Only a little more than one-third of investors between the ages of 21 and 50 are confident they will have enough money for retirement, according to a study released Thursday by T. Rowe Price.
Even though they understand the importance of retirement planning, two-thirds of these investors have not developed a detailed plan for their finances in retirement.
“This research underscores the fact that many more young investors need to get started planning for their retirement, even though the date may be decades away,” Christine Fahlund, senior financial planner with T. Rowe Price, said in a statement.
“The study also demonstrates the important financial and psychological benefits of having a detailed savings and investment plan,” Fahlund said. Younger investors who have a detailed plan reported feeling much more confident about their retirement readiness, with 58% believing they will have enough money for retirement.