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

That’s according to a Bankrate.com study, which found that 21 percent of 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 just 5 percent said they were opting out of saving for retirement; that’s a new low for the study.

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’re putting away more retirement money top the 17 percent who say they’re saving less than before.

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

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

One reason Bankrate said savings may be up is an improvement in its 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 how Americans feel about their job security, savings, debt, net worth and overall financial situation, indicates an improvement when it is above 100; an index below 100 indicates that people feel that their 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 did unemployment in the U.S. drop to 4.9 percent, but over the past 12 months workers got a 2.6 percent increase in wages.

Instant Insights /

More workers are saving more for retirement, study says

More From HR Executive

Related Stories

Recommended For You