The answer to the above question is ‘maybe not,’ according to a new survey from I-Pension, LLC. Even with the upheaval in the investment world, many participants are still not paying attention to their 401(k) accounts, according to the survey.
It found that 27% of middle-income investors had not even opened their fourth-quarter 2008 plan statements. A third of those who did read their statement spent less than 1 minute reviewing it, and 72% spent less than 3 minutes. The survey also found that one out of three 401(k) investors had no idea of their fund allocation, and 55% of respondents never rebalanced or changed their investment options in 2008.
And, while 82% of the surveyed investors said they make their investment decisions on their own, the same percentage (82%) said they would be likely to request assistance if their employer provided access to investment advice.