Public Company Information:
--(BUSINESS WIRE)--The Charles Schwab Corporation (Nasdaq:SCHW):
|The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) has declared the week of October 19 the third annual "National Save for Retirement Week."|
|Schwab has experts available to discuss strategies and tips for saving for retirement in the current market and economic environment, in addition to data from recent studies on retirement saving and planning.|
Schwab Financial Planning and Retirement Experts
October 19 - October 25
|In today's uncertain market environment, it is difficult for many people to stay on track with their retirement savings. But at the same time, saving for retirement has become increasingly more important as Americans are living longer, as healthcare costs and the cost of living continue to rise, and as Americans are taking more responsibility for their own retirement savings. They're also redefining what retirement will look like - from staying in the workforce longer to launching into a whole new career or doing volunteer work. Employers are also beginning to do more to help their employees save for retirement.|
Rethinking Retirement Study and Pulse Check
|Rethinking Retirement: Four American Generations Share Their Views on Life's Third Act was initiated by Schwab in collaboration with Age Wave. All data collection and analysis was conducted online within the United States by Harris Interactive. The study, released July 15, 2008, examined attitudes and opinions of 3,866 respondents across four generations: Silent Generation (ages 63 to 83), Boomers (ages 44 to 62), Generation X (ages 32 to 43), and Generation Y (ages 21 to 31). Harris Interactive(R) conducted all surveys and analysis.|
|-- 84 percent of pre-retirees surveyed say they have become more actively engaged in planning for or managing their retirement, in light of current economic conditions.|
|-- 40 percent of pre-retirees surveyed say they will contribute the maximum amount to their 401(k) this year.|
|-- 71 percent of pre-retirees surveyed say they want to work in retirement.|
-- Respondents' main reason (57 percent) for working in retirement is "staying mentally active" and 45 percent say it's "the money."
-- 60 percent of respondents would like to launch into a new career in retirement.
|-- Americans surveyed believe they will need to save at least $500,000 to live comfortably in retirement - which is twice the median net worth of today's Boomer pre-retirees.|
|-- American adults surveyed, in younger generations especially, expect that their retirements will be based on financial self-reliance:|
|-- Generation Y survey respondents anticipate 61 percent of their retirement funds will come from personal savings and investments, 19 percent from Social Security and 21 percent from employer pensions.|
|-- 70 percent of respondents say they would like their employer to provide them with professional advice regarding saving and investing.|
|-- This is even more pronounced among the youngest working generation, with 79 percent of Generation Y respondents saying that they would like help from their employer.|
A Shared Benefit Study (Conducted by Charles Schwab and CFO Research Services)
|A Shared Benefit is an online survey based on a total of 208 responses from senior finance executives at companies ranging from $100 million to more than $10 billion in revenue. Respondents work for companies in a broad cross-section of industries, with the manufacturing and wholesale/retail trade industries particularly well represented. More than half of the respondents worked for companies with more than 1,000 employees eligible for participation in their 401(k) plans.|
|-- According to a recent Schwab study with CFO Research, 87 percent of senior finance executives surveyed believe that providing employees with access to investment advice is important.|
-- More than 70 percent of senior finance executives surveyed gave employees a "C" grade or lower in financial literacy.
-- 80 percent of senior finance executives surveyed said that varied levels of employee financial literacy is a top concern.
|-- 60 percent of senior finance executives surveyed say they are committing more resources to 401(k) plans today compared to five years ago and a majority of them (55 percent) expect to devote even more resources to these plans in the coming years.|
-- 70 percent of senior finance executives surveyed believe that offering a 401(k) "is the right thing to do for employees" and mirrors their company's values.