Despite the volatile stock market, retirement saving continued to be a strong focus for defined contribution plan participants through the first half of 2022, according to new research from the Investment Company Institute (ICI).<\/p>\n
The study\u00a0found most plan participants did not change their asset allocations, even as\u00a0the stock market\u00a0declined during the first six months of the year. In the first half of 2022, 6.6% of plan participants changed the asset allocation of their account balances, slightly lower than 7.3% in the first half of 2021, 8.3% in the first half of 2020, and 7.7% in the first half of 2009.<\/p>\n
In the first half of 2022, 2.9% of plan participants took withdrawals, compared with 2.8% in the first half of 2021, 2.8% in the first half of 2020 (as the COVID-19 pandemic hit the U.S.), 2.5% in 2019, and 1.8% in the first half of 2009 (another time of\u00a0stock\u00a0market stress). Only 1.6% of plan participants stopped contributing in the first half 2022, compared with 1.1% in the first half of 2021, 2.0% in the first half of 2020, and 4.6% in the first half of 2009.<\/p>\n
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