Flows to retirement accounts managed by Fidelity Investments rose 62% in the first four months of this year from a year earlier, compared with a 21% increase in the January to April 2005 from the year before, the company announced.
People appear to be more sensitive to the fact they will need money to supplement Social Security, the company said. In addition, Ellyn McColgan, head of Fidelity's brokerage business, said Fidelity's advertising campaign and website accessibility also drove those sales. She noted that half of the new accounts that investors opened with Fidelity in the first four months of this year were opened online.
Earlier this year, Fidelity released a retirement index that indicated 83% of people admitted they were not saving enough for retirement.