Raising the financial literacy of retirement system participants has long been a goal of plan sponsors, but a survey finds that those most confident about their abilities might come out behind those with less assurance.
The survey of 5,000 defined contribution plan participants by the National Association of Retirement Plan Participants found the 20 percent who were overconfident about their knowledge ended up with with smaller account balances than those more unsure of themselves.
This group put less money from each paycheck aside for retirement than the group in the middle. They were also more likely to purchase products.
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