Accelerating Access 

New Empower research* shows some 79% of retirement plan participants believe all investors should have access to the same investment products as institutional investors. As retirement savers navigate a changing economic landscape, Americans seek more choice: 7 in 10 (73%) retirement plan participants want the same investment options available to institutional investors. 401(k)s are a cornerstone of long-term savings, and many believe that greater access to diversified strategies within them could help strengthen their financial future. Americans are looking for retirement plans that reflect today’s investing landscape.

Key findings:

Accelerating access

• Nearly 6 in 10 (58%) Americans and 73% of retirement plan participants agree that having professionally managed private investments in retirement plans helps level the playing field for everyday investors
• 65% of people think American workers/retail investors should have access to the same investment products as institutional investors (79% of retirement plan participants)
• Count me in: 59% of people say including private investments in 401(k)s/retirement plans can help workers build wealth in ways previously limited to the ultra-wealthy (74% of retirement plan participants)
• Going long: 56% of Americans say diversifying their retirement savings/401(k) with some private market investment exposure could improve my long-term retirement outcomes (72% of retirement plan participants)

Investments for a changing world

• 62% of people want their employer/401(k) provider to offer options that reflect how the investment world is evolving – including private markets (76% of retirement plan participants)
• A new world: 58% of Americans believe having access to private investments in a 401(k) would make them feel like their retirement strategy is modern and competitive (64% Millennials) (72% of retirement plan participants)
• So, how much? Nearly a third of Americans (31%; and 34% of plan participants) say they would allocate up between 10-15% of their retirement savings into private investments like private equity, private real estate, and private credit. Some 46% say they'd be comfortable allocating between 1-10% (and 44% of plan participants)

Stepping up

• 61% of people believe expanding 401(k) options to include professionally managed private investments would be a positive step for retirement savers (76% of retirement plan participants)
• Checking in: 55% of Americans agree with the statement: ‘I would be more engaged with my retirement planning if I had access to a broader range of investment options in my 401(k)/retirement savings plan’ (66% of retirement plan participants)

The power of choice

• 61% of people want employers to prioritize choice/diversified asset classes when selecting investment options for their company’s retirement plan (75% of retirement plan participants)
• Private investments for the people: 58% want their 401(k)/retirement investment menu to look more like the options available to institutional investors (73% of retirement plan participants)
• Supporting informed decisions: 65% of Americans say educational content around private market investments would help them make informed decisions about their options/their financial plan (79% of retirement plan participants)
   

*Methodology: Empower’s “Accelerating Access” study is based on online survey responses from 2,205 Americans ages 18+, including 1,008 respondents who participate/d in an employer-sponsored retirement plan, fielded by a third-party panel provider from June 17-19, 2025. The survey is weighted to be nationally representative of U.S. adults.