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Plan Design Policy & Regulation Target-Date Solutions White Paper

Inside the Minds of Plan Participants:

Real Attitudes. Real Decisions. Pathways to Improve Retirement Outcomes.

August 28 2026
10 min read

Since 2005, AB’s defined contribution (DC) team has surveyed employees to understand their knowledge, attitudes and behaviors about retirement saving. Through decades of research and analysis across demographic groups, including gender, age, education and investing style, we’ve built a unique view of the evolving participant mindset. We probe topics such as retirement confidence, goals, income expectations, retirement experiences and social media. More recently, AI and private markets have entered the conversation.

Key Takeaways from AB’s Latest Survey

AI and Human Guidance: Not an “Either/Or” Proposition

Participants still value human guidance but are opening up to AI. Combining them enables AI to enhance personalization, efficiency and access, while preserving the trust and judgment of human advice.

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Targeted Support Can Help Boost Women’s Retirement Readiness

Women are half of the workforce but approach retirement savings differently. Many feel unprepared, due to a confidence gap. Targeted, holistic support can boost their financial optimism and help them build a more secure retirement.

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A Desire for Control, Growth and Automatic Lifetime Income

Participants want a seamless transition from work paycheck to reliable retirement income—their top goal. They also prize solutions that offer protection, control and growth potential as well as income that starts automatically at retirement.

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Private Markets: More Color Needed, but Potential Is Clear

Participants may not fully understand all the nuances of private markets at this point, but they do recognize that these investments have the potential to boost returns and improve portfolio diversification within their retirement savings.

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What Today’s Retirees Wish They Had Known Sooner

Retirees’ real-world experiences with saving, spending and navigating economic uncertainty offer valuable insights into the financial realities of retirement and the decisions that shape long-term outcomes.

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Distinct Investor Personas Demand Tailored Plan Engagement

Our research identifies three distinct investor personas: Capable, Eager and Conservative. Each has unique behaviors and needs, underscoring how important it is to tailor engagement to drive better outcomes.

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AI and Human Guidance: Not an “Either/Or” Proposition

Human Advisor or AI? Why Not Both?

Individuals have different views on human and AI guidance, but familiarity with AI is growing. Ultimately, these insights highlight that preferences come down to individual comfort, expectations and trust rather than a single “right” approach. Plan sponsors have the opportunity to combine the best of both worlds.

Which Financial Advice and Guidance Plan Would You Have More Confidence Using?

21%
A Plan Produced by Yourself
15%
A Plan Produced by AI
64%
A Plan Produced by a Financial Advisor
To What Extent Do You Feel That AI-Based Financial Planning Guidance and Advice Improves Upon or Detracts from the Advice That Can Be Provided by a Human Financial Advisor?

     

Old-School Advice Meets New-School Intelligence

Harnessing the power of AI can enhance efficiency, personalization and accessibility. Maintaining the trust and judgment that comes with human advice is also powerful. With old school and new school, each brings something to the table.

Why Would You Have More Confidence in a Plan Produced by AI Over One Produced by a Human Advisor?
(Select up to three statements)

     

Why Would You Have More Confidence in a Plan Produced by a Human Advisor Over One Produced by AI?
(Select up to three statements)

     

Targeted Support Can Help Boost Women’s Retirement Readiness

Women Are More Concerned than Optimistic About Retirement

Many women are less confident than men about retirement and underestimate their financial knowledge, even though broader data shows they’re more financially literate than they think. Holistic, targeted communication may help—empowering them to build a more secure, confident path to retirement.

     

A Desire for Control, Growth and Automatic Lifetime Income

Near-Universal Appeal for Automatic Lifetime Income

Participants overwhelmingly want a solution with a reliable income stream, growth potential and control, with retirement income starting automatically. And it should be simple, making savings easier and keeping them appropriately invested throughout their lives.

What Drives Interest in a Lifetime Income Solution?
(Select up to three statements)

     

When You Think About Your Workplace Retirement Plan, How Important Is It That It Offers a Feature That Makes It Easy to Begin Receiving Regular Monthly Income Payments from Your Account When You Retire?

69%
Extremely Important
Very Important
30%
Moderately Important
Slightly Important
1%
Not at All Important

Private Markets: More Color Needed, but Potential Is Clear

Participants See Potential for Private Markets to Improve Outcomes

A majority of participants are open to including private assets in their plan investments and see the benefits once they understand their role, though many still want to know more about how private assets work. That’s an educational opportunity for plan sponsors.

Do You Believe That Private Markets Should Be Included In Your Retirement Plan Investments as a Part of Your Long-Term Retirement Savings Portfolio?

28%
Yes, Definitely
43%
Yes, but I Have Questions
19%
Not Sure
10%
No
How Much Do You Think Private Market Investments Could Positively Support Your Long-Term Retirement Outcome?

     

What Today’s Retirees Wish They Had Known Sooner

Retirees Don’t Get a Do-Over: What They Would Have Changed

Retirees’ real-world perspectives on saving and spending help others make more informed decisions. In today’s landscape, which features concerns about safety nets, the economy and inflation, learning from retirees’ experiences helps others better prepare for life after work.

If You Could Prepare for Retirement All over Again, Which of the Following Actions Would You Take That You Didn’t Take Before?
 

54%
Put More Away for Retirement from Monthly Earnings
26%
Take Better Care of Your Health
24%
Work Longer
24%
Learn More About Personal Finances
23%
Develop a Budget/Plan for Retirement Spending
20%
Seek Professional Financial Advice

Participants, Are You Happy? “You Bet We Are”

Plan participants have plenty to feel good about. Nearly six in 10 (59%) rate their overall happiness an eight or higher, while just 2% report low levels of happiness. It’s an encouraging reminder that financial considerations are only one piece of the broader life-satisfaction puzzle—and that participants remain remarkably positive about their lives.

Which Scale Point Below Best Describes Your Overall Happiness with Your Life?

     

Distinct Investor Personas Demand Tailored Plan Engagement

Understanding Personas: Participants Aren’t “One Size Fits All”

Participants have distinct strengths, needs and behaviors. Personalized messaging and diverse delivery methods may improve engagement, financial understanding and retirement outcomes.

Capables

Capables are more advanced but benefit from guidance on risk and diversification.

Eagers

Eagers are motivated and tech-savvy but need simple direction to turn intent into action.

Conservatives

Conservatives need reassurance and simple solutions that build confidence in appropriate risk-taking.

     

What Is Your Investment Persona?

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About the Survey

AB conducted an online survey of 1,002 DC plan participants across the United States. Respondents were full-time workers eligible to contribute to their employer’s retirement savings plan, representing a broad national sample. Of these 1,002 respondents, 202 were retirees who had previously worked full time and participated in a workplace savings plan.  The survey was fielded in May 2026.

Note to All Readers: The information contained herein reflects, as of the date hereof, the views of AllianceBernstein L.P. (or its applicable affiliate providing this publication) (“AB”) and sources believed by AB to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. Past performance is neither indicative of, nor a guarantee of, future results. The views expressed herein may change at any time subsequent to the date of issue hereof. These materials are provided for informational purposes only and under no circumstances may any information contained herein be construed as investment advice. AB does not provide tax, legal or accounting advice. The information contained herein does not take into account your particular investment objectives, financial situation or needs and you should, in considering this material, discuss your individual circumstances with professionals in those areas before making any decisions. Any information contained herein may not be construed as any sales or marketing materials in respect of, or an offer or solicitation for the purchase or sale of, any financial instrument, product or service sponsored or provided by AllianceBernstein L.P. or any affiliate or agent thereof. References to specific securities are presented solely in the context of industry analysis and are not to be considered recommendations by AB. This is not intended to be legal advice (and should not be relied upon as such) but just a discussion of issues.

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