Americans expect their personal finances to improve in the next year, and consequently are increasing their retirement savings, The Hartford announced Monday.
Participation in defined-contribution plans increased to 76% in 2011, especially among boomers, Gen Xers and men.
Seventy-nine percent of boomers and 77% of Gen X workers are participating in their employers’ retirement plans. Younger workers, however, dropped out of plans in 2011. Participation fell by 2% among workers between ages 19 and 31.
While 81% of men overall participate in a plan, participation among women was flat in 2011 at 70%. In 2010, women showed greater improvement than men.