When it comes to 401(k) knowledge, there are varying levels of understanding across the generations: Just 60% of Gen Z knows what a 401(k) is, whereas 72% of millennials, 82% of Gen X, and 95% of boomers do, says a new study.
Employees want assistance with everyday financial concerns like budgeting, as well as financial literacy, employee discount programs and pretax dependent care reimbursement accounts.
Since most (75%) employees worry about the impact of inflation on their ability to save enough for retirement, 71% are more likely to stay with their current employer if offered a retirement savings plan, new Voya research revealed.
The youngest members of the labor market say inflation has been noted as a major detriment to their finances over the past year as they struggle to pay bills on time, says a Harris poll.