New Survey: 62% are Not Saving for Retirement

Share Article

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 Logo

CreditDonkey Logo

In a new 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

"The lack of a saving strategy is not necessarily due to a lack of awareness," says Charles Tran, founder of, 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:

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

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

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Charles Tran
(866) 586-2488 7024
Email >
Visit website