Many young Americans are struggling to pay back their student loans and find steady, full-time jobs. The last thing on their minds is planning for retirement - and they aren't the only ones.
Princeton Survey Research Associates International conducted a national poll for Bankrate, a personal financial website, and surveyed 1003 adults. More than a third of adults in America reported they have not started saving for retirement yet, according to Bankrate.com.
"What concerns me most is the high percentage of people that haven't started saving for retirement," said Greg McBride, the chief financial analyst for Bankrate. "Many of those that are saving aren't saving all that much."
The number of non-savers nearly doubles from the overall 36 percent to 69 percent for people ages 18 to 29. It gets a little better with older age groups: 33 percent for ages 30 to 49, 26 percent for ages 50 to 64 and 14 percent for ages 65 and older. McBride encourages people to start saving as early as possible.
"Regardless of your age, there is no better time than the present to start saving for your retirement," McBride said. "The key to a successful retirement is to save early and aggressively."
Joblessness and student loan debts haven't helped the younger population save for anything. Americans between 18 and 29 have a 63.4 percent employment rate, according to testimony given to the Senate Subcommittee on Economic Policy in June. The unemployment rate for workers under 25 is 13.2 percent, more than twice the overall rate for the country.
Americans encounter other obstacles when trying to save for the future. Survey respondents noted the high cost of living, along with day-to-day expenses. Workplaces often do not provide a retirement savings plan, according to Bankrate.com.
"I think a lot of people want to save, but they keep waiting for the right time," Brian Plain, an Illinois certified financial planner, told Bankrate.com. "They'll say things like, 'When I get my next raise I'll start saving.'"
McBride also suggested opening an individual retirement account, or IRA, if a person's employer doesn't offer a savings plan, such as a 401(k).
