2024 401(k) Participant Survey
Confidence among workers improves as inflation and market volatility concerns soften.
Findings
Key findings
- 43% of workers think they are very likely to achieve their retirement savings goals compared to 37% in 2023.
- As confidence and 401(k) knowledge have improved, workers’ appetite for financial advice has increased as well. Sixty-one percent feel their financial situation warrants advice from a professional, higher than last year (55%).
- More workers would be very confident in making the right 401(k) investment decisions with the help of a financial professional (55%), than they would making those decisions on their own (29%).
- Workers think they need to save $1.8 million for retirement, and on average, expect their nest egg to last 23 years after retiring at age 65.
Key findings
- A majority of workers (64%) say their employers have taken action to help them manage financial stress, a 12% increase over last year.
- More workers report feeling very good about their financial health (24%) compared to last year (20%), but about half of workers say their financial health has not changed and one in five say it has worsened. Gen Z (37%) and Millennials (35%) are more likely than Gen X (28%) and Boomers (21%) to say their financial health has improved.
- Flexible work arrangements are important to most workers (84%) and more than half (57%) say they’d give up a percentage of a salary increase in exchange for more autonomy over when and where they do their job.
About the survey
This online survey of 1,000 U.S. 401(k) plan participants was conducted by Logica Research between April 17 and May 3, 2024. Survey respondents were actively employed by companies with at least 25 employees, were 401(k) plan participants and were 21-70 years old. Survey respondents include participants served by approximately 15 different retirement plan providers. All data is self-reported by study participants and is not verified or validated.
Media Contact: Mike Peterson
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