A majority of participants aren't making investment changes within their 401(k) plans amid the recent market uncertainty, but many are looking for information.
Of Empower Retirement's nearly 9.5 million participants, "99%" have not made any investment changes since the market volatility began, said Claudia Step, senior vice president and chief client experience officer for Empower, during a webinar Friday hosted by the Defined Contribution Institutional Investment Association and SPARK Institute.
Ms. Step said that about 3.5% of participants have recently changed their contribution rate and two-thirds of those changes were to increase contributions. "Although these are small numbers, it's interesting to see more people are saving more than are changing their investment strategy," she said.
But Rob Austin, head of research at Alight Solutions, said he's noticed "change in attitude" with people's contributions as of late. In recent years, Alight's defined contribution plans have seen roughly 50% of new contribution dollars directed toward target-date funds, Mr. Austin said. But in March, it slipped to 44%.