What was once considered sound fiscal policy isn’t getting a lot of attention these days. Approximately 49 percent of Americans say they aren’t putting any money aside for retirement plan, CNN Money reports.
"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," Matthew Drinkwater, associate managing director at LIMRA's retirement research division, told CNN.
The study, which was conducted in April, surveyed 2,697 Americans.
The report found that American ages 18 to 34 are the “least likely to be saving.” A full 56 percent of the respondents in that age group said they aren’t contributing to a retirement plan like an IRA or a 401(k).
"In order to have the adequate savings necessary to meet their financial needs in retirement -- which could last 20 or more years -- it is critical that these individuals begin saving systematically early in their working years," Drinkwater said.
The biggest reason consumers say they aren't contributing to an IRA is because it’s too expensive.
Photo courtesy LIMRA
Only 25 percent of the survey’s respondents said they have worked with a financial professional to plan for retirement.