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YOU ARE CORRECT
C. – 55%
Our recent joint study with Greenwald & Associates underscored the fact that, when most participants borrow, it’s for financial emergencies for which they often have no other good option. Not surprisingly, the majority of borrowers (55%) say that more education wouldn’t have made them reconsider.
In addition, the in-depth interviews conducted by Greenwald & Associates uncovered that participants are unlikely to be able to absorb education when they’re in the loan initiation process, because they’re under financial stress. They just want to access their money as quickly as possible. Therefore, an automated solution, such as loan insurance, is the best way to provide a safety net.
This finding was one of many interesting participant views in the study, 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 C. – 55%
Our recent joint study with Greenwald & Associates underscored the fact that, when most participants borrow, it’s for financial emergencies for which they often have no other good option. Not surprisingly, the majority of borrowers (55%) say that more education wouldn’t have made them reconsider.
In addition, the in-depth interviews conducted by Greenwald & Associates uncovered that participants are unlikely to be able to absorb education when they’re in the loan initiation process, because they’re under financial stress. They just want to access their money as quickly as possible. Therefore, an automated solution, such as loan insurance, is the best way to provide a safety net.
This finding was one of many interesting participant views in the study, entitled “Missing Voices: What 401(k) Borrowers Can Add to the Loan Program Conversation.” To read the full report, click here.
