EXHIBIT 23.1


                        Consent of Independent Auditors


We consent to the reference to our firm under the caption "Experts" and to the
use of our reports dated February 2, 2001, except for Note 16 to the
consolidated financial statements as to which the date is September 11, 2001, in
Amendment No. 4 to the Registration Statement (Form S-1 No. 333-62558) and
related Prospectus of Principal Financial Group, Inc. dated October 22, 2001.


                                             /s/ Ernst & Young LLP


Des Moines, Iowa
October 19, 2001