Not every effort to educate employees on 401(k) plans appeals to everyone equally, according to a working paper published by Boston College‘s Center for Retirement Research. With companies spending vast sums on program to encourage 401(k) participation, the paper found that higher-salaried workers preferred online advice while the 401(k) managed accounts appeals to a wider range of employees across most demographic groups, including gender, employment tenure and full-time/part-time status. The study also found that “the probability of being a managed account or online user substantially increases if the participant initially invested in lifestyle funds.”
