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With $10.4 trillion in assets, America’s defined contribution (DC) system is a powerful generator of retirement security for millions of households. Unfortunately, this system is not equitably creating security and wealth across all demographics. Aspen Institute Financial Security Program, DCIIA, and Morningstar Retirement have launched a joint initiative—The Collaborative for Equitable Retirement Savings (CFERS)—to examine the dynamics of DC retirement savings and identify disparities in outcomes based on race and gender. The analysis of anonymized plan data, coupled with qualitative, people-centered research, provide insights into specific actions toward racial equity within the DC system. In this inaugural report, CFERS presents their findings, focusing on identifying existing race and gender disparities in retirement account balances and their causes.
For a summary of the findings, click here.
For more information on The Collaborative for Equitable Retirement Savings (CFERS), click here.
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