Thirty-eight percent of defined contribution plan participants surveyed by Diversified Investment Advisors have increased the amount of retirement contributions since the end of 2008.
Also, 20% of participants have moved into more aggressive investment options.
Only 4% had taken a hardship withdrawal between the fourth quarter of 2008 and the second quarter of 2010, while 15% had taken a loan and 12% decreased the amount they are saving for retirement.
“These findings may be surprising given the recent economic downturn,” Patricia Advaney, Diversified’s senior vice president, participant solutions, said in a news release on the survey’s results. “While many people have curtailed their spending, the results suggest that many participants appreciate the importance of funding their retirement plans.
“This survey indicates that many plan participants are more aware of their retirement needs than we have given them credit for,” Ms. Advaney said in the news release. “Unfortunately, it may have taken an economic crisis to get to this point.”
Diversified conducted the e-mail survey of 2,142 participants of DC plans serviced by the firm between mid-April and mid-May. It tracked changes in participant investment behavior between the fourth quarter of 2008 and the second quarter of 2010, Wendy Daniels, a spokeswoman for Diversified, wrote in an e-mail response to questions.