Individuals Expect to Take Increased Role in Retirement Savings

Over the next 10 years, Americans expect the role for individuals and government entities in individuals’ financial security to be larger, according to results of a survey by the American Benefits Council.

More than half (52%) think individuals will play a larger role in health insurance and retirement savings, while 45% say the federal government will. Thirty-nine percent predict state governments will play a larger role in health insurance and retirement savings, while only 29% expect employers to do so.

Among council members, nearly eight in 10 (79%) predict individuals will play a larger role in health insurance and retirement savings, while 35% say federal governments will and one-quarter say state governments will. Only 19% think employers will play a bigger role in health insurance and retirement savings.

Among those employed, 35% say employer-provided health insurance benefits will be most important to them within the next 10 years. Thirty-one percent chose an employer-provided pension or defined contribution (DC) plan as their first choice. Sixty percent of those surveyed would take more generous, higher quality benefits in exchange for less take home pay, while 34% chose take home pay over more generous benefits.

A majority of working Americans (56%) trust the individual market most for opportunities to save for retirement. Only 27% indicate they trust employers the most, and only 9% trust the federal government the most.

However, for high-quality health care coverage, 43% trust employers the most, while 28% trust the individual health insurance market and 13% trust the federal government.

Public Opinion Strategies conducted a survey of 800 registered voters for the American Benefits Council from November 5 to November 9. The full survey report is here.