J.P. Morgan Asset Management released its 2024 Defined Contribution (DC) Plan Participant Survey, highlighting evolving expectations of retirement plan participants. The survey shows a growing demand for robust retirement income support and better financial wellness resources.
The survey, which gathered responses from 1,503 participants, reveals that guaranteed income options are highly attractive, motivating increased savings. Alexandra Nobile, retirement strategist at J.P. Morgan Asset Management, noted, “While it’s no surprise that participants seek retirement income support, it’s particularly noteworthy that guaranteed income options are highly attractive and can even motivate increased savings.” Nobile emphasized that retirement plans are a top priority for employees evaluating employer benefits, and SECURE 2.0 provisions, including emergency savings and student loan matching, resonate strongly with plan participants.
Key findings from the survey include:
Alyson Frost, head of retirement insights at J.P. Morgan Asset Management, stated: “The DC Plan Participant Survey highlights the critical need for proactive plan design, professional guidance, and innovative retirement income solutions. As participants face a volatile economic landscape, these insights are invaluable for plan sponsors and financial professionals aiming to enhance participant experiences and achieve stronger retirement outcomes.”
Conducted in January 2024 with Greenwald Research, the online survey included 1,503 DC plan participants employed full-time at for-profit organizations with at least 50 employees. Respondents were at least 18 years old and had contributed to a 401(k) plan in the past 12 months. The survey results have been weighted by age, gender, and household income to reflect the general population of 401(k) plan participants, with a margin of error of approximately 2.8 percentage points at the 95% confidence level.
J.P. Morgan Asset Management has $3.3 trillion in assets under management as of June 30, 2024, making it a global leader in investment management. It serves institutions, retail investors, and high-net-worth individuals worldwide.
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