Americans are confident enough their personal finances will improve in the next 12 months that more of them are saving for retirement, according to a survey by Hartford Financial Services Group.
Of the 1,000 people surveyed, 53 percent said reducing debt and increasing savings were part of their personal financial goals; 52 percent were confident their personal finances would improve in the next year; and 42 percent said securing their financial future was their primary goal.
“It’s a promising time for employers and financial advisors to promote the importance of retirement savings,” Thomas Foster, vice president for The Hartford’s Retirement Plans Group, said in a statement.
The survey showed that participation in 401(K) retirement plans among employed adults rose to 76 percent this year, up from 71 percent in 2010 and 63 percent in 2009.
The groups of people contributing to the increase were Baby Boomers nearing retirement with 401(k) participation at 79 percent; those aged 32-46 with participation at 77 percent; and men with participation at 81 percent.
The youngest subgroup of employees — those aged 19-31 — decreased their participation in retirement plans by 2 percent while women as a whole neither increased nor decreased their participation in the past year.
