Fifty-five percent of 401(k) participants say they would not be saving for retirement if it were not for their workplace savings plan, Fidelity Investments found in a survey of 1,000 participants and retirees. Additionally, 19% say they have no retirement savings outside of their 401(k) plan.

“This research helps us better understand how Americans use their 401(k)s to help achieve their long-term retirement savings goals,” said James M. MacDonald, president of workplace investing at Fidelity. “It also provides an interesting snapshot of the actions of workplace plan participants in an uncertain economic climate and highlights the importance of Fidelity’s wide array of financial education offerings, from online tools to one-on-one guidance.”

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