Savings Habit Being Formed at Younger Age

The nation’s younger adults seem to be much more cognizant of the need for retirement savings than their elders were at the same age.

Sixty-four percent of Americans ages 18 to 34 are saving for retirement, and the average age when they started to save was 23, according to a survey commissioned by Lincoln Financial Group and Money magazine. That’s 13 years earlier than people who are 65 or older and four years earlier than the average baby boomer.

But many of the young adults surveyed said they believe they’re not socking away as much as they should--they’re worried that Social Security might not be able to provide for them when they reach retirement age.