Americans have inflated notions of their financial savvy, and that includes their efforts to save for retirement.
According to a study from Fifth Third Bank, although 48 percent of Americans consider themselves financially savvy, the reality of their financial situations is far different.
More than half of respondents, for example—55.2 percent—don’t contribute to a 401(k), IRA, or other retirement plan. However, 46 percent agree that retirement savings should begin in a person’s 20s.
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