Americans Saving Less for Retirement This Year

According to Bankrate, 20% of people responding to its August Financial Security Index with no college degree are saving less for retirement this year, compared to 10% of people with a college degree. Seventeen percent of people earning less than $30,000 didn’t contribute anything in 2013 or 2012, versus an average 3% of people earning $30,000 or more.

Eighteen percent of respondents younger than 65 say they’re saving less in retirement accounts, while 7% of those 65 and older say they’re doing the same.

The survey also found one in five men (21%) say they feel better about their savings, compared with one in seven women (14%). Twenty-eight percent of people ages 18 to 29 are more comfortable with their savings, versus 15% of people 30 and older.

Forty-two percent of people making less than $50,000 are less comfortable about their savings, and the same was true for 25% of those making at least that much.

From August 1 to 4, telephone interviews (on landlines and cellphones) with 1,005 adults living in the continental U.S. were conducted by Princeton Survey Research Associates International.

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