The 26 annual Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) shows that 26% of workers, 25 or older, have savings of $1,000 or less. MarketWatch staffer Catey Hill reports on the this survey which factors in everything from savings accounts to brokerage accounts to 401(k)s, except the value of a person's primary residence and pension.
This number, while still appearing large, is actually the smallest percent recoded by the EBRI since they began doing this survey and it actually takes into account all of the savings by this group of workers.
Here's why the number of people saving is on the rise:
Among the reasons that more people are saving: the improving economy, more jobs and the fact that more employers are auto-enrolling employees in their retirement plans, says Luke Vandermillen, the vice president of retirement and income solutions at Principal Financial Group, which co-sponsored the EBRI research.