September 2023 / RETIREMENT
Participant Reactions: 2023 Midyear Report
This is a comprehensive report on how participants are behaving in T. Rowe Price recordkept plans through the first half of 2023.
Key Findings
Exchange activity and target dates
Participants were 24x more likely to stay the course when invested 100% in a target date product
Auto-increase services, loans, and hardships
Participants were 2x less likely to opt in to the auto-increase services when taking a loan or a hardship
Catch-up contributions
Less than 13% of participants start making catch-up contributions when they’re eligible at age 50
Participant engagement online
Observed a 4% increase in participants monitoring their accounts and they were 5x more likely to explore resources available after watching personalized video content
IMPORTANT INFORMATION
This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.
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Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
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