News You Can Use: Does where you live affect your retirement plan participation?

Employees in Midwestern and Northeastern states are more likely to participate in retirement plans than their Southern and Western counterparts, states new data from the nonpartisan Employee Benefit Research Institute.

According to 2007 data, wage and salary workers in Florida have the lowest probability (36.4%) of participating in a retirement plan, while those living in Iowa are the most likely to participate, at 58.3%.

Among salaried workers, Wisconsin took top place (54.4% among private wage and salary workers; 67.7% amongst full-year wage and salary workers). Again, Florida came in last, with 32.3% of all workers participating.

New Jersey residents are most likely to participate from the public sector employer group, with 82.1%, followed closely by Idaho and Ohio , at 81.9% and 81.7%, respectively. Louisiana residents in the public sector were lease likely to participate, with 68.8%.

If you're searching for ways to increase worker participation, why don't you take a listen to the helpful suggestions on our recent podcast with Dean Kohmann of Charles Schwab.