2024 401(k) Participant Study Findings

The document is a report detailing the findings of the 2024 401(k) Participant Study conducted by Logica Research. The study involved 1,000 participants aged 21 to 70 who contribute to their companies' 401(k) plans. It outlines key insights regarding retirement goals, obstacles to saving, expected retirement age, and the average amount participants believe they need to save for retirement. The report indicates that inflation and stock market volatility are perceived as significant obstacles to retirement savings, although concerns about these factors have decreased compared to the previous year. Additionally, it presents data on participants' confidence in managing their 401(k) investments and their demand for professional financial advice. The findings suggest generational differences in expectations and attitudes towards retirement savings, with Gen Z showing the highest optimism about achieving their retirement goals. The report also highlights the evolving sources of financial advice and the anticipated reliance on 401(k) plans as a primary income source in retirement.