Two out of three 401(k) savers have increased their contributions in the past two years, according to a survey from Schwab Retirement Plan Services. But, the savers still have a lot of stress and doubts.
The Schwab survey found financial stress can affect job performance, especially with non-savers -- 30% of non-savers said financial stress affects their job performance as opposed to 21% for savers. The study also found non-savers are less likely to be interested in a financial wellness program even though investment confidence is higher when a financial professional is involved. 20% of savers said they felt extremely confident when it came to making the right investment decisions by themselves, the confidence level jumped to 32% when savers had the help of a financial professional. For non-savers, 23% felt extremely confident they could make the right decisions by themselves, as opposed to a 30% with the help of a professional.
The Schwab study shows it may be a good idea to think about enlisting the help of a financial professional before making important investment decisions.