Press release
Principal® Survey Finds Retirement “Super Savers” Undeterred by Market Volatility and Inflation, Prioritizing Lofty Savings Goals
More Super Savers plan to save over $20,000 in 2022 versus 2021 DES MOINES, Iowa--(BUSINESS WIRE)-- New survey findings from Principal Financial Group® shows
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nMore Super Savers plan to save over $20,000 in 2022 versus 2021\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nNew survey findings from Principal Financial Group® shows retirement “Super Savers1” are prioritizing their long-term savings goals even with market volatility, inflationary pressures, a threat of recession, and rising health care costs all weighing on their minds.\n\nThe annual Super Savers study from Principal® found more than half (59%) of survey respondents said they plan to save more than $20,000 towards retirement in 2022, which is up from 51% in 2021. That’s largely attributed to the majority of Super Savers (82%) feeling confident they are in good shape to endure a recession and the sacrifices they are willing to make to their daily expenses to maximize their retirement contributions.\n\n“From continuing to save through an inflationary period to establishing long-term financial goals, Super Savers embody some of the best practices for retirement saving that gives them the mental and emotional strength to stick with their plans even during times of market uncertainty,” said Sri Reddy, senior vice president, Retirement & Income Solutions at Principal. “Their savings habits go to show you can tuck away for the long-term while living in the moment today.”\n\nEven with markets down this year, nearly half (45%) of Super Savers have made no changes to their investments while those who did take action opted to:\n\n\nConfirm asset allocation aligns with investment risk (34%)\n\n\nReview asset allocation within retirement account to verify proper diversification (25%)\n\n\nIncrease the amount invested into more aggressive investments (13%)\n\n\nMove money from typically less risky investments into aggressive investments (11%)\n\n\nMove money from investments experiencing a decline into less aggressive investments (7%)\n\n\nMove money into more liquid assets such as cash, bonds, or CDs (6%)\n\n\nInstead of making investment changes, two-thirds (67%) of Super Savers are making lifestyle changes to counter inflation, including adjusting entertainment and travel spending as well as reviewing spending habits and monthly budgets.\n\nThree-year outlook for Super Savers\n\nPaying off debt was the No. 1 financial priority over the next 2-3 years for Super Savers in 2021. However, the top priorities shifted in 2022 to revolve mostly ar...