An overwhelming majority of 401(k) investors, 69%, believe they lack investment knowledge, and 67% said their fear of market volatility prevents them from managing their 401(k) properly, according to a study commissioned by John Hancock Retirement Plan Services.

Others said they don't have enough time to manage their 401(k) well.

The survey was among 600 401(k) investors and conducted by Mathew Greenwald & Associates.

As a result, Hancock believes its lifestyle portfolios, which match investors' risk tolerance and investment objectives, are a solution. Eighty percent of the retirement plans that Hancock administers offer these funds.

"We've known, and this research confirms it, not all participants are comfortable actively managing their 401(k) investments," said Ed Eng, senior vice president, product development.

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