EBRI survey: 28% of workers report savings of less than $1,000

Results of the 23rd annual Retirement Confidence Survey by the Employee Benefit Research Institute reveal that a substantial number of workers have virtually no savings for retirement. Twenty-eight percent of workers who provided the information said they have less than $1,000 in household savings and investments - which excludes the value of a primary residence and any defined benefit plans. Fifty-seven percent of all respondents reported the total value of savings and investments is less than $25,000.