Photo of a super saver in the workplace.

How business owners are helping super savers even in times of uncertainty

The annual Super Saver research is in and this year we had the opportunity to find out how they’re feeling during the economic uncertainty caused by the COVID-19 pandemic. And the results show that your employer sponsored retirement plan is helping make a difference.

Who are super savers?

We’ve put the super saver label on those who are saving 90–100% of the IRS maximum contribution (over $17,100) or deferring 15% or more of their salary to their retirement account.1

Confidence remains incredibly high

Times of economic uncertainty seem to be what super savers are built for as they’re even more steadfast in their savings habits and goals. Here are some highlights of the research:

  • 97% have an emergency savings
  • 75% see current market conditions a buying opportunity
  • 31% are staying the course during the COVID-19 market volatility, while 30% say they’re investing more money in the market
  • 36% say they plan to save even more next year

Employer-sponsored retirement plans are important for super savers and other participants

The super saver research really digs into how super savers rely on their employer-sponsored retirement plans. It helps provide confidence that they’re saving enough for retirement to meet their goals.

How can plan sponsors help participants be as prepared as super savers for times of uncertainty?

  • Provide immediate eligibility and vesting
  • Start or increase an employer match
  • Implement automated plan design features (automatic: enrollment, increase, and sweep)
  • Provide more education around other savings options such as an IRA, Roth IRA, HSA, and annuities
  • Establish financial wellness programs that include building emergency savings, providing education on investments, ability to use financial tools online or in-person with a financial professional

See an executive summary of the survey results (PDF) to dig deeper into their motivations, sacrifices, and splurges. You’ll also find this infographic (PDF) handy as it uses the research to identify what you can do and how your organization’s retirement plan can help create more super savers.


Contact your Principal® representative for additional details or discuss ways you might help your participants think about becoming super savers.

1 The 2020 Principal® Super Saver Survey was sent to Gen Z, Gen X, and Gen Y participants who work for companies that have Principal as the recordkeeper for their retirement accounts and have either saved 90% of the 2019 IRS max allowed under a retirement plan or deferred 15% or more of their salary to a retirement account. The survey was conducted June 12-22, 2020.

The subject matter in this communication is educational only and provided with the understanding that Principal® is not rendering legal, accounting, investment advice or tax advice. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, investment or accounting obligations and requirements.

Principal® does not make available products related to Health Savings Accounts.​

Insurance products and plan administrative services provided through Principal Life Insurance Co., a member of the Principal Financial Group®, Des Moines, Iowa 50392.