NEW YORK (TheStreet) -- Americans' viewpoint on retirement savings and the role employers pay in advancing workers' wealth depend significantly on political affiliation.
That's one conclusion drawn by a study from Wells Fargo . saying adults are "teetering on the edge of the retirement cliff."
Among other issues, the study focuses on 401(k) plans and "political party affiliations" associated with how consumer them, as well as what role their companies play in managing those plans.
According to the Wells Fargo (WFC) study, 74% of U.S. workers want their companies to offer personal financial advice on 401(k) plans; 67% of self-described Republicans support getting financial advice on the job and 86% of Democrats. That suggests Republicans are more likely to say workers are responsible for their own financial education, while more Democrats say management has a responsibility to help employees figure out how to invest in the financial markets.Also, 60% of Americans say employers should hike 401(k) contribution rates automatically by 1% annually, but that breaks down to 56% of Republicans backing the idea compared with 72% of Democrats. Finally, 59% of workers say their companies should enroll staffers automatically in the company 401(k) plan, with 55% of republicans supporting automatic enrollment compared with 77% of Democrats.
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