Americans are more confident about their ability to retire than they’ve been in a decade, but despite all their good feelings, their savings aren’t keeping up.
That’s according to AllianceBernstein’s Inside the Minds of Plan Participants survey, which finds that 47% of defined contribution plan participants — 15% more than last year — are feeling confident about their retirement prospects.
In addition, workers were also more upbeat on their relationship with investing, with those who say they feel experienced in making investment decisions rising from 53% in 2017 to 67% this year.
But retirement savings are still shy of where they ought to be. And even more disturbing is the news that financial literacy is actually deteriorating. Add to that the fact that people’s reasons for participating in their employers’ retirement plans really aren’t focused on retirement the way they should be.
According to the survey, although 56% of workers still rate a steady income in retirement at the top of their DC plan wish list, that percentage has fallen since last year, when it was 65%.