Interest on and repayment of debt apart from
student loans
Tuition or other current educational
expenses not including student loans
Transportation excluding leisure travel
Retirees Total Workers
Base: For those with this expense
NEW
14. 1414
By Workers and Retirees
To what extent do you consider this expense essential, in the sense that you have to incur it, versus non-
essential, in the sense that you can choose to incur it or not?
Q. 18
Essential Expenses (cont’d)
73%
72%
70%
51%
50%
43%
27%
25%
8%
74%
73%
73%
55%
54%
40%
32%
31%
5%
Internet access at home
Clothing, grooming and personal
appearance
Voice and data contracts for mobile devices
Gifts to churches or other charities
Loans to family members or friends
Cable TV at home
Leisure travel
Entertainment, hobbies and recreation apart
from leisure travel
Other
Retirees Total Workers
Base: For those with this expense
NEW
15. 1515
By Worker Generation
96%
94%
91%
89%
84%
80%
99%
96%
96%
91%
81%
82%
96%
94%
91%
87%
84%
84%
94%
93%
88%
88%
85%
74%
Housing expenses
Food you eat at home
Health care
Federal, state and local income taxes
Interest on and repayment of student loans
Tuition or other current educational expenses not
including student loans
Total Workers Baby Boomer Gen X Millennial
To what extent do you consider this expense essential, in the sense that you have to incur it, versus non-
essential, in the sense that you can choose to incur it or not?
Essential Expenses
Base: For those with this expense
Q. 18 NEW
16. 1616
By Worker Generation
To what extent do you consider this expense essential, in the sense that you have to incur it, versus non-
essential, in the sense that you can choose to incur it or not?
Q. 18
Essential Expenses (cont’d)
79%
79%
76%
74%
73%
73%
88%
83%
61%
77%
70%
74%
77%
76%
74%
73%
74%
72%
73%
81%
81%
74%
75%
72%
Transportation excluding leisure travel
Interest on and repayment of debt apart from
student loans
Child care or day care expenses
Internet access at home
Voice and data contracts for mobile devices
Clothing, grooming and personal appearance
Total Workers Baby Boomer Gen X Millennial
Base: For those with this expense
NEW
17. 1717
By Worker Generation
To what extent do you consider this expense essential, in the sense that you have to incur it, versus non-
essential, in the sense that you can choose to incur it or not?
Q. 18
Essential Expenses (cont’d)
55%
54%
40%
32%
31%
5%
51%
66%
37%
31%
27%
3%
60%
55%
43%
33%
31%
6%
53%
46%
38%
33%
33%
4%
Gifts to churches or other charities
Loans to family members or friends
Cable TV at home
Leisure travel
Entertainment, hobbies and recreation apart from
leisure travel
Other
Total Workers Baby Boomer Gen X Millennial
Base: For those with this expense
NEW
18. 1818
By Worker Generation
If you suddenly faced an emergency that required more cash than you had on hand, to which of the
following sources of funds would you turn?
Q. 19
Sources of Funds for Emergency
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Credit cards 52 43 53 57
A special emergency fund account you have
established for such needs 37 36 37 39
Family members or friends 35 17 35 55
Your after-tax personal savings and
investments 28 36 24 25
A special emergency fund you mentally
earmark for such needs 21 20 21 22
Home equity loan 16 19 18 11
Other bank loan 13 11 13 15
Your balances in tax-deferred workplace
retirement accounts 12 14 11 11
No emergency fund available 4 4 5 3
20. 2020
By Worker Generation
Do you currently have (In the past five years, have you had) a relationship with a professional financial
advisor--that's someone you pay either through fees or commissions--to assist you in financial decisions,
financial product selection, planning your retirement income or in selecting providers of financial services?
To be clear, this could be either a traditional advisor or a so-called robo advisor (that’s to say an online,
algorithm-driven, low-cost advice platform with limited personal interaction such as Betterment or
WealthFront) or both?
Q. 27, 28
Advised
62%
65%
64%
64%
5%
2%
2%
6%
3%
3%
26%
31%
35%
31%
Millennial
Gen X
Baby Boomer
Total Workers
Never had a paid financial advisor
Ever have both a paid traditional advisor and a paid robo advisor
Ever have a paid robo advisor only
Ever have a paid traditional advisor only
21. 2121
By Worker Generation
Compared to how your parents lived when they were the age you are now, would you say you are:
Q. 30
Financial Well Being Compared to Parents
8%
8%
9%
8%
20%
26%
26%
24%
48%
48%
46%
47%
24%
19%
20%
21%
Millennial
Gen X
Baby Boomer
Total Workers
Much worse off financially Somewhat worse off financially Somewhat better off financially Much better off financially
22. 2222
By Workers Generations
All things considered, how comfortable are you that you are on track to meet your financial goals?
Q. 31
On Track to Meet Financial Goals
4%
7%
12%
7%
18%
25%
23%
22%
57%
53%
51%
53%
20%
16%
14%
17%
Millennial
Gen X
Baby Boomer
Total Workers
Not comfortable at all Not very comfortable Somewhat comfortable Very comfortable
23. 2323
By Workers
How much of a raise (as a percent), if any, did you get in the past 12 months?
Base: Workers, Average (including none) 3%
Q. 35
Pay Raise
25%
9%
16%
18%
6%
11%
2% 2% 2% 1%
8%
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10+%
24. 2424
By Worker Generation
How much of a raise (as a percent), if any, did you get in the past 12 months?
Pay Raise
Base: Workers
Q. 35
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
0% 25 33 23 18
1% 9 10 8 9
2% 16 15 18 15
3% 18 22 18 15
4% 6 6 5 6
5% 11 6 12 16
6-9% 7 4 6 12
10+% 8 5 10 10
Average % 3 2 3 4
Median % 3 2 3 3
Average % (Excluding none) 4 4 4 5
Median % (Excluding none) 3 3 3 4
Added Avg/median ex
none
25. 2525
By Workers
23%
21%
12%
31%
31%
22%
32%
33%
45%
15%
15%
21%
I expect Social Security to go bankrupt
before I retire
I’m expecting the equivalent of what Social
Security pays today when I retire
I’m expecting some Social Security benefits
when I retire but nothing as generous as
what today’s retirees get
Strongly Disagree Disagree Agree Strongly agree
To what extent do you agree or disagree with each of the following statements about Social Security?
Social Security
Base: Workers
Q.38
26. 2626
By Worker Generation
To what extent do you agree or disagree with each of the following statements about Social Security?
Q. 38
Social Security
Base: Workers, "I’m expecting some Social Security benefits when I retire but nothing as
generous as what today’s retirees get."
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Net: Agree 66 51 71 72
Strongly agree 21 15 21 28
Agree 45 37 51 44
Disagree 22 32 19 17
Strongly Disagree 12 16 10 11
Net: Disagree 35 49 29 28
27. 2727
By Worker Generation
To what extent do you agree or disagree with each of the following statements about Social Security?
Q. 38
Social Security
Base: Workers, "I’m expecting the equivalent of what Social Security pays today when I retire."
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Net: Agree 49 64 43 41
Strongly agree 15 24 12 11
Agree 33 41 31 30
Disagree 31 24 34 32
Strongly Disagree 21 11 23 27
Net: Disagree 51 36 57 59
28. 2828
By Worker Generation
To what extent do you agree or disagree with each of the following statements about Social Security?
Q. 38
Social Security
Base: Workers, "I expect Social Security to go bankrupt before I retire."
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Net: Agree 47 28 51 60
Strongly agree 15 6 17 21
Agree 32 22 34 39
Disagree 31 35 31 25
Strongly Disagree 23 37 18 15
Net: Disagree 53 72 49 40
29. 2929
By Worker Generation
As a percentage of your income, how does that compare to the past twelve months?
Base: Workers
Q. 40
401(k) Contribution Compared to Past Twelve Months
12%
11%
7%
10%
47%
59%
72%
59%
41%
30%
22%
31%
Millennial
Gen X
Baby Boomer
Total Workers
Lower Same Higher
30. 3030
By Worker Generation
As a percentage of your income, how does that compare to the past twelve months?
Base: Workers, at employer 1 year or longer (93%)
Q. 40
401(k) Contribution Compared to Past Twelve Months
11%
10%
6%
9%
49%
60%
73%
61%
40%
30%
21%
30%
Millennial
Gen X
Baby Boomer
Total Workers
Lower Same Higher
NEW
31. 3131
By Workers
11%
16%
22%
13%
22%
8% 8%
1-2% 3-4% 5-6% 7-9% 10-14% 15-19% 20-25%
About what percentage of your personal income does this contribution represent?
Personal Deferral Rate
Base: Workers who expect to contribute to their 401(k) (96%)
Average: 8%, Median: 7%
Q. 41 NEW
32. 3232
By Worker Generation
About what percentage of your personal income does this contribution represent?
Personal Deferral Rate
Base: Workers, expecting to contribute to their 401(k) (96%)
Q. 41
Workers by Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
1-2% 11 13 10 12
3-4% 16 13 15 19
5-6% 22 20 23 23
7-9% 13 10 15 11
10-14% 22 25 22 20
15-19% 8 10 6 8
20%+ 8 10 9 7
Average % 8 9 8 8
Median % 7 8 7 6
33. 3333
By Worker Generation
As far as you know, what percentage of your income do financial experts typically recommend someone
your age save to make sure you have a comfortable retirement?
Recommended Contribution
Base: Workers
Q. 42
Workers by Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
1-2% 3 1 2 5
3-4% 6 5 5 9
5-6% 13 7 12 20
7-9% 6 2 8 8
10-14% 26 20 31 24
15-19% 11 14 11 8
20-25% 9 13 8 8
Not sure 27 39 24 19
Average % 11 13 11 9
Median % 10 10 10 9
34. 3434
By Workers
How likely would you be to increase the proportion of your income you contribute to your 401(k) if ...
Base: Workers
Q. 43
Increasing Your 401(k) Contribution
15%
11%
8%
10%
7%
9%
25%
21%
13%
10%
9%
10%
34%
37%
38%
31%
33%
32%
19%
22%
28%
32%
34%
28%
7%
10%
13%
17%
18%
21%
You learned that others of your age and
income were saving a bigger proportion of
their income than you are
You had an emergency fund for unexpected
expenses
You reduced your overall spending
You paid down debt you owe
You got a raise
You had to increase your contribution rate to
get the maximum matching contribution from
your employer
Not Likely At All Not Very Likely Somewhat Likely Very Likely Absolutely Certain
NEW
35. 3535
By Worker Generation
51%
50%
49%
41%
31%
26%
40%
44%
36%
28%
19%
11%
52%
50%
53%
44%
34%
29%
61%
54%
56%
48%
40%
39%
You got a raise
You had to increase your contribution rate to get the
maximum matching contribution from your employer
You paid down debt you owe
You reduced your overall spending
You had an emergency fund for unexpected expenses
You learned that others of your age and income were
saving a bigger proportion of their income than you are
Total Workers Baby Boomer Gen X Millennial
How likely would you be to increase the proportion of your income you contribute to your 401(k) if ...
Increasing Your 401(k) Contribution
Base: Workers, "Absolutely Certain or Very Likely"
Q.43
36. 3636
By Workers
As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from
income. Please indicate below the extent to which any of the items below are a reason for this.
Base: Workers, contributing below the maximum allowed to 401(k) (89%)
Q. 44
Reasons for Contributing Below the Maximum
81%
71%
66%
43%
48%
53%
18%
14%
18%
20%
41%
34%
27%
34%
6%
11%
14%
16%
18%
21%
48%
You don't need to save for retirement
You are paying back college loans
You are saving for a child's education
You don't want to lock up in a 401(k)
money you might need soon
You are saving for retirement through
other vehicles
You are paying back debt other than
college loans
You're contributing all you can afford
Not a Reason Minor Major
NEW
37. 3737
48%
21%
18%
16%
14%
11%
6%
46%
13%
22%
8%
4%
3%
4%
52%
23%
16%
15%
17%
10%
5%
45%
27%
15%
24%
19%
23%
9%
You're contributing all you can afford
You are paying back debt other than college loans
You are saving for retirement through other vehicles
You don't want to lock up in a 401(k) money you might
need soon
You are saving for a child's education
You are paying back college loans
You don't need to save for retirement
Total Workers Baby Boomer Gen X Millennial
By Worker Generation
As you probably know, you are contributing less to your 401(k) than the IRS permits you to defer from
income. Please indicate below the extent to which any of the items below are a reason for this.
Major Reasons for Contributing Below the Maximum
Base: Workers, contributing below the maximum allowed to 401(k) (89%)
Q.44
38. 3838
By Workers
To take full
advantage of this
match
63%To take partial
advantage of this
match
22%
On factors
other than the
match terms
15%
To what extent is your contribution rate determined by this match?
Influence of Match on Contribution
Base: Workers, expecting an employer match (86%)
Q. 46
You set your contribution rate ...
NEW
39. 3939
By Worker Generation
10%
11%
25%
15%
31%
23%
11%
22%
59%
66%
64%
63%
Millennial
Gen X
Baby Boomer
Total Workers
On factors other than the match terms To take partial advantage of this match To take full advantage of this match
To what extent is your contribution rate determined by this match? You set your contribution rate ...
Influence of Match on Contribution
Base: Workers, expecting an employer match (86%)
Q.46
40. 4040
Made positive
decision to enroll
85%
Enrolled
automatically with
the choice to opt
out
15%
As far as you recall, did you make a positive decision to enroll in your current 401(k) plan or were you
enrolled automatically with the choice to opt out?
Automatic Enrollment
Base: Workers
Q. 47 NEW
41. 4141
By Worker Generation
As far as you recall, did you make a positive decision to enroll in your current 401(k) plan or were you
enrolled automatically with the choice to opt out? As far as you recall, at what contribution rate were you
automatically enrolled?
Automatic Enrollment Summary
Base: Workers, * Automatically enrolled
Q. 47, 48
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Enrolled automatically 15 14 13 20
Rate at which automatically enrolled *
1% 24 34 15 24
2% 19 15 25 16
3% 20 14 23 21
4% 14 11 14 16
5% 11 8 12 12
6% 6 8 8 3
7% 1 1 1 2
Over 7% 5 10 2 5
Average % 3 3 3 3
Median % 3 3 3 3
NEW
42. 4242
By Workers
10% 10% 10%
12%
9% 8%
10%
2%
31%
2% 3% 4% 5% 6% 7% 8% 9% 10+%
At what contribution rate do you think you would have opted out instead of enrolling?
Opt-out Rate
Base: Workers enrolled automatically (15%), Average 7%
Q. 49 NEW
43. 4343
By Worker Generation
At what contribution rate do you think you would have opted out instead of enrolling?
Opt-out Rate
Base: Workers enrolled automatically (15%)
Q. 49
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
1% 0 0 0 0
2% 10 16 7 8
3% 10 9 9 11
4% 10 4 13 11
5% 12 16 11 10
6% 9 0 11 12
7% 8 5 6 13
8% 10 9 15 7
9% 2 0 2 2
10+% 31 41 27 27
Average % 7 7 7 6
Median % 7 8 6 6
NEW
44. 4444
By Workers
Set at current
level
85%
Goes up
automatically
each year
15%
Is your contribution rate set at its current level unless you change it, or does it go up automatically each
year unless you stop it?
Automatic Escalation
Base: Workers
Q. 50 NEW
45. 4545
Is your contribution rate set at its current level unless you change it, or does it go up automatically each
year unless you stop it?
Base: Workers
Automatic Escalation
Q. 50 By Worker Generation
81%
85%
90%
85%
19%
15%
10%
15%
Millennial
Gen X
Baby Boomer
Total Workers
Set at current level Goes up automatically each year
NEW
46. 4646
By Workers
Please indicate the extent to which you agree or disagree with each of the statements below about
automatic enrollment in 401(k) plans.
Base: Workers enrolled automatically (15%)
Q. 51
Attitudes About Automatic Enrollment
26%
16%
7%
4%
6%
46%
41%
24%
18%
16%
20%
31%
51%
53%
51%
9%
12%
18%
24%
27%
I wish my employer had enrolled me at a lower
contribution rate
I wish my employer had enrolled me at a higher
contribution rate
I am satisfied with the contribution rate at which my
employer enrolled me
Employers who offer a match should set the
automatic enrollment contribution rate high enough
for participants to take full advantage of the match
I am satisfied that my employer automatically
enrolled me
Disagree Completely Disagree Somewhat Agree Somewhat Agree Completely
NEW
47. 4747
By Worker Generation
Please indicate the extent to which you agree or disagree with each of the statements below about
automatic enrollment in 401(k) plans.
Q. 51
Attitudes About Automatic Enrollment
78%
78%
69%
43%
29%
80%
80%
60%
34%
17%
77%
74%
71%
47%
31%
79%
80%
74%
47%
35%
I am satisfied that my employer automatically enrolled
me
Employers who offer a match should set the automatic
enrollment contribution rate high enough for
participants to take full advantage of the match
I am satisfied with the contribution rate at which my
employer enrolled me
I wish my employer had enrolled me at a higher
contribution rate
I wish my employer had enrolled me at a lower
contribution rate
Total Workers Baby Boomer Gen X Millennial
Base: Workers enrolled automatically (15%), "Agree Completely or Somewhat"
NEW
48. 4848
By Worker Generation
Counting this employer and any others you may have had, for how many years have you been
contributing continuously without interruption to a 401(k)?
Years Contributing to 401(k)
Base: Workers
Q. 52
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
Under 1 7 5 4 11
1-2 12 5 10 23
3-4 13 6 10 22
5-6 13 9 11 20
7-9 10 7 11 11
10-14 17 14 24 10
15-19 11 14 15 2
20-24 9 15 11 1
25-29 5 11 4 0
30+ years 5 14 1 0
Average # 10 15 11 5
Median # 8 15 10 4
NEW
49. 4949
By Worker Generation
27%
22%
21%
15%
26%
29%
11%
16%
27%
21%
23%
15%
28%
17%
27%
12%
Paying down debt
Contributing to your 401(k) at the level required to take
full advantage of a matching contribution your employer
may offer but less than the maximum contribution limit
Contributing to your 401(k) but below the level required
to take full advantage of a matching contribution your
employer may offer
Contributing to your 401(k) at the maximum contribution
limit
Total Workers Baby Boomer Gen X Millennial
In terms of how your household is funding financial priorities this year, please rank which of the items
below comes first, which comes second, which third and so on until the end of the list. If an item does
not apply to you or isn’t a priority at all, enter a rank of zero..
#1 Funding Financial Priority
Base: Workers, Ranked at least one item (98%)
Q.55
50. 5050
By Worker Generation
6%
4%
4%
2%
1%
7%
5%
3%
2%
1%
4%
3%
4%
1%
2%
7%
2%
3%
2%
1%
Contributing to an emergency fund
Contributing to a Roth IRA
Contributing to a traditional IRA
Contributing to a health savings account (HSA) to fund
some qualified medical expenses on a pre-tax basis
Contributing to a 529 college savings account or other
educational savings vehicle
Total Workers Baby Boomer Gen X Millennial
In terms of how your household is funding financial priorities this year, please rank which of the items
below comes first, which comes second, which third and so on until the end of the list. If an item does
not apply to you or isn’t a priority at all, enter a rank of zero..
#1 Funding Financial Priority (cont’d)
Base: Workers, Ranked at least one item (98%)
Q.55
51. 51
Agenda
Economic climate
Workers: focus on Millennials
Millennial eligible non-participants in 401(k) plans
Retirees
Descriptive information
Segment Profile Summaries
52. 5252
By Workers and Retirees
Which of the following types of asset allocation funds do you own?
Q. 82
Asset Allocation Funds Owned
Base: Own Asset Allocation Funds
62%
26%
26%
23%
41%
27%
40%
36%
A balanced fund which includes both stocks and
bonds in a fixed proportion
Target risk funds, usually labeled conservative,
moderate or aggressive, indicating the level of
risk you are prepared to accept
Target date funds, usually with a year in their
name, indicating the year in which you retired or
might expect to retire, for example 2025 or 2045.
A blend of target date and target risk funds
Retirees (24%) Total Workers (58%)
NEW
53. 5353
By Worker Generation
Which of the following types of asset allocation funds do you own?
Q. 82
Asset Allocation Funds Owned
41%
40%
36%
27%
58%
36%
23%
22%
39%
37%
39%
27%
31%
45%
39%
32%
A balanced fund which includes both stocks and
bonds in a fixed proportion
Target date funds, usually with a year in their
name, indicating the year in which you retired or
might expect to retire, for example 2025 or 2045
A blend of target date and target risk funds
Target risk funds, usually labeled conservative,
moderate or aggressive, indicating the level of
risk you are prepared to accept
Total Workers Baby Boomer Gen X Millennial
Base: Own Asset Allocation Funds (58%)
NEW
54. 5454
By Worker Generation
As far as you know, which of the following statements are true and which are not true of the target date
funds you hold?
Q. 83
True of Target Date Funds
81%
80%
80%
73%
72%
86%
81%
84%
59%
63%
85%
81%
80%
78%
75%
73%
79%
78%
74%
74%
Target date funds are managed by professionals
meaning you will potentially get better results than you
would on your own
These funds hold a mix of asset classes which changes
over time so you don't have to make changes to your
investments as you get closer to retirement
It's better to hold additional funds in your 401(k) than
just a target date fund
The fees and expenses on target date funds in 401(k)s
are about the same as what you would pay for similar
funds outside of your 401(k) account
These funds are designed as a suitable investment to
get you not just to retirement, but through retirement as
well
Total Workers Baby Boomer Gen X Millennial
Base: Own Target Date Funds (38%), Excluding Not Applicable
NEW
55. 5555
By Worker Generation
As far as you know, which of the following statements are true and which are not true of the target date
funds you hold?
Q. 83
True of Target Date Funds (cont’d)
71%
66%
62%
50%
56%
56%
57%
36%
77%
69%
60%
47%
72%
68%
67%
59%
Because target date funds are approved for your 401(k)
by your employer, they are probably of high quality
Target date funds are usually less risky than balanced
funds
These funds are designed as a suitable investment to
get you to retirement, but not through retirement
If you leave your job you can't take your target date
fund with you, you have to sell it and reinvest with your
new plan or on your own
Total Workers Baby Boomer Gen X Millennial
Base: Own Target Date Funds (38%), Excluding Not Applicable
NEW
56. 5656
By Workers and Retirees
All things considered, how satisfied are you with:
"Very Satisfied" with Investments
* Base: Own Target Date Funds
Q. 84
Workers By Generation
Retirees
Total
Workers
Baby
Boomer Gen X Millennial
% % % % %
The target date fund or funds you hold * 41 23 9 29 22
Investments apart from target date funds
you hold 29 22 23 22 22
Your investment portfolio overall 38 26 25 28 26
NEW
57. 5757
By Workers and Retirees
All things considered, how satisfied are you with:
Q. 84
Satisfaction with Investments Overall
5%
3%
6%
5%
4%
16%
13%
13%
14%
10%
53%
56%
56%
55%
48%
26%
28%
25%
26%
38%
Millennial
Gen X
Baby Boomer
Total Workers
Retirees
Not satisfied at all Not very satisfied Somewhat satisfied Very satisfied
NEW
58. 5858
By Worker Generations
How much debt does your household have when it comes to student loans?
Q. 93
Student Loan Debt
Workers By Generation
Total
Workers
Baby
Boomer Gen X Millennial
% % % %
None 69 87 69 49
Less than $1,000 1 0 1 3
$1,000 to < $5,000 7 4 5 11
$5,000 to < $15,000 7 3 7 10
$15,000 to < $25,000 5 2 4 9
$25,000 to < $50,000 5 2 5 8
$50,000 to <$500,000 7 2 8 9
$500,000 or more 0 0 0 0
Average $ in thousands (Excluding None) $38 $27 $50 $31
Median $ in thousands (Excluding None) $17 $12 $20 $16
59. 5959
By Workers and Retirees
Thinking about this debt all together, that’s home equity loans, car loans, credit card debt, student loans
and other consumer credit, how does that amount compare to a year ago?
Direction of Debt
Base: Have debt $1,000 or more
Q. 94
Retirees
Total
Workers
Baby
Boomer Gen X Millennial
% % % % %
Net: Top 2 Box 17 17 21 17 15
Much larger 3 6 8 6 4
Somewhat larger 14 12 13 11 11
About the same 35 33 27 34 35
Somewhat smaller 38 38 42 36 37
Much smaller 10 12 10 12 14
Net: Bottom 2 Box 48 50 52 48 51
NEW
60. 6060
By Workers and Retirees
How soon, if ever, do you expect to pay this debt down to zero?
Paying off Debt
Base: Have debt $1,000 or more
Q. 95
Workers By Generation
Retirees
Total
Workers
Baby
Boomer Gen X Millennial
% % % % %
Have Debt 50 74 64 77 80
Under 1 year 12 11 12 10 11
1-2 years 22 17 15 16 21
3-4 years 16 14 15 13 17
5-6 years 19 24 25 24 22
7-9 years 2 3 0 4 4
10-14 years 11 13 14 13 11
15+ years 9 10 7 13 10
Never 9 8 12 8 5
Average number of years (Excluding never) 6 6 6 7 6
Median number of years (Excluding never) 4 5 5 5 4
NEW
61. 6161
By Worker Generation
11%
6%
5%
4%
3%
79%
7%
2%
2%
2%
1%
88%
12%
6%
4%
4%
3%
80%
14%
8%
10%
6%
4%
70%
Taken a loan against a 401(k)
Taken a hardship withdrawal from a 401(k)
Cashed out a 401(k) and paid the taxes due
Taken a premature distribution from an IRA
Accessed funds in a 529 education account for non-
educational purposes
None of these
Total Workers Baby Boomer Gen X Millennial
In the past year, has any member of this household:
Early Withdrawals
Q.96
62. 6262
By Workers and Retirees
Which social media sites, if any, do you access at least once a week?
Q. 97
Social Media Usage
Workers By Generation
Retirees
Total
Workers
Baby
Boomer Gen X Millennial
% % % % %
Facebook 65 74 59 76 85
YouTube 24 45 21 45 68
LinkedIn 13 26 28 26 22
Google+ 12 21 11 21 30
Twitter 11 27 10 32 38
Instagram 5 19 4 17 38
None, I do not access social media sites 27 13 26 11 4
Average # Sites Used (Excluding none) 1.8 2.4 1.8 2.4 2.9
