Press release
‘Super Savers’ Remain Confident, Investing Despite COVID-19
Market volatility and economic uncertainty haven’t deterred biggest retirement savers, according to new research from Principal DES MOINES, Iowa--(BUSINESS
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nMarket volatility and economic uncertainty haven’t deterred biggest retirement savers, according to new research from Principal\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nDespite a global pandemic and recent market volatility, “super savers” are continuing to save big for their retirement, according to a recent survey by Principal Financial Group®. The research indicates that super savers, defined as Gen X, Gen Y, and Gen Z retirement plan participants saving 90% or more of the IRS maximum or 15% or more of their income for retirement, have maintained financial confidence and a focus on long-term goals throughout the COVID-19 pandemic.\n\n\n“It’s important to unpack the key motivations and drivers of super savers so that we can better understand how to inspire and encourage long-term thinking and positive savings behaviors across our customer population,” said Jerry Patterson, senior vice president of retirement and income solutions at Principal®. “This latest survey indicates super savers are taking the current market volatility and uncertainty in stride – identifying new opportunities to save and invest – while feeling fairly confident as most already live below their means and have a solid savings cushion.”\n\n\nAccording to the research, 97% of super savers report feeling comfortable to manage their finances through uncertainty and many are committing even further to their long-term financial goals.\n\n\nHow are they doing it? These savers favor long-term sacrifices over short-term cuts to their daily expenses to max out their retirement contributions. And despite recent market volatility and a global pandemic, super savers have maintained financial confidence to bolster their savings, with the overwhelming majority (97%) saying they feel comfortable managing finances through uncertainty.\n\n\nHow super savers are responding to COVID-19\n\n\nWhile the market has seen ups and downs since the onset of COVID-19, super savers are largely staying, and playing, the course.\n\n\n\n95% say they’re in good shape to endure a recession\n\n\n81% will save even more money going forward since they can’t count on steady equity market returns\n\n\n75% view the current market as a buying opportunity\n\n\n30% have invested additional money in the market over the past few months\n\n\n\nWhat motivates a super saver\n\n\nSuper savers are intrins...