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PRINCIPAL® RETIREMENT SECURITY SURVEY Q4 2022
PRINCIPAL® RETIREMENT SECURITY SURVEY Q4 2022
3 min read

Retirement saving can look different for today’s evolving workplace

New Principal® survey findings spotlight insights that could better meet workers’ changing needs—while also benefiting employers impacted by fluctuating recruitment and retention rates.
What you should know
  • Comfort is at the core of today’s shifting definition of financial security. And many of today’s workers aren’t feeling financially secure—especially when it comes to their short-term financial goals.
  • Continuing to rein-in their retirement expectations, retirement savers are relying more on workplace savings plans.
  • Financial education is needed across a variety of topics, and establishing trust between information providers and retirement savers is key
Multi-generational, multi-ethnic family smiling and enjoying time together.

FINDING 1

Financial security is moving target for today’s retirement savers

Financial security means something different to everyone, but nearly all retirement savers we surveyed agree that comfortability is key.

Overall

graphic image showing 53% of overall retirement savers want to feel comfortable in financial security.graphic image showing 53% of overall retirement savers want to feel comfortable in financial security.

Financial security may equate to feeling more comfortable

60%

56%

51%

45%

White
White
Females
Males
People of color (POC)*
60%

WHITE

56%

FEMALES

51%

MALES

45%

PEOPLE OF COLOR (POC)*

icon of a question mark

What's preventing people from feeling good about their financial futures?

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For many, the answer is debt. Topping their list of financial concerns is paying down their mortgage (34%) or credit card balances (28%).

BACK

Top source of retirement income

#1 Employer-sponsored plan

graphic image showing 82% of the top sources of retirement income are from an employer-sponsored plan.

FINDING 2

Retirement savers are relying more on workplace savings plans to supplement their retirement income.

Today’s consumers are leveraging different sources of retirement income and leaning into their employer-sponsored plans. But, with less than half of survey respondents saying they know how to create income in retirement, workers may need more education about their options.1

Top source of retirement income

#1 Employer-sponsored plan

graphic image showing 82% of the top sources of retirement income are from an employer-sponsored plan.

FINDING 3

Financial literacy across a variety of topics is needed—and retirement savers want more information from sources they trust.

With a lower level of knowledge, over half of all retirement savers say they have only a basic or beginner level of financial knowledge.

74% of workers who met with a financial professional sought help with retirement income planning

Overall

graphic image showing 51% of retirement savers wan more information from sources they trust.graphic image showing 51% of retirement savers wan more information from sources they trust.

This increases even more with:

59%

Women

65%

POC

Want to learn more?

Get access to the latest research and insights, or check out these helpful resources and materials below. Still have questions? Reach out to your local Principal® representative or support team.
Financial professional reading his laptop screen while smiling.

* Black, Hispanic, Asian, multi-racial groups

1 Survey question and response based on plan participants’ current retirement savings and other anticipated income sources.


2451539-102022 | 10/2022

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