Generation X is Saving

The members of Generation X are distinguishing themselves as savers. About 65% of adults age 33 and younger have stashed away money for retirement, according to the seventh annual Retirement Confidence Survey. Most have saved at least $10,000, but 19% report savings of $50,000 or more. Doubts about the future of social security have prompted Generation Xers to save for retirement earlier than any previous generation, and most expect to finance their golden years primarily with personal investments and savings, such as 401K plans. Their behavior is a "good outcome of a misinformed view" says Paul Yakoboski, the survey’s senior research associate, who thinks Gen Xers are "overly pessimistic" about social security.

Source: Kiplingers - May 98

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