EXHIBIT 23.01


                         CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of Principal Financial
Group, Inc. for the registration of its debt securities, junior subordinated
debentures, preferred stock, common stock, depositary shares, warrants, purchase
contracts and purchase units with a total initial offering price of up to
$3,000,000,000 and to the incorporation by reference therein of our reports
dated January 31, 2003, with respect to the consolidated financial statements
and schedules of Principal Financial Group, Inc. included in its Annual Report
(10-K) for the year ended December 31, 2002, filed with the Securities and
Exchange Commission on March 5, 2003.

/s/ Ernst & Young LLP

Des Moines, Iowa
December 18, 2003