Canada (FR)
Alight’s 2024 Universe Benchmarks report provides a comprehensive look at the savings and investment behaviors of participants in defined contribution (DC) plans. Drawing on data from almost 100 plans with 3 million eligible participants, this year’s report sheds light on key trends in plan participation, savings rates, plan balances and more, offering actionable insights for employers and participants alike.
Here’s a snapshot of what we’ve uncovered:
Rising participation and savings rates:
- The average participation rate saw a slight uptick to 84% in 2023.
- Savings rates also improved to 8.4%.
Shifts toward Roth and after-tax contributions
There’s a noticeable increase in participants making Roth and after-tax contributions. These contributions can diversify taxes in retirement.
The average plan balance increased from $111,000 at the beginning of the year to over $131,000 at year-end.
Deeper insights by age, gender, tenure and industry are available by request.
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