Men and women are saving more for retirement, according to research from MassMutual Retirement Services, but men are paying more attention to their accounts and taking more positive action.
The average retirement savings rate among those surveyed was 10.5 percent, up from 9 percent two years ago, according to MassMutual’s most recent nationwide survey of American workers who are eligible to participate in a workplace-sponsored retirement plan.
On a less positive note, 34 percent believe the U.S. will be in a recession in the next 12 months.
The number of individuals worried about losing their jobs increased this year by 4 percentage points compared to an increase of 9 percentage points for those workers who claim they aren’t worried about losing their jobs.
The survey found that more people are saving money for health care expenses than in 2011, and saving enough for retirement is more important to them than keeping up with monthly expenses.
Sixty-three percent of those surveyed said that putting money away for retirement was their top savings objective compared to 42 percent who cited paying down debt as their biggest financial worry.
Men are more likely to seek the help of a financial professional. Only 28 percent of respondents said they currently consult with or have consulted with a financial professional in the past five years. Thirty-one percent of men said they have consulted a personal financial advisor, compared to 24 percent of women.
Retirement plan provider continue to be the main source of investment information for plan participants, but professional advisors have displaced plan sponsors this year as the second most important source of investment information, according to MassMutual.
The nationwide survey was conducted online between Feb. 18 and March 11 and included 2,081 defined contribution plan participants who are eligible to participate in a 401(k), 403(b), 457 or similar workplace retirement plan.