Millions of American Workers Ill-Prepared and Unsupported by Their Employer as More Take Ownership of Retirement Funds - New Study From Edward Jones

ST. LOUIS, Mo., May 23 /PRNewswire/ -- A recently published national study commissioned by financial brokerage firm Edward Jones shows that, while employer-provided financial education may be on the rise, more than 35 percent of working Americans still feel they are lacking the proper education to manage their own retirement portfolios. The number skews higher for part-time, lower income or non-college educated workers. Across the board, only 25 percent of American workers find their employer to be "extremely helpful" in providing information at work that will help in retirement planning.

The study of 1,000 American workers attempted to better understand the financial educational landscape as more employees are forced to manage and care for their retirement funds.

"These results clearly suggest that employers must do more to arm their employees with the education necessary to manage their financial futures," said Ken King, partner in charge of the Edward Jones employee education department. King's department was recently created to help companies bring financial education to the workplace.

King pointed out that the issue impacts a broad cross section of employees, regardless of the type of retirement plan the company offers.

"It doesn't matter if the company plan is defined benefit or defined contribution, employees need to take a more active role in managing retirement funds. Without the proper education, many Americans could wind up squandering vital resources they will need in retirement," King said. "This is a crucial issue for the future financial well-being of our country."

  Among the other key findings from the survey conducted by Kelton Research:

  * Almost half (48 percent) of those surveyed with annual household
    incomes of less than $25,000 agree that their employers are not helpful
    in retirement planning.

  * Those who work part time are 21 percent more likely to agree that their
    employers fall into the unhelpful category.

  * Those with more education are getting more help. Nearly two-thirds of
    those with college degrees agree that their employers are at least
    "somewhat helpful" in helping them plan for retirement.

  About Edward Jones

Edward Jones provides investment advice and financial services for individual investors in the United States, Canada and the United Kingdom. Every aspect of the company's business, from the types of investment options offered to the location of branch offices, is designed to cater to the individual investor in the communities in which they live and work. The firm's 9,000-plus investment representatives work directly with more than six million clients to understand their personal goals -- from college savings to retirement -- and create a long term plan for their investments that emphasizes portfolio diversification and a buy-and-hold strategy. Edward Jones embraces the importance of building long term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today.

Edward Jones is headquartered in St. Louis, Mo.