American workers are saving less for their retirement, according to a new survey by the Employee Benefit Research Institute (EBRI).
The EBRI survey, released in conjunction with the American Savings Education Council (ASEC) and Mathew Greenwald & Associates, found that the number of Americans saving for their retirement is dropping after years of steady growth.
The 2001 Retirement Confidence Survey attributed this fall to declining consumer confidence, the rise in unemployment, the slowdown in the economy and the problems on Wall Street.
According to the survey, the percentage of individuals who said that they were saving for retirement fell from 75% in 2000 to 71% in 2001.
At the same time, the percentage of workers who were not confident about having enough money for a comfortable retirement rose from 10% in 2000 to 17% in 2001.
The report found that 63% of workers felt confident that they would have enough money to live comfortably in retirement compared with 65% in 1994, 67% in 1998 and 72% last year. Seventy eight percent of workers felt confident that they would have enough money to pay for basic expenses during retirement in 2001, versus 84% in 2000.
By Geoffrey Ho
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.