NU Online News Service, Feb. 24, 2004, 5:12 p.m. EST – The recent stock market slump may have scared some members of Generation X away from saving for retirement.[@@]
Only 59% of GenXers who work at small businesses were participating in retirement plans in the summer of 2003, down from 69% a year earlier, according to results of a survey released by the Transamerica Center for Retirement Studies, Los Angeles.
Over the same period, the retirement plan participation rate for the baby boomers in the survey sample increased to 77%, from 71%.
Researchers at Harris Interactive Inc., Rochester, N.Y., interviewed 600 full-time small business employees for Transamerica in late August and early September. The employees all worked at businesses with 10 to 500 employees.