BizEd

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Q3 2017 Update

Did you know...

There are 89.7 million participants1 across the industry while Principal has 5.2 million participants with total assets of approximately $212 billion dollars.2 The average deferral of those participating in a DC plan is 8%.2

How stressed are participants about retirement?

Three in ten workers4 are stressed about preparing for retirement. While six in ten workers feel at least somewhat confident about having enough money for retirement, only 18% feel very confident.4

Workers with a retirement plan are seven times more likely to have saved for retirement. These workers feel less stressed about preparing for retirement and are more confident about having enough money to live comfortably throughout retirement.4

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Read the research summary

What do participants expect from their financial provider?

Per a Cerulli survey5 results there are three primary types of information that 401(k) participants want from their record-keepers: 
  • Financial planning (53%)
  • Information about investments (52%)
  • Projections of future retirement income (51%)
The main participant touch points for record-keepers are plan participant websites, call centers, and quarterly statements. Though each of these avenues are informational or education-oriented rather than advice-oriented, we need to leverage these opportunities to give participants a clear view of their financial situations.

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$35,300

That is the average account balance of a participant in a DC plan at Principal.3

Where do participants get financial advice?

Only 52% of pre-retirees and 44% of retirees consult a financial advisor according to the Society of Actuaries. Additionally, two in five Americans (43%) have not "spoken to anyone," friends and family included, about retirement planning.7

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5.1 trillion

Is the total assets in dollars for all participants in a DC plan within the industry.1

So…where are participants getting advice?

Top Five Retirement Readiness Findings

7 out of 10 respondents envision themselves traveling in retirement.8
Nearly half of respondents (44%) feel they are not saving enough to reach their retirement goals.8
The four obstacles that could prevent respondents from reaching their ideal retirement lifestyle include: illness, not saving enough for retirement, stock market crash or a job loss.8
Respondents top three concerns for retirement years include: healthcare costs, running out of money and the ability to maintain standard of living.8
65% of respondents would tell their younger selves to save more for retirement.8
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Sources

1Retirement Insights, LLC, June 2017
2Principal Financial Group Stats, 06/30/17
3Principal Financial Group Stats, 03/30/17
4EBRI RCS, March 2017
5Cerulli – U.S. Evolution of the Retirement Investor 2016
6PLANSPONSOR Participant Survey
7Society of Actuaries (SOA) – Understanding and Managing the Risks of Retirement, 2014
8Principal Financial Group Retirement Readiness Participant Survey, 2017