We found that there were two primary reasons explaining why people have less confidence in a pension plan provided by their employer.
The first reason pertains to what people see going on right now. We see businesses shutting down and taking their pension plans with them when they close. In this situation, people have lost everything that they have accumulated up until the day of the shutdown. So people are right to be more cautious.
Secondly, some survey respondents believe that they are better able to administer finances than a pension plan would be. These respondents would therefore prefer to manage everything by themselves.
These are the two reasons that were given in the survey.