Quantitative and statistical reasoning are some of the qualities that are required when drawing up a report. The aim of this assignment is to prepare the data on the clients available, and determine the best action plan for their savings. Data has to be analyzed in textual, tabular and descriptive statistics have to be used in the data collection plan. There are two distinct types of participants: the pension participants and the 401k participants. This paper seeks to decipher who these participants are, and the manner with which they save.

The issue of savings plan amongst the employed will be studied through data collection from the people who are already in the working environment. This data will then be managed and summarized in order to give a clear distinction between the pension participants and the 401k participants. It is clear that, although these results are used in management of the different options of savings, but pension is the method preferred to by a majority of employees. There are two different types of savings plan that employees use for their retirement package. They include the 401K plan and the pension plan. The data was collected from 19 males and 13 females who have preferences in either of the savings plan.

Introduction

The issue of savings during ones career life is vital and necessary because these savings will sustain the individual throughout their life after retirement. It is clear that wise savings give fewer worries to retirees because they will not have to trouble about various costs during their retirement process. There are different types of savings plan, the pensioner’s package and the 401k package. It may be difficult to dictate the best savings plan for an individual. That purely depends on the preferences and tastes of the employee. This essay will show the type of savings plan that the employees find useful and some of the reasons why they chose that particular type of plan. This paper seeks to clean the collected data and define the savings plans and actions amongst the employees. There is a clear definition of the preferences of the consumer; and this is the main purpose of this report.

Methodology

The data was collected using random probability. The data and preferences are based on a number of parameters shown in the tabular report. In order to gather this information, questionnaires were handed to the participants, and they were engaged in an interview. It was relatively easy because the data to be collected was not complex. The age of the participants was collected, and the number of months they have been in the employment field also was defined. The age of the employee is also relevant because it has an influence on the savings plan determination. Job level was also determined. There are different pay grade levels in the country, and they all have different employees with a range of experience. The preferred retirement plan for each employee was determined since it is the most necessary aspect of the data collection.

Findings

Savings Plan According to Gender

There were 19 male participants who were intent on using the pensioners saving package as compared to 13 females. When it comes to the 401k savings plan, there are 19 males willing to invest in the savings plan, compared to the 13 ladies willing to invest in the package. There are an equal number of females who take part in both savings plans. There is relatively larger number of males willing to use the pension savings plan, compared to those who want to invest in the 401k package. Their ages, amount of time they have spent in employment and job level type have the greatest influence on the choice they make upon the saving they want to use towards their retirement kitty.

Job level

Pension Plan

401k Plan

1

2

1

2

5

6

3

8

8

4

8

9

5

9

8

Savings Plan According to Job Level

This graph displays the preferred method of savings amongst the employees at different Job levels. It means that there are more savers at the advanced job levels compared to the earlier stages of employment.

Discussions

It is clear and evident from the data collected that there is an inherent tendency for males to have a more financial outlook on their pension scheme. Men are more savers than the women. However, the savings plan are chosen depends on the preferences of the participants. Age is not so much of a determining power, yet in that the both savings plans and actions are irrespective of age. There is no right or wrong age to invest either in pensions or the 401k plan. The ages are spread through the savings types, and both the young and the aged have their choice to make regarding their savings plan. Though, job level has a bit of an influence on the choices made (MacKenzie and Cuaves 46-47).

The 401k seems to have popularity amongst the employees who are in senior job levels as compared to middle level employees who have identified with pensions. However, the study fails to capture the intangible information vital to the findings, which is the preference of the employees. It is vital to state that the pension type of saving is relatively more popular compared to 401k plan. This is because there is a security and confidence associated with pensions. According to the statistics, more men than women are willing to save for their retirement.

Conclusion

More males than females are willing to save for their future. Also, those employees in their later levels of employment have a tendency to save compared to those in their earlier levels. This is because they are nearing retirement and they need a secure form of savings for their life after they leave the work place. Employees who want surety with their savings and use them after retirement should have the pension savings plan. They want to be certain that there is a savings action for the money they get as a salary.

Given the fact that there is a choice between pensions and other forms of savings for one’s retirement, it is clear that the employees would rather use the plan that ascertains them of the future life after retirement. Pensions remain popular amongst the employees, even if other savings plans and actions arise. Pension has popularity amongst the employee in the middle levels of employment whereas the 401K plan has popularity amongst those employees in high levels of employment.

This is a good report, one that has all the data required to profile the employees. They have been defined according to their age, number of months in the work place, as well as their seniority level in the work place. These are the most important factors when it comes to determining their choice of a savings plan. There are different preferences according to the above stated factors.

Order now

Related essays