American Century: Employers Should Encourage Workers to Save More

American workers would save more for retirement if their employer encouraged them, said Diane Gallagher, VP of Defined Contribution Only Practice Management at American Century Investments. Gallagher revealed the results of a 1600 person survey which showed that most workers are aware they should be saving more but still do not. The survey's participants said they would be receptive to automatic savings plan enrollment and would favor a higher default contribution rate. Finally, Gallagher said that both older and younger participants identified the first five working years as the key time that they saved too little for retirement.