Despite boomer losses, Gen Y not preparing for retirement

It’s no secret that baby boomers are facing a retirement crisis. Yet despite the hardships faced by their parents and grandparents — including delayed retirement, investment losses, and quality of life adjustments — the majority of Generation Y members have not begun to think about retirement.

According to a new survey by online investing firm Scottrade, the majority of Gen Y (55 percent) have not started to save for retirement, and fewer than a quarter (21 percent) are actively planning for retirement. Additionally, 60 percent of Gen Y saved nothing toward retirement in the last year, and 40 percent plan to save nothing in 2011. Twenty-one percent plan to save just one or two percent of their income this year.