Many workers are not using their 401(k) plans to realize their full retirement savings potential, according to a study conducted by consulting firm Hewitt Associates and researchers from Harvard University and the University of Pennsylvania's Wharton School, Dow Jones reports.

More than two-thirds of workers surveyed, who didn't contribute enough to match their employer contribution, said they could afford to save at least an additional $20 a week, or $1,040 a year, for retirement than they are currently saving. In spite of recognizing this shortcoming, these workers said that they didn't plan to increase their contributions.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.