Research highlights from our survey of lower-income individuals 401(k) plan participation
In 2021, just before this study was fielded, 25% of working Americans earned $35,000 or less a year.1 Many of these workers are considered “vulnerable,” and they struggle to save for retirement as well as for basic financial goals.
Our survey2 focused on these American workers and our search to understand what motivates those who are saving for the future and the barriers that prevent others from saving. Our goal was to learn about lower-income individuals’ current financial situation and priorities — and to find ways to motivate them toward overall retirement preparedness and financial wellness.
This brief contains the following:
- 401(k) plan participation rates, motivators and barriers
- Employer tips to encourage workers to save