2022 401(k) Participant Survey
In response to rising costs and market volatility, workers are changing how they save, invest and spend, according to the annual nationwide survey of 401(k) plan participants from Schwab Retirement Plan Services.
Key findings
- Inflation is the biggest barrier to saving for a comfortable retirement, and financial strain continues to take a toll on mental health, but most employers are stepping up to help their workers.
- Most workers feel they’re doing well financially, but more are struggling than last year. A third of 401(k) plan participants don’t know how long their savings will last in retirement.
- Six in ten workers believe their financial situation warrants advice. Professional advice increases confidence in 401(k) investment decisions, but many workers still see obstacles to obtaining it.

Key findings
- Workers rank inflation (45%) ahead of other obstacles including keeping up with monthly expenses (35%), stock market volatility (33%), and unexpected expenses (33%).
- Workers believe they’ll need to save an average of $1.7 million for retirement, down from $1.9 million reported in last year’s survey, and just under half (47%) feel they are very likely to reach their retirement savings goal.

About the survey
The 401(k) Participant Study is an online study conducted for Schwab Retirement Plan Services, Inc. (SRPS) by Logica Research. 1,000 401(k) plan participants completed the survey, which was fielded April 4-19, 2022.
Media contact: Mike Peterson
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