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YOU ARE CORRECT
D. – 91%
In a survey of 500 participants who took a 401(k) loan, the vast majority—ninety-one percent—say that they value the loan feature. This finding supports the notion that employees are more likely to participate and contribute more if they have the peace of mind that their money can be accessed penalty-free if the unexpected arises.
Plan sponsors should keep this finding top-of-mind as they evaluate their plan design and consider tactics to minimize plan leakage, drive retirement readiness, and improve financial wellness.
This finding was one of many interesting participant views in the joint study by Greenwald & Associates and Custodia Financial, entitled “Missing Voices: What 401(k) Borrowers Can Add to the Loan Program Conversation.” To read the full report, click here.
INCORRECT – The correct answer is D. – 91%
In a survey of 500 participants who took a 401(k) loan, the vast majority—ninety-one percent—say that they value the loan feature. This finding supports the notion that employees are more likely to participate and contribute more if they have the peace of mind that their money can be accessed penalty-free if the unexpected arises.
Plan sponsors should keep this finding top-of-mind as they evaluate their plan design and consider tactics to minimize plan leakage, drive retirement readiness, and improve financial wellness.
This finding was one of many interesting participant views in the joint study by Greenwald & Associates and Custodia Financial, entitled “Missing Voices: What 401(k) Borrowers Can Add to the Loan Program Conversation.” To read the full report, click here.
