Just over one-third of Americans — 34% — have no retirement savings, and 27% have no personal savings, according to The Harris Poll.
These figures are slightly higher than 18 months ago, when 30% had no retirement savings and 22% had no personal savings.
Among Baby Boomers — ages 46 to 64 — 25% have no retirement savings; among seniors — age 65 and older — 22% have no retirement savings.
Of the Baby Boomers and seniors who have retirement savings, 13% have their money invested in stocks and mutual funds, a greater proportion than Gen Xers, who are between the ages of 34 and 45.
“Current economic conditions seem to be driving somewhat less risky investment behavior by Gen Xers, which goes against the grain of traditional investment advice,” says Barbara Bertner, vice president of financial services research for Harris Interactive. “A combination of trust and education would likely bring these consumers back into alignment with traditional investment thinking.”
The survey of 2,151 adults was conducted in November 2010.
Barney is the editor of Money Management Executive, a SourceMedia publication.
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12 Comment(s)
Posted by: LouisTimothy | May 6, 2012 11:54 PM
This post has helped me for an article which I am writing. Thank you for giving me another point of view on this topic. Now I can easily complete my article. Cheers Wise Katie
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Posted by: resub r | April 4, 2012 5:41 AM
I must say this is quite interesting Information. From a very long time i was searching for this type of blog.I am looking forward to more such posts in future. Thanks for sharing.School Grants
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Posted by: keyra_hunt | March 20, 2012 5:30 PM
This entire preventive way of judging things reflect in any kind of a man`s investments. You can see a man is aware of all the risks he is facing by the way he makes money savings and by the way he protects his purchases and investments. For instance, a life insurance, some car insurance quotes or you can have some other similar transactions to cover your investments. I firmly believe it all stands in your customs, your behavior, your way of thinking. It does not necessarily depend on your affordability.
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Posted by: jack45 | March 20, 2012 4:02 PM
This is definitely a stat that is not good at all. I think all Americans need some type of savings for retirement. We have to make this happen in the future. Franchise Opportunities Ontario
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Posted by: LILIUM | December 5, 2011 1:57 AM
I am terrified by only thinking about it. Having to work for more than twenty-years and not being able to rely on some saving afterwards is, to me, the worst case scenario. Which is why I calculated my budget and decided to sign for an insurance new hampshire in order to have a back-up plan in the future. I wouldn`t see this any other way. I like to rest assured everything will be somehow covered in the future.
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Posted by: SNRote | December 1, 2011 7:47 PM
Ed, I would also be interested to know what retirement planning options these participants had...or didn't have. In most organizations human resource management works very hard to make sure their employees are given the proper information and sufficient amount of time to make a participation decision. Not every company offers retirement savings. Let's be honest. It's much easier to save through payroll deductions than on your own.
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Posted by: jerrycrew | October 21, 2011 7:53 AM
Oh.It's sad but because of the global crisis that's happening, some people can't help it. - Secrets of a Millionaire Mind
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Posted by: Kalinda | October 11, 2011 6:55 AM
They want you to save for retirement so they won't have to support you with government funds. Don't be stupid, enjoy your money while you are young? WTF are you gonna do with $1M when you are 70? You may be too sick, too tired, too senile, to want to to anything. Doctors, lawyers and the cemetary system will drain all your cash. If you are old and broke they will not let you die, you will survive. No luxuries, but what do you need luxuries for when you are 70? Most people will die broke no matter how much they save. The rest will be inherited by dumb kids and grandkids who will blow the money on electronic gadgets, hookers, and useless luxuries. Bottom line. Don't save for retirement, you may not make it that far. Enjoy it while you have it. All investments are SCAMS and PYRAMID schemes, with front loaded fees that make you a loser as soon as you put in the money. Net effect is Wall Street makes a killing and you go broke. Stop feeding the scam system and enjoy what you have. If you have too much donate to some poor kids in 3rd world countries. If you are lucky, maybe you live to see retirement, but most likely you will work until you die.
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Posted by: DgEvans | March 20, 2011 10:05 PM
I agree with SEBS. I would like to know if they are looking at the difference between savings and substantial savings. I would be willing to bet that there is a lot of disparity in this area.
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Posted by: Whatablessing | March 17, 2011 4:24 PM
The reason for this is that most people don't know what money really is. Go to: www.whatablessing.net also check out this link http://www.youtube.com/watch?v=enuq38GGSIE&feature=uploademail
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Posted by: Ed. @RetirementTownhall.com | February 26, 2011 9:17 AM
It would also be interesting to know what kind of retirement planning options participants in the study had.
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Posted by: SEBS | February 10, 2011 3:03 PM
OK, then of the 75% that do have retirement savings what is the average amount that they have saved?
Is it like $300,000 or more like $30,000
That would be interseting to find out.
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