Recession Woes Prompt 48% to Save Less for Retirement

Be it the dismal disappointment of seeing their 401(k) balances fall, loss of a job or a wage cut, 48% of Americans are savings less for retirement, according to a Country Financial survey of 2,340 working Americans.

Only 12% have increased savings, and it’s status quo for 35%, according to the survey, conducted by Rasmussen Reports.

Although 41% have moved their portfolios into less risky investments, 41% are more confused about how to save for retirement after weathering the recession, and, perhaps unrealistically, 53% don't expect economic conditions to force them to delay retirement.

Only 30% believe it is possible for a middle-income family to save for a secure retirement, a five-point drop from 2009 and a seven-point decline from 2007, when the survey began.

“It’s important to remember most families can build a secure future by taking actionable steps like developing a plan and updating it as their family’s financial needs change,” said Keith Brannan, vice president of financial security planning for Country Financial.

For reprint and licensing requests for this article, click here.
401(k) Money Management Executive
MORE FROM FINANCIAL PLANNING