More than 1 in 5 Americans don’t actually know what a 401(k) is

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The current economic climate has forced many workers to reconsider their financial habits on the fly. Some may be inspired to put a few more dollars to the side every paycheck for a rainy day, while others are simply educating themselves further on the benefits packages that their employers offer. While workers grasp for balance in this financially unstable environment, greater importance has been placed on financial knowhow and the ability to accumulate retirement savings.

Clever, a research group, recently surveyed 1,000 Americans to gain insight on their knowledge of personal finance and retirement savings. The research compared the financial opinions and habits between and across generations. While inter-generational differences may seem small, many spending and saving habits change as time goes on with increased financial knowledge, more experiences with money, and new and furthered technology and regulations regarding finances.