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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
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.
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)*
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
Considerations: Personalized financial education could help retirement savers feel more comfortable and secure.
Top source of retirement income
#1 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
Considerations: Retirement savers struggle to create retirement income and could use added support.
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
This increases even more with:
59%
Women
65%
POC
Considerations: There’s an important opportunity to further strengthen relationships with retirement plan participants and employees.
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.
* 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