Schwab 401(k) Participant Survey 2023

Inflation and market volatility are impacting workers’ ability to save for retirement to a greater extent than last year

Key Findings

  • Rather than reducing their 401(k) contributions, Americans say they’re cutting spending overall and saving less in other areas to respond to inflation and market volatility.

  • Sixty percent of 401(k) savers would be willing to give up a portion of their next raise in exchange for better benefits. 

  • 401(k)s have become a non-negotiable benefit for workers, with nearly nine in ten saying it is a “must have” when looking for a new job.

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