Perception Gaps
A recent survey “revealed” a big disconnect between participants and plan sponsors — or did it? The survey , conducted from mid-January to mid-February earlier this year by Voya, found that while 91% of sponsors thought participants were either very or somewhat prepared for retirement, “just” 69% of participants felt that way. A finding that I think it’s fair to say surprised — well, probably no one. Indeed, I’m sure there are any number of advisors out there who saw this as an opportunity to tell plan sponsors that while they may THINK the participants they serve and support are in good shape, their reality may be different. Particularly since this survey also found that advisors’ perspective was pretty much aligned with that of the participants surveyed. But could plan sponsors’ “read” of participant readiness really be so strong as to be so out of touch with participants’ perception? The authors of the report opined that the bull market might explain the lev...