Executive Summary: Global Retirement Savers Study

Introduction

Since 2014, T. Rowe Price has conducted an annual online survey of 401(k) participants in the United States to gain direct insights into their financial behaviors and challenges. This research helps us to tailor our communications, educational resources, and product offerings to better meet participant needs and help improve retirement outcomes. The data also highlight participant concerns, informing essential plan design enhancements and product construction and guiding strategic decisions for both plan sponsors and service providers.

Currently, two‑thirds of our firm’s assets under management are retirement‑related,¹ and as we expand our role as a global provider of retirement solutions, we recognize the importance of understanding retirement savers worldwide. So, in 2025, we expanded our survey to include the four largest retirement markets beyond the United States: Japan, Canada, the United Kingdom, and Australia. This report offers a comprehensive view of retirement savers across these markets, sharing valuable insights to better meet their evolving needs, preferences, and priorities when it comes to saving for retirement.

¹As of September 30, 2025. Subject to adjustment.  Firmwide assets under management include assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.  Based on amounts in U.S. dollars. 

Key findings

• Global retirement savers have mixed economic expectations: Half of global retirement savers (50%) expect a recession to begin by mid‑2026. Among the remaining half, 41% anticipate economic growth, while fewer than one in 10 are unsure about the economy’s near‑term direction. (Note this survey was fielded between June 24 to July 31, 2025.)
  
  
• Economic expectations vary by country: Nearly two‑thirds of Japanese retirement savers (62%) believe there is a recession on the horizon—12 percentage points above the global average. Canadians also share this pessimistic view, with more than half (56%) anticipating a downturn. In contrast, retirement savers in the U.S., Australia, and the UK are slightly more optimistic, with less than half bracing for a near‑term recession. Notably, in Australia and the UK, retirement savers are more likely to expect economic growth than recession (49% and 50% respectively), suggesting a more positive view on the economy. In aggregate, economic sentiments paint a picture of global uncertainty.
  
  
• Gender differences are evident in some countries: Male retirement savers in the U.S., Canada, and Australia were significantly more likely than their female counterparts to forecast economic growth, while women were more likely to report being unsure. Interestingly, although men reported higher incomes than women in all five countries studied, gender differences in economic optimism were not universal—suggesting that factors beyond the pay gap influence these perspectives. 

• Inflation is most concerning: Inflation ranks as the most concerning economic factor for retirement savers worldwide (42%), followed by geopolitical events (30%), and interest rates (27%). Notably, those who describe themselves as “very financially stressed” are more likely to view inflation and interest rates as particularly concerning, while younger generations—mainly Gen Z—are more likely to cite the stock market as a high concern.

Key findings

• Financial objectives are more alike than different: In each of the five countries studied, greater than 90% of retirement savers cite “maintaining an acceptable quality of life” and “overall, having financial peace of mind” as either a major or minor financial objective, demonstrating a nearly universal desire for adequate financial security.
  
  
• Reported progress toward financial objectives is modest: Global retirement savers report the most headway on quality-of-life-related financial objectives, especially among high earners and younger savers. However, even the top-ranked objective in terms of progress made toward achieving the objective—”managing and budgeting for day‑to‑day expenses”—shows “great progress” for only slightly more than one in four savers worldwide, suggesting ample room for improvement. At the extremes, Japanese retirement savers are the least likely to report “great progress” toward achieving their financial priorities, while retirement savers in the UK were the most likely.
  

• Prioritization of saving through an employer plan saving varies by country: Globally, “saving for retirement through my workplace plan” (a defined contribution (DC) pension/plan or superfund in Australia)—ranks fourth among major financial objectives. At the country level, however, Japanese and Australian retirement savers were less likely to prioritize saving through a workplace DC plan compared with the U.S., Canada, and the UK. Furthermore, Japanese retirement savers showed a modest preference for saving in non‑workplace vehicles over workplace DC plans, ranking them sixth and eighth respectively.
  
  
• Expressed preference to choose retirement investment options: More than two‑thirds of global retirement savers (68%) prefer to choose how their retirement savings are invested, though this group is roughly split between those wanting choice with educational support (35%) and those confident in their investment decisions (33%). About one‑in‑five (22%) global retirement savers indicate that they prefer that their retirement savings be automatically invested for them. Canadian retirement savers are the most likely to favor defaults (27%), while Japanese retirement savers express the least comfort with a default investment (16%).
  
  
• Professional management appeals to older generations: Among global retirement savers who prefer default investments, nearly half (47%) cite “(I) think it’s best for a professional to choose” as the basis for this preference. From a generational lens, the share of global retirement savers preferring a default nearly doubles from Gen Z (16%) to baby boomers (31%). Conversely, the share who prefer choice and are confident to choose their investments declines across Gen Z (37%) to baby boomers (30%), similarly suggesting a preference for a professionally managed portfolio solution among older savers and, ideally, those who have accumulated some retirement savings.

Key findings

• Workplace is the leading source of advice: Three of the top four most relied-upon sources of advice are workplace‑related across all surveyed countries. The company managing workplace retirement plans (recordkeeper) leads as the most relied‑upon source of financial advice globally, with highest reliance reported by U.S. retirement savers. Japanese workers stand out as more likely to be self‑directed (DIYers).
  
  
• Human advisors still matter: Despite the growth of digital tools and improved employer resources, human advisors (fee‑ or commission‑based) continue to play a vital role. Globally, human advisors tied with retirement plan recordkeepers as the most relied‑upon source of advice, with particularly strong reliance among retirement savers in Canada, UK, and the U.S.
  
  
• Retirement planning and goal setting are the most valued: Workers prioritize retirement planning and setting/monitoring financial goals above investment selection and asset allocation guidance. U.S. and UK savers place the highest value on these aspects, while Japanese savers rate them lower.

• Preference for one‑on‑one consultations: Personal consultations with financial advisors rank as the most helpful learning format for retirement planning, particularly among older workers and women. Younger generations (Gen Z and millennials) preferred online courses and video tutorials over their generational counterparts.
  
  
• Unmet demand for advisor consultations: A gap exists between the perceived helpfulness of advisor consultations and their availability. While 32% of workers consider one‑on‑one consultations “very helpful,” only 30% recall that their workplace offers this service—indicating excess demand, particularly in Australia, Canada, the UK, and the U.S.
  
  
• Workplace resources are hidden in plain sight: Many employees lack awareness of their employer’s educational retirement planning offerings, ranging from 26% in the U.S. to 54% in Australia (thes enumbers include workers who indicate that the services are not offered and those who are unsure of their availability). Women show lower awareness levels than men, while higher earners demonstrate greater familiarity with available resources, suggesting that lower‑income workers may be underserved.

Key findings

• Retirement optimism is low globally: Only about 31% of respondents expect to maintain or improve their standard of living in retirement, while 17% fear running out of money. Workers in the UK show relative optimism across multiple measures, while Japanese and Australian workers are most pessimistic about their retirement outcomes. 
  
  
• Concerns about financial security run deep: Just over one‑fourth (27%) of workers feel confident that they could weather a major financial shock in retirement, and nearly a third (31%) expect to reduce their living standards. Japanese and Australian workers are most pessimistic about financial security in retirement, closely followed by Canadian workers.  
  
  
• Gender gap in retirement confidence: Women, especially single women, report significantly lower retirement confidence than men—most notably in Australia, where 31% of men versus 15% of women report high confidence. Japan presents a unique case with equally low confidence across genders, though Japanese workers exhibit a tendency toward neutral ratings.