The savings behavior of people with 401(k) plans really took a hit in the wake of the 2008 market crash, and the lingering effects reflect not just changes in their strategies but also their methods.

So says the “Consumer Financial Perspectives Report: 10 Years After the Crash” from Betterment, which explores the current retirement savings behavior of people a decade after their original plans and strategies were upended.

Those effects have been pervasive; says the report, “…2008's financial crisis had a deeply damaging effect on overall attitudes toward Wall Street and trust in the markets. People are skeptical of Wall Street, anxious for another crash, and investing less than ever.”

In fact, 18 percent say the next crisis will come from cryptocurrencies, and 85 percent say the next crisis—whatever the cause—will happen within the next 10 years.

In addition, 39 percent say the big banks are likely to be the cause. Such skepticism is probably not surprising, considering that 65 percent of respondents say they still haven't fully recovered from the crash and the Great Recession that followed.

In fact, what is surprising is that 22 percent say they trust Wall Street institutions more than they did in 2008—this despite the fact that 54 percent of those making $100,000 or more a year blamed big banks and mortgage lenders for the crash, and 42 percent of those making $50,000 or less did too.

So, about those savings: it wasn't just employees who cut back on what went into the 401(k). Fifteen percent of respondents say that their employers either stopped sponsoring their plan, or stopped matching their 401(k) contributions, while 27 percent either stopped saving for retirement or contributing to their 401(k) and 14 percent continued to save but only in cash.

And while 29 percent of respondents say they're trying to save more today than they did in 2008, that doesn't mean they're investing; just 10 percent of respondents say they're investing more than they did in 2008. A large majority—66 percent—say they're investing less than in 2008.

Instant Insights /

401(k) savings rates, strategies still a problem after 2008 crash

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