In the first quarter of 2025, American workers have achieved a new milestone in retirement savings. According to Fidelity Investments, the average 401(k) savings rate has climbed to 14.3%, up from 13.5% in 2020. This increase is largely attributed to more companies implementing automatic enrollment with higher default contribution rates, often starting at 5% instead of the traditional 3%.
However, this positive trend is tempered by a 3% decline in average account balances, now at $127,100, due to recent market volatility.
At Workplay, we understand the importance of financial wellness in the workplace. Our platform provides tools and resources to help employees manage their finances effectively, ensuring they can make the most of their retirement savings opportunities.
Take Action: Discover how Workplay can support your financial wellness initiatives and help you achieve your desired and necessary retirement goals.