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Student loans are a favorite topic these days and for good reason. We’re a nation of spenders, and the level of student debt appears to be choking off credit in other markets such as borrowing for homes and cars. But student loans aren’t the only debt employers should be worried about. Indeed, 401(k) loans may present an even greater risk to the millions of American workers that have them.
A growing debt problem: 401(k) loans
George White is executive vice president of operations at Custodia Financial, a consortium of retirement industry executives working to solve the problem of retirement plan leakage from 401(k) loan … Read full bio
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U.S. workers say retirement is getting harder to afford, raising questions about how organizations can help workers save, understand their benefits, and plan ahead.
As employees decide whether to stay with their employer, support tied to student loan debt and education benefits is becoming a clear differentiator.
Even high-income employees are uncertain about where to put their next dollar, highlighting the need for workplace guidance on financial wellness.
From loan repayment and forgiveness to tuition planning, employers can improve workers' education about how to proceed following July 1 changes to plan options.
Younger employees are least likely to enroll in retirement plans, but automatic enrollment and defaults dramatically improve participation across the board.
