The number of workers saying they’re saving more for retirement is up — andfewer people are opting out of retirement savings.

That’s according to a Bankrate.com study, which found that 21 percentof Americans said they’re saving more for retirement than they did last year.That’s the highest level reported in the past five years. And just5 percent said they were opting out of saving for retirement;that’s a new low for the study.

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In 2011, 29 percent of respondents said they were saving less,compared with only 15 percent who said they were saving more.That’s risen steadily, and now that 21 percent who say they’reputting away more retirement money top the 17 percent who saythey’re saving less than before.

Gen Xers were at the top of the saving-more crowd, at 26percent, followed by younger millennials — those aged 18-25 — at 22percent.

As might be expected, the Silent Generation — those aged 71 andup — were saving less, with 36 percent of them saying so, but sowere 30 percent of younger boomers, those aged 52–61. Fifty-sixpercent of respondents said they were saving the same amount aslast year; that’s a new high as well.

One reason Bankrate said savings may be up is an improvement inits Financial Security Index for August, which stands at 104.5 —its second highest level of the year.

The index, which is compiled with five questions to track howAmericans feel about their job security, savings, debt, net worthand overall financial situation, indicates an improvement when itis above 100; an index below 100 indicates that people feel thattheir financial security is weaker.

The improvement could be due to a drop in the unemployment rate;Bureau of Labor Statistics figures indicate that not only didunemployment in the U.S. drop to 4.9 percent, but over the past 12months workers got a 2.6 percent increase in wages.