Empower: American Workers Want Access to Private Assets in Retirement Plans

July 09, 2025 at 08:00 AM EDT

New research finds 79% of retirement plan participants believe all investors should have access to the same investment products as institutional investors

73% of plan participants agree that having professionally managed private investments in retirement plans helps level the playing field

Today, Empower released its Accelerating Access study, unveiling how American workers feel about having access to the same investment products as institutional investors.

This study comes on the heels of the financial services provider’s May announcement of a new program that paves the way for private market investments within defined contribution retirement plans. To participate in the program, an individual must be in a plan where the employer has allowed for private investing, and the individual must engage with an advisor to make a determination about suitability. Empower provides retirement and wealth management to more than 19 million Americans.

“This research uncovers how American workers are thinking about being able to invest in new ways, outside of public markets,” said Edmund F. Murphy, III, president and CEO, Empower. “Clearly, private investing is of great interest to individuals. It’s not for everyone, but those who wish to seek such investments should have the right and the ability to do so.”

Murphy noted that 74% of respondents say including private investments in retirement plans can help workers build wealth in ways previously limited to the ultra-wealthy, and 72% say diversifying their retirement portfolio with some private market investment exposure could improve long-term retirement outcomes.

Key findings from retirement plan participants

Accelerating access: 73% of survey respondents agree that having professionally managed private investments in retirement plans helps level the playing field for everyday investors, and 79% think American workers/retail investors should have access to the same investment products as institutional investors.
Count me in: 74% say including private investments in 401(k)s/retirement plans can help workers build wealth in ways previously limited to the ultra-wealthy.
Going long: 72% say diversifying their retirement savings/401(k) with some private market investment exposure could improve their long-term retirement outcomes.
A new world: 72% (64% of millennials) believe having access to private investments in a 401(k) would make them feel like their retirement strategy is modern and competitive.
Investments for a changing world: 76% want their employer/401(k) provider to offer options that reflect how the investment world, including private markets, is evolving.
So, how much? Nearly one-third of Americans (31%) (34% of plan participants) say they “would allocate” 10-15% of their retirement savings to private investments such as private equity, private real estate, and private credit. 44% say they “would be comfortable allocating” 1-10%. (46% overall)
Stepping up: 76% believe expanding 401(k) options to include professionally managed private investments would be a positive step for retirement savers.

“As the world changes,” Murphy continued, “we need to change, too. Investing choices have evolved, and we want to provide American workers with the options they are looking for with new, innovative alternatives, which is why we are expanding in this direction.”

Learn more about Empower’s Accelerating Access study

Empower Responds to Senator Elizabeth Warren’s Inquiry, Advocates for Responsible Access to Private Markets in Retirement Plans | Empower

Methodology:

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

ABOUT EMPOWER

Recognized as the second-largest retirement services provider in the U.S.¹ by totalparticipants, Empower administers approximately $1.8 trillion in assets² for more than 19 million individuals² through the provision of retirement plans, advice, wealth management, and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1	Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023.

2	As of March 31, 2025. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. EAICA’s consolidated total assets under administration (AUA) were $1.771B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. EAICA’s statutory assets total $70.13B and liabilities total $65.3B. ELAINY’s statutory assets total $7.35B and liabilities total $6.92B. EAIC’s statutory assets total $105.59B and liabilities total $104.57B.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

Learn more:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.