The survey polled more than 1,000 participants in workplace 401(k), 403(b), 457 and profit sharing defined contribution retirement plans.
The group that emerged as the most committed to saving for retirement was the one identified as “Generation DC,” or those under the age of 25.
For example, almost half (48%) of Generation DC employees said they increased their savings outside of the workplace in the last 12 months, compared with 37% for employees overall. More than three in five (62%) said they wanted their employers to show them how to spend less so they could save more, again significantly more than average for employees overall (53%). Younger employees also stood out with regard to being on track to save enough to meet their retirement goals, with 82% saying they were on track, compared with only 63% for employees overall.
Generation DC employees were also much more likely to be collaborative and group-oriented than older workers. Half indicated that they would be interested in participating in company-sponsored “buddy programs” that encourage people to help other people save. Only 28% of employees overall expressed interest in such programs.
“The results show that young employees want more engagement, like videos, interactive tutorials, email reminders, savings challenges and buddy systems. They also favor expert advice to help them determine how to invest,” Fredrik Axsater, managing director and head of global Defined Contribution for State Street Global Advisors, said in a statement.
The survey was conducted in October 2012 in collaboration with Boston Research Group, a retirement plan research group.