Most Participants Would not be Saving if not for 401(k)

July 14, 2011 (PLANSPONSOR.com) - Survey results from Fidelity Investments reveal more than half (55%) of current workplace savings plan participants say they would not be saving for retirement if not for their 401(k) plan.

The research, which highlights the savings behaviors of current and former 401(k) participants in a challenging economy, also found nearly one in five respondents (19%) currently enrolled in workplace plans report they have no retirement savings at all outside this key retirement benefit.  

Of those who do have savings outside of their 401(k), 37% of working respondents are building retirement savings in an IRA. In addition, 33% are in an employer-sponsored pension plan, 28% have savings in bank accounts, and 28% have investments in stocks or bonds. Pre-retirees 55 and older are the most active users of IRAs, with 44% saying they utilize these retirement savings investments.