In 2008, employees in workplace savings plans contributed to their accounts at normal historical levels, took fewer loans than in 2007, improved their asset diversification and continued to decrease company stock holdings. These are the latest findings from Fidelity Investments’ State of the 401(k) update.
“Despite a complex set of financial issues that led to a severe economic and market downturn, workers in 2008 remained committed to saving for retirement through their 401(k) accounts, and engaged with us more in trying to better understand their risk tolerance and an appropriate asset allocation and diversification strategy, ” said Scott B. David, president, Workplace Investing, Fidelity Investments, in a press statement.