The youngest and oldest employees were the most likely to take positive action related to their financial wellbeing during the third quarter of 2013, according to the Bank of America Merrill Lynch 401(k) Wellness Scorecard.
Since 2009, the scorecard has found that the number of plan participants who started contributing to their retirement accounts or began contributing more significantly outnumbered the people who stopped contributing or decreased their contributions.
The number of starts was 2.6 times the number of stops, while increases were 2.2 times more common than decreases for the quarter, the report found. Those under age 30 and over age 50 were responsible for the majority of positive actions in the quarter with 41 percent and 36 percent respectively. For those between the ages of 31 and 49, only 23 percent made a positive change regarding retirement savings.
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