NEW YORK--(BUSINESS WIRE)--
BlackRock, Inc. (NYSE:BLK), the world’s largest manager of
retirement-related investment assets, applauds the focus of President
Obama’s State of the Union Address on improving financial preparedness
for all Americans. BlackRock urges businesses and policymakers to join a
national dialogue on how to help Americans at all income levels become
better prepared for retirement.
BlackRock Chairman and CEO, Laurence D. Fink, commented:
“Longevity is creating a retirement crisis in America that is growing
more severe each year. So I am tremendously encouraged that the
President has focused on retirement in his State of the Union. I’m
hopeful that President Obama’s focus on this critical issue will help
kick off a much-needed national conversation—a conversation that
Congress needs to join—on what must be done to ensure that all Americans
have sufficient income to support themselves in retirement. This is a
responsibility that must be borne not just by government, but businesses
and individuals as well. All Americans, whether they work part-time or
full-time, at a big employer or a small one, need a better system—one
that is going to promote real retirement security and make it easier to
save for the future. Thankfully, the President has shined a light on
this critical challenge, and I am confident that businesses,
policymakers, and individuals will join this debate and together help
tackle the retirement crisis head-on.”
BlackRock U.S. Head of Retirement, Chip Castille, said:
“As a nation, we clearly have a lot of tough choices to make over the
next few years. But employers, retirement providers and regulators are
showing an encouraging willingness to solve the problems the President
described. One of the boldest steps the government should take is to
reduce regulatory burdens so more companies can provide retirement
plans, and to allow employers the option to offer a wider array of
investment options. The retirement system, and in particular 401(k)
plans and Individual Retirement Accounts, has evolved considerably over
the last several decades. We need to continue to maximize the ability of
all workers, particularly younger people, to participate as early as
possible. This discussion around retirement will be crucial to helping
secure the financial futures of the next generation of Americans.”
NOTE TO EDITORS: Recent BlackRock
retirement research:
-
According to BlackRock’s Annual Retirement Survey1, 91% of
401(k) plan participants find auto enrollment in their plan appealing.
-
According to BlackRock’s Global Investor Pulse Survey2,
only 50% of U.S. investors understand how much they need to save for
their retirement.
-
77% of investors would be encouraged to save and invest differently if
told how retirement savings translates into retirement income,
according to the BlackRock Retirement Survey1.
-
According to BlackRock’s Annual Retirement Survey1, 70% of
401(k) plan participants would be encouraged to save more for
retirement if their investment strategy was changed automatically
according to how far away they were from retirement.
-
When deciding what percentage of pay to contribute to their workplace
retirement savings plan, 55% of Americans savings for retirement
agreed that the automatic deferral rate was important, according to
BlackRock’s Annual Retirement Survey1.
-
For additional background, please see a recent BlackRock
Viewpoint and follow the BlackRock
Blog.
1 Of the 1,011 Americans saving for retirement polled for
BlackRock’s 2013 Annual Retirement Survey, 882 participate in a variety
of DC plans, including 401(k) plans, 403(b) plans, profit sharing and
stock purchase plans. Participants were drawn randomly across all sized
plans and from all sized employers with a maximum sampling error of +/–
3.1 percentage points at a 95% confidence level.
2 One of the largest global surveys ever conducted, the
BlackRock Global Investor Pulse poll interviewed 17,567 respondents, in
12 nations: the US, Canada, the UK, Germany, France, Italy, the
Netherlands, Belgium, Switzerland, Australia, Hong Kong and Taiwan. The
US sample comprised 4,000 respondents. No income or asset qualifications
were used in selecting the poll's participants, making the survey a
truly representative sampling of each nation's entire population.
Executed with the support of Cicero Group, an independent research
company, the survey took place from Aug. 24 to Sept. 16. For both the
global sample and the US sample of 4,000 respondents, the margin of
error is +/- 3%.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
December 31, 2013, BlackRock’s AUM was $4.324 trillion. BlackRock helps
clients meet their goals and overcome challenges with a range of
products that include separate accounts, mutual funds, iShares®
(exchange-traded funds), and other pooled investment vehicles. BlackRock
also offers risk management, advisory and enterprise investment system
services to a broad base of institutional investors through BlackRock
Solutions®. Headquartered in New York City, as of December 31, 2013, the
firm had approximately 11,400 employees in more than 30 countries and a
major presence in key global markets, including North and South America,
Europe, Asia, Australia and the Middle East and Africa. For additional
information, please visit the Company’s website at www.blackrock.com.
BlackRock, Inc.
Media Relations
Brian Beades,
212-810-5596
brian.beades@blackrock.com
or
Investor
Relations
Tom Wojcik, 212-810-8127
tom.wojcik@blackrock.com
Source: BlackRock, Inc.