Americans are increasing participation in 401(k) and other defined contribution plans, according to a survey by The Hartford.
Hartford found participation in 401(k) and other DC plans rose to 76% overall in the 2011 survey, up from 71% the previous survey and 63% in 2009.
Overall, 53% said reducing debt and increasing savings were parts of their financial goals.
Of the demographic subgroups surveyed for the study, men overall saw the greatest increase in participation, at 81%, up from 71% last year and 66% in 2009.
Baby boomers’ participation rose to 79%, up from 71% in 2010, and Generation X’ers increased their participation to 77%, up from 71% in 2010. Generation Y, or people ages 19-31, declined by two percentage points.
Women overall did not show an increase in participation, with 70% participation in 2011, the same as the previous year.
The survey was conducted during the spring and polled 1,000 employed adults 18-65 with a minimum household income of $25,000.
