U.S. adults in all age groups tend to have similar savings goals, and many of them agree on the importance of knowing more about the value of slow-but-steady savings strategies.
Researchers at the Consumer Federation of America, Washington, and Wachovia Corp., Charlotte, N.C., have published those findings in a report based on a recent survey of about 2,000 U.S. adults ages 18 and older.
The percentage of participants who said saving for retirement is very important or somewhat important was 91% for all participants, and the percentage of participants in the 18-24 age category who identified retirement savings as very or somewhat important was 87%, even though many participants in that age group are still saving for or paying for college.
Participants in different income groups also expressed similar views about the importance of saving for retirement.
Income differences had a much more noticeable effect on attitudes about ways to encourage people to save more for retirement.
When researchers asked the participants who said they were not saving adequately about methods for persuading them to save more, many participants earning less than $50,000 per year said they would like to get advice from a credit counselor, encouragement from their banks or credit unions, encouragement from their employers, or advice from financial planners or advisors.