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
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point