Women and Generation Y increased deferrals into their defined contribution plans during the first quarter of 2012, according to MassMutual's Retirement Services Division.
Within MassMutual DC plans, 4.22 percent of participants increased their deferral percentage during the first quarter, the second-highest percentage recorded in a single quarter since measurement began in 2007. Younger savers deferred less than older participants, however the savings rates for Gen Y are increasing at an accelerated rate, the company found. Participants age 29 and younger increased their savings by 2.29 percent compared to those over age 60 who increased by only .42 percent. Those ages 40 to 49 increased their savings level by .57 percent to an average deferral rate of 5.27 percent.
MassMutual found that only 1.30 percent of participants decreased their deferral percentage during the first quarter and only 2.98 percent stopped deferring altogether.
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