New Survey: 62% are Not Saving for Retirement

54% of respondents have no specific savings strategy, and 62% said they are not saving for retirement, according to a survey of over a thousand Americans by CreditDonkey.com.

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Los Angeles, CA (PRWEB) October 23, 2012

In a new CreditDonkey.com survey that asked 1,105 Americans if they are saving for retirement, 62% said no.

When asked if they have a specific saving strategy, such as saving a certain percentage of income every month, 54% said no.

To read the survey overview, visit http://www.creditdonkey.com/no-savings-strategy.html

"The lack of a saving strategy is not necessarily due to a lack of awareness," says Charles Tran, founder of CreditDonkey.com, a credit card comparison and financial education website. "Nearly three-fourths of respondents said they are familiar with stocks, bonds, mutual funds, and cash accounts. 65% said they know where they should be putting their savings."

Related survey by age group: http://www.creditdonkey.com/young-adults-retirement.html

  •     Nearly 80% of young adults between 18 and 24 are not saving for retirement.
  •     70% of adults 18 to 24 think they can simply make enough money during their career to retire comfortably. Only 30% of adults 45 to 54 think they can make enough during their career.
  •     88% of adults 18 to 24 do not know the rule of 72, a common method to estimate the time it takes money to double.

CreditDonkey.com polled 1,105 Americans on their savings and debt between September 17 and September 25, 2012.

View the CreditDonkey.com guide to compound interest to see if consumers should start saving now or paying down debt.


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