EXHIBIT 23.2

               CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


     We consent to the incorporation by reference 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 the Registration Statement (Form S-8 dated
October 22, 2001) pertaining to The Principal Select Savings Excess Plan,
Nonqualified Defined Contribution Plan for Designated Participants, The
Principal Select Savings Plan for Individual Field, and The Principal Select
Savings Plan for Employees, with respect to the consolidated financial
statements and schedules of Principal Financial Group, Inc. for the year ended
December 31, 2000 included in Amendment No. 4 to its Registration Statement
(Form S-1 No. 333-62558) and related Prospectus filed with the Securities and
Exchange Commission on October 22, 2001.


                                           /s/  ERNST & YOUNG LLP

Des Moines, Iowa
October 19, 2001