Defined Contribution (DC) Plan Participant Survey Findings

Expanding expectations, expanding opportunities. Our seventh defined contribution (DC) plan participant survey findings explores insights on general savings and employer-sponsored benefits, professional guidance, plan design and retirement income.

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Since we last surveyed participants in 2021, many have experienced inflation, rising interest rates, heightened economic uncertainty, and elevated volatility. More positively, participants have seen record stock market highs, an increasingly digital world, and legislation enhancing retirement savings opportunities for DC plans. The goal of this survey is to gain a deeper understanding of how participants are thinking about their retirement plans and what they want from their employers.

Survey results identified key trends among plan participants:

43%

of respondents strongly or somewhat agree that their savings will last throughout their lifetime, down from 57% in 2021.

is the age participants stated they expect to retire- though industry research indicates many may retire earlier often due to circumstances beyond their control.

61%

of participants stated they had at least three months of living expenses saved, down from 73% in 2021.

3 in 4

respondents want guidance from a financial professional.

63%

of individuals think they should be saving more in order to be on track for a financially secure retirement.

77%

of respondents are concerned about creating a steady stream of income in retirement that will last throughout their lives.

Explore the results from over 1,500 surveyed participants.

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