Fewer than half of Generation X and Generation Y investors have made saving for retirement their top priority and a majority have little understanding of financial products and services, according to LIMRA research.

“There are nearly 116 million Americans aged 20 to 47, and most of them will have to rely solely on their savings to fund their retirement,” said Alison Salka, corporate VP and director of LIMRA Retirement Research. “Yet our research indicates that few of these consumers are taking full advantage of the retirement savings vehicles available to them. Fewer than half of Gen X and only a third of Gen Y believe saving for retirement is a top priority. If younger Americans start saving just a few years earlier, it can have a significant impact on their retirement security.”

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