Breaking down the numbers by demographics, Gen Zers have the highest percentage of participants contributing to their 401(k) plans. (Photo: Shutterstock)
Two years of economic volatility, stop and start COVID protocols, and a general uneasiness of where the next paycheck is coming from, has naturally affected the savings habits of Americans.
On the bright side, three in five workers are feeling optimistic and believe they are saving enough for their 401(k) plans, according to the Empower Retirement's Empowering America's Financial Journey survey. In fact, the average worker savings rates are higher now (8.2%) compared with pre-pandemic levels in the fourth quarter of 2019, where savings rates stood at 7.8%. The percentage of eligible participants contributing to their 401(k) plans has also risen from 82% to 85%. Even better news is that these increases in savings rates span all generational demographics and income levels.
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