2023 401(k) Participant Study Findings

This document is a research report detailing the findings of the 2023 401(k) Participant Study conducted by Logica Research. The study involved 1,000 participants aged 21 to 70 who are currently contributing to their companies' 401(k) plans. It outlines various obstacles workers face in saving for retirement, with inflation and stock market volatility identified as significant challenges. The report presents data on how these economic factors influence spending and saving habits, revealing that many workers are reducing purchases and saving less. Additionally, it discusses the perceived necessity of 401(k) plans as a must-have benefit in job searches. The report highlights the growing expectation for 401(k) plans to be a primary source of retirement income, alongside Social Security. Furthermore, it notes the desire for personalized investment advice and the impact of the SECURE 2.0 Act on retirement planning. The methodology section describes the survey's execution and participant demographics.