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2022 PRINCIPAL® SUPER SAVERS SURVEY
3 MIN READ | SEPTEMBER 2022 

How retirement super savers are shaking off inflation

The past year has seen record-breaking inflation and market volatility. But that doesn’t seem to shake super savers. They adapt, pivot, and most likely save more as their end goals remain the same—financial independence and to retire early.

Young super saver lounging in her home.

Who is a super saver?

Reveal below.

SAVE

Retirement participants who

annually save

 90%+

of the maximum contribution ($17,550+ in 2021).

DEFER

Participants who

defer

15%+

of their salary into retirement accounts.

QUIZ

Which state has the most Principal super savers as of 2021 savings data? 

A) New Jersey

Incorrect >

B) North Dakota

Correct >

C) Illinois

Incorrect >

ANSWER

NORTH DAKOTA

States with the most Principal super savers:
  1. North Dakota
  2. Massachusetts
  3. Connecticut
  4. South Dakota
  5. New Hampshire
  1. New Jersey
  2. Maryland
  3. Illinois
  4. Colorado
  5. Virginia

INSIGHT 1

Super savers seem to shrug off inflation and market volatility.

Not much rattles the savings habits of super savers. Record-breaking inflation, rising interest rates, and talks of a recession might have them evaluate and adjust their spending, but they continue with their current savings plan and look for opportunities to save more.

Their top financial concern:  (hover below to reveal)
Cost of health care
Cost of health care
Pie chart of 35%
35%
Inflation
Inflation
Pie chart of 33%
33%
Recession
Recession
Pie chart of 22%
22%
"Start as early as possible and stay the course. Slow and steady will pay off."

INSIGHT 2

Super savers are continually looking for more ways to save

blue icon of super saver person indicating 4 out of 10 gen z clients investing in digital assets. blue icon of super saver person indicating 4 out of 10 gen z clients investing in digital assets. blue icon of super saver person indicating 4 out of 10 gen z clients investing in digital assets. blue icon of super saver person indicating 4 out of 10 gen z clients investing in digital assets.
gray icons of super saver suggesting 6 of 10 gen z clients who have not invested in digital assets.

4 out of 10

Gen Z super savers have invested in digital assets such as cryptocurrencies or NFTs.

INSIGHT 2

Super savers are continually looking for more ways to save.

INSIGHT 3

Saving is a habit they built through consistency.

Super savers are content with the basics.
  • Driving older vehicles
  • Owning a modest home
  • Not traveling as much as they want
  • Doing DIY projects and household chores themselves

Want to learn more?

Check out these helpful resources and materials below. Still have questions? Reach out to your local Principal® representative or support team.

SURVEY METHODOLOGY AND RESPONDENTS

Online survey
15-minute survey conducted by Principal

Field dates
June 24 - July 5, 2022

Super saver respondents
1,120 retirement plan participants: 9% Gen Z, 53% Gen Y, 39% Gen X

Savings behavior

  • Contributed $17,550+ to their retirement plan in 2021 and had a deferral percentage of 15% or higher (31%)
  • Contributed $17,550+ to a retirement plan in 2021 (33%)
  • Deferred 15% or more to their retirement plan (36%)

Qualifications
Age 18-57, U.S. resident, participates in a retirement plan at Principal, qualifies as a super saver by meeting one of the following criteria: Saving 90-100% of the 402(g) maximum contributions, electing a deferral percent of 15% or higher.

Background
Principal conducts annual surveys with customers, employers, financial professionals, and consultants to gain insights into timely topics. This survey findings reported here explore consumer concerns and actions surrounding savings for retirement and financial behaviors related to market volatility and current events.

Margin of error
+/- 2.9% for workers at the 95% confidence level

This information is intended to be educational in nature and is not intended to be taken as a recommendation.

Insurance products and plan administrative services provided through Principal Life Insurance Company®, a member of the Principal Financial Group®, Des Moines, Iowa 50392.

PQ12556K-04 | 09/2022 | 417951-092022

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This information is educational only and provided with the understanding that Principal® is not rendering consulting, legal, accounting, investment or tax advice. You should consult with appropriate individuals including counsel, financial professional or other advisors on all matters pertaining to business, legal, tax, investment or accounting obligations and requirements.


Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, IA 50392.

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