The percentage of American workers who said they have minimal retirement savings grew for the third consecutive year, according to the Employee Benefit Research Institute’s (EBRI) annual Retirement Confidence Survey released on Tuesday.
In 2010, a total of 43 percent of the workforce reported that they have less than $10,000 in their savings account, up from 39 percent in 2009, according to CNN Money. Respondents who said that they had less than $1,000 also rose, jumping from 20 percent last year to 27 percent in the current survey.
Furthermore, the percentage of workers who said that they were confident in their ability to save enough money to comfortably retire fell to 16 percent, the second lowest rating in the 20-year history of the reports.
"People just don’t want to think about [saving for retirement]," said Jack VanDerhei, EBRI’s research director and co-author of the survey. "Everybody thinks they’re too young to think about it, until suddenly they’re too old to do anything about it."
VanDerhei noted that the national decline of savings is attributable to mortgage problems, job losses and the suspension of many company-matched 401(k) programs in 2009.