The Vanguard Group has issued industry results from its “How America Saves 2011” report, based on the 3.2 401(k) investors it serves in 2,500 plans. The industry that saves the most in 401(k) plans is both small and large utilities (9.0% and 8.2% average contribution rates, compared to an average of 6.8%).
Workers at mining companies have the highest balances (an average of $237,081, compared to an overall average of $79,077), and employees of small ambulatory healthcare companies put the most money into target-date funds (62%, compared to an average of 41% overall).
The report also itemizes the savings behavior of the finance and insurance, information services, legal, manufacturing, oil and gas and technologies industries—and offers a benchmarking tool that plan sponsors can use to compare their plan data with others in their industry.
Other findings show that the highest participation rates are at small utility firms (92% participation rate) and large mining companies (88%). This compared with an overall participation rate of 74% for all industries.
The industry with the highest auto enrollment rate was large manufacturing companies (67%), and the industry with the lowest auto enrollment rate was small ambulatory healthcare firms (6%). The average auto enrollment rate across all of the industries that Vanguard serves was 24%.