How many Gen X and Gen Y consumers are saving for retirement? Not nearly enough, according to LIMRA, an industry-funded research group.
In a new report, titled Sowing the Seeds for Retirement: Gen X and Gen Y Markets, LIMRA found that younger investors are not giving retirement the attention it deserves. Less than half of Gen X consumers (46%) selected retirement as their top reason for saving, with vacation and travel the top choice for 38% of Gen Xers. Younger Gen Y consumers were even more delinquent, selecting vacations over retirement as the single most important reason to save. More than four in 10 Gen Y investors (41%) cited traveling as the biggest motivating factor compared with 31% who were saving primarily for retirement.
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