Most workers are unengaged when it comes to knowing more about their 401(k) plan's offerings and most are financially unprepared for retirement, according to two new studies by Schwab Retirement Plan Services.

CFO Research Services, on behalf of Schwab, surveyed more than 200 senior finance and human resources executives from large and mid-sized U.S. companies about their perceptions of 401(k) plans in the workplace. The survey found that more than half, 54 percent, of employers reported that employees participating in plans are not taking full advantage of the investment options, features and services offered in connection with their 401(k) plan.

The majority of employers surveyed said they plan to do a better job in educating their workers by using interactive planning tools, printed educational materials and in-person workshops.