Fifty-six percent of American households lag in saving for retirement, according to a Federal Reserve economic survey commissioned by the Consumer Federation of America and DirectAdvice.com.

Related opinion polls by the same companies revealed that only 44 percent of households with a currently-employed household member will accumulate adequate retirement savings and 59 percent expect to have a lower standard of living in old age than they currently have. Level of household income, the development of a financial plan and participation in an employment-related retirement plan ranked as the most relevant factors in having adequate household retirement savings, according to the survey.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.