Married workers and those who have tried to do a retirement savings needs calculation are more likely than their counterparts to have set money aside for retirement, EBRI found in its 2009 Retirement Confidence Survey.
According to the EBRI data, major drivers of retirement saving are a worker’s education and income levels (see “Education Level Influences Plan Participation“).
Among those with a bachelor’s degree or higher, 92% of workers report they have saved for retirement, compared to 66% of those with a high school education or less.
As income increases, so does the likelihood of workers saving for retirement: 93% of workers in households with $75,000 or more in annual income report saving for retirement, compared to 49% in households with annual income of $35,000 or less.
Workers Who Report Having Saved for Retirement, by Key Characteristics
Percentage Who Have Saved
High school or less
Bachelor’s degree or more
Less than $35,000
$75,000 or more
Done household needs calculation:
Yes, have done calculation
No, have not
Expecting to work during retirement:
Yes, expect to work
No, do not expect to work