Gens X and Y Eyeing Retirement Savings Needs

A new report finds Generations X and Y members have defined financial goals including amassing a retirement savings nest egg.

A news report released Wednesday by Divided We Fail, a coalition of business groups, reports that three out of four of those in Generation X and Y cited saving for retirement as a personal financial goal, and 92% feel they can achieve their most important financial goals in the next decade.

While 86% of Gen Xers and Gen Yers admit they should be more prepared for a rainy day, many report that they know more about their iPod (40%) than they do about saving for retirement (15%) or other financial matters such as paying taxes or investing outside of a workplace plan.

The survey also found that young people place a high value on benefits in the workplace such as health insurance (94%), retirement savings plans (88%), matching or contributing to a retirement savings plan (89%), wellness plans (78%), and offering financial education/advice (77%). While they may look to the workplace for tools, 70% of Gen Xers and Gen Yers look to their parents for personal finance advice and guidance.

Divided We Fail is made up of AARP, Business Roundtable, National Federation of Independent Business, the Service Employees International Union and the American Savings Education Council. The group promotes solutions to pressing national problems such as health care and long-term financial security.

The results came from an online survey of 1,752 young people in early 2008. For the purposes of this report Gen X includes those respondents ages 28 to 39 years old (born 1968 to 1979) and Gen Y includes those between the ages of 19 and 27 (born 1980 to 1988).

More information is available at