With all the press about the retirement savings crisis, you would think more people over the past 10 years would be saving for retirement. While older workers have gotten the message, other generations have not. According to EBRI’s Retirement Confidence Survey, 4% fewer workers in 2014 are saving for retirement than in 2004.
Here’s the demographic breakdown:
• Overall: 64% say they’re saving for retirement now versus 68% in 2004 (the only demographic to show an increase)
• 55 or older: 82% today versus 69% in 2004
• 45-54: 65% today versus 74% in 2004
• 35-44: essentially unchanged
• 25-34: 48% today versus 63% in 2004
Certainly the recession has affected people’s ability and willingness to save, but you might have thought that the recovery and auto-plan features would have also increased the percentages. Most disturbing is younger workers. What do you think is the best way to reach them? Start a discussion in the box below.
