401(k) Plans Drive Retirement Saving: Nearly Half of Participants Wouldn't Save for Retirement Without Access to Their Plan

WASHINGTON, Feb. 24, 2026 /PRNewswire/ -- According to the Investment Company Institute's (ICI) latest nationwide survey, nearly half of all Americans who have retirement savings in a 401(k) or similar plan say they probably would not save for retirement otherwise.

The findings from ICI's 18th annual survey, "American Views on Defined Contribution Plan Saving, 2025," highlight the key role 401(k) plans play in getting Americans to save for retirement.

"Workplace retirement plans are essential to helping Americans save for their future, thanks to key 401(k) features like payroll deductions, a broad range of funds to invest in, and tax advantages," said Shelly Antoniewicz, ICI Chief Economist. "These plans give Americans of all income levels the chance to invest and to control their investments. Policymakers should protect the successful retirement structure Americans value and continue to benefit from."

DC Account Owners of All Ages Appreciate Plan Features
Percentage of DC-owning individuals agreeing with each statement by age, fall 2025

Note: DC-owning individuals are individuals aged 18 or older whose households owned 401(k) plan accounts or other DC plan accounts at the time of the survey. The figure reports the percentage of DC-owning adults who "strongly agreed" or "somewhat agreed" with the statement. The remaining respondents "somewhat disagreed" or "strongly disagreed."

Americans show a keen interest in preserving the key features of DC plan retirement savings; 87% of Americans oppose eliminating the tax advantages of DC retirement accounts, with similarly large majorities rejecting lower contribution limits or the loss of individual investment control.

Government control of workers' retirement assets is widely unpopular. Overall, 79% of Americans oppose the idea, and opposition is even higher among those with retirement accounts, at 83%. The survey results also show strong public opposition to proposals that would reduce retirees' control of their DC plan investments or how they use their balances in retirement.

Other findings:

• Americans view employer-sponsored retirement plans as an important part of the US retirement system, even when they don't currently benefit directly: 78% of individuals whose households don't own DC accounts or individual retirement accounts (IRAs) oppose removing tax advantages.
• The steady paycheck-by-paycheck contributions make more than 80% of retirement savers less worried about short-term market volatility—helping workers stay invested through market downturns and benefit from long-term growth.
• More than 90% of Americans agree that retirees should be able to make their own decisions about how to manage their own retirement assets and income, and about three-quarters disagree that retirees should be required to annuitize a portion of their retirement accounts.

About the ICI Survey

With millions of US households personally directing their retirement savings, ICI has sought to track Americans' sentiment toward and confidence in defined contribution retirement plans. This report, the 18th in the series, summarizes results from a nationally representative survey of Americans aged 18 or older. The survey was designed by ICI research staff and administered by NORC at the University of Chicago using the AmeriSpeak^® probability-based panel. This report presents survey results that reflect individuals' responses collected during November and December 2025. All prior reports are available at https://www.ici.org/research/us-households-views-on-retirement-savings.

Contact: [email protected]

SOURCE Investment Company Institute