Battered by low incomes and high debt, fewer young adults aged 18 to 34 are trying to save, the Consumer Federation of America reported Monday.
CFAs America Saves project found in a poll that the percentage of 18- to 34-year-olds trying to save has dropped from 66 percent to 57 percent in the last year, while those who have a personal interest in savings declined from 77 percent to 68 percent.
Although he gave possible reasons for the drop off, CFA Executive Director Stephen Brobeck called it unexpected.
The growing lack of interest in saving by 18- to 34 year-olds is a departure from Americans as a whole, who saw the same level of personal interest in savings (71 percent) and effort in personal savings (62 percent) in 2014 as in 2013.
To increase savings by adults on their first jobs, America Saves is advocating auto-enrollment for a separate account to handle emergency and short-term financial needs as well as an opt-out retirement plan.
The poll was of 1,000 adults nationwide in September.