Generation Y (those ages 18 to 34) are more concerned about safeguarding their retirement savings, regardless of market conditions – more so than older generations. According to a survey released Wednesday by TIAA-CREF, 34% of Generation Y respondents said the primary goal for their retirement plan was to ensure the safety of their retirement savings, no matter what happens in the market.
Sixteen percent of those age 35 to 44 and 22% of those age 45 to 54 indicated the same for their primary goal.
However, TIAA-CREF said that “saddled by debt and the soft job market,” Generation Y is falling short saving for retirement. Thirty-one percent aren’t currently saving anything for retirement, and only 22% are saving more than 10% of their annual income (including employer contributions).
A quarter of those surveyed age 35 to 44 are saving more than 10%. That figure grows to 27% among those age 45-54, and 34% for those 55 to 64.