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    1. Employee Benefit Research Institute & J. P. Morgan Asset Management Research Collaboration

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    Employee Benefit Research Institute & J. P. Morgan Asset Management Research Collaboration

    The first holistic view of household SPENDING & SAVINGS from observed behaviors

    Read the latest report

    ABOUT OUR COLLABORATION

    In 2020, we formed a research collaboration with the Employee Benefit Research Institute (EBRI). Drawing on their database of more than 23 million 401(k) and IRA accounts and JPMorgan Chase data for around 62 million households, we are able to create a holistic view of household finances. We believe real data about real behaviors can deliver the most useful insights to help further retirement outcomes.

    LATEST INSIGHT

    Our latest research collaboration with EBRI uses their joint dataset with the National Association of Government Defined Contribution Administrators (NAGDCA). Titled “Leveraging defined contribution plans to help overcome public pension shortfalls,” this new paper examines the spending and saving behaviors of public sector workers and offers actionable steps that plan sponsors can take to help improve their employees’ retirement readiness. The following exhibit from the publication shows how lower tenure employees with less generous pension benefits spend nearly the same as higher tenure employees with more generous benefits. The paper also notes that lower tenure employees do not save much in their defined contribution (DC) plans to help offset the reduction in pension benefits. This high spending, combined with reduced pensions and low DC savings, poses a significant challenge for these lower tenure employees as they try to achieve a successful retirement.

    Of those with pension benefits, lower tenure employees spend nearly the same as higher tenure employees, whose benefits tend to be more generous

    MEDIAN SPENDING-TO-NET-INCOME RATIOS BY AGE AND TENURE

    Source: “Spending and saving behavior of public-sector defined contribution plan participants,” Public Retirement Research Lab and J.P. Morgan Asset Management.

     

    EXPLORE MORE RESEARCH

    Mystery no more: Portfolio allocation, income and spending in retirement

    Read more

    The 3% difference: What leads to higher retirement savings rates?

    Read more

    How integrated plan design and financial wellness programs can improve retirement outcomes

    Read more

    How portfolio diversification and prudent risk management can improve retirement outcomes

    Read more

    Disclosures

    This inaugural report was produced through a collaboration between J.P. Morgan Asset Management and the Employee Benefit Research Institute (EBRI), a Washington, D.C.-based organization committed exclusively to public policy research and education on economic security and employee benefit issues. This “Insights to Action” series was produced by J.P. Morgan Asset Management (JPMAM) alone and includes JPMAM’s view only.

    In an ongoing collaborative effort, the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) maintain the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, which is the largest, most representative repository of information about individual 401(k) plan participant accounts. ICI is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions worldwide. While this paper uses data from the EBRI/ICI database, ICI did not participate in the research collaboration between EBRI and J.P. Morgan Asset Management and was not involved in the writing of this paper.

    EBRI is not affiliated with JPMorgan Chase & Co. or any of its affiliates or subsidiaries.

    DATA PRIVACY: We have a number of security protocols in place which are designed to ensure all customer data are kept confidential and secure. We use reasonable physical, electronic and procedural safeguards that are designed to comply with federal standards to protect and limit access to personal information. There are several key controls and policies in place which are designed to ensure customer data are safe, secure and anonymous: (1) Before J.P. Morgan Asset Management (JPMAM) receives the data, all selected data is highly aggregated and all unique identifiable information, including names, account numbers, addresses, dates of birth and Social Security numbers, is removed. (2) JPMAM has put privacy protocols for its researchers in place. Researchers are obligated to use the data solely for approved research and are obligated not to re-identify any individual represented in the data. (3) JPMAM does not allow the publication of any information about an individual or entity. Any data point included in any publication based on customer data may only reflect aggregate information. (4) The data are stored on a secure server and can be accessed only under strict security procedures. Researchers are not permitted to export the data outside of JPMorgan Chase’s (JPMC) systems. The system complies with all JPMC Information Technology Risk Management requirements for the monitoring and security of data. (5) JPMAM provides valuable insights to policymakers, businesses and financial professionals, but these insights cannot come at the expense of consumer privacy. We take every precaution to ensure the confidence and security of our account holders’ private information.

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