Financial literacy is not taught in schools, and a large number of people are scant aware of their own retirement savings needs. The trend in the industry to address this is the implementation of automatic enrollment into worksite retirement plans.
The problem is that a very small percentage of tax-exempt organizations have adopted automatic enrollment features. In fact, according to the 2014 Plan Sponsor Council of America 403(b) plan survey, only 16% of 403(b) plan sponsors have adopted automatic enrollment in their plans. This is less than half of the take-up rate among corporate plan sponsors.
