More than a third of Americans have no retirement savings, and millennials feel more financially secure than other age groups despite being the least likely to have socked away any cash for their golden years, a new survey shows.
Bankrate.com, a publisher of personal-finance content, found that on average, 36 percent of Americans haven’t saved any money for retirement.
Generally, the older the age group, the more likely it is that they are saving.
More than two-thirds of 18-to-29-year-olds have saved nothing for retirement, while 14 percent of people 65 and older have put nothing aside for retirement, Bankrate.com found.
But despite their lack of retirement savings, millennials feel more financially secure and optimistic about their personal situations than other age groups.
The study was conducted on behalf of Bankrate.com by Princeton Survey Research Associates International. It did phone interviews with 1,003 U.S. adults, nearly evenly divided between landlines and cellphones. The survey was conducted in English and Spanish over four days earlier this month. The margin of error is plus or minus 3.5 percentage points.
Among people ages 30 to 49, a third have no retirement savings.