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Only one in four (24%) of 401(k) participants say they are very confident they will be able to maintain their current standard of living in retirement, yet they fail to take advantage of the plethora of employer tools and solutions aimed at improving financial wellness, according to The Cerulli Report – U.S. Retirement-End-Investor 2024.
While 71% of 401(k) plan sponsors have adopted a financial wellness program, which can provide valuable knowledge and recommendations, only 20% of participants partake in the financial wellness tools and resources. While 41% of users found the tools "very helpful," 57% remained neutral about their effectiveness.
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