A study shows that higher levels of trust lead to better financial decision-making which includes higher rates of savings, increased commitment to savings, and increased loyalty to providers.

Americans who participate in 401(k) plans are increasingly more trusting of the financial firms they rely on to manage their retirement savings, according to the National Association of Retirement Plan Participants (NARPP) 2018 Participant Trust and Engagement study, which tracks the attitudes and behaviors of 4,500 retirement plan participants from across the country.

The study reveals that trust in one’s retirement plan provider is at 30%, an all-time high, up from a low of 26% in 2016. Following the same trend, confidence has increased to 46% from a low of 35% in 2014. The study shows that higher levels of trust lead to better financial decision-making which includes higher rates of savings, increased commitment to savings, and increased loyalty to providers.

Read more here: https://www.plansponsor.com/financial-wellness-education-key-participants-trust-retirement-plan-providers/