The number of Americans saving at least 5 percent of their income has dipped in the last year to 49 percent from 52 percent, according to the annual Consumer Federation of America’s "America Saves Week" survey.
The number of people who felt they were saving enough for retirement declined as well to 52 percent from 55 percent.
There was also a decline in adults with a savings plan who felt they were making good progress toward this goal: 55 percent from 57 percent.
Four out of 10 working Americans would contribute 10 percent or more of their pay to an employer-based retirement plan offering auto-escalation while double that said they would put in more than 3 percent.
This was the first time in the nine-year history of the survey the CFA asked workers about how much they would save in auto-escalation plans.
Workers who don’t have an employer-sponsored retirement savings plan were roughly evenly divided over whether they would put in more than 3 percent, 3 percent, or less than 3 percent to an IRA administered by their state governments.
A handful of states, including California, Oregon and Illinois, are at various stages of putting these kinds of plans in the works for small employers.
The results are based on a phone poll of 1,004 adults between January 28 and 31.
Fewer Americans Saving At Least 5% Of Pay
February 22, 2016
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