People under 30 appear to be saving more now for retirement

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The staggering economy has forced one group to take action to prepare for the future.

findingmoneyPeople who are under age 30 appear to be saving more in their retirement plans than in the past, new research shows.

According to an analysis of MassMutual plan participants under age 30, the average savings rate reached 4.6% in the first quarter of this year, compared to 3.9% for the last quarter of last year.

“Clearly, younger participants are beginning to understand the importance of starting early to plan and save for retirement,” said Alison Salka, director of behavioral research for MassMutual’s Retirement Services Division, which performed the analysis.

Salka added in the statement that its educational website for plan participants has seen increased traffic, further signaling interests in retirement planning among those who have the longest to prepare for retirement.

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