Well this doesn't bode well for my generation.
Of those millennials who have started saving, almost half (46%) are saving between 1-5 percent of their income for retirement; 31 percent are saving 6-10 percent; 18 percent are saving more than 10 percent.
This is according to the 2014 Wells Fargo Millennial Study. 4 in 10 millennials have also reported that they haven't started saving for retirement at all. If financial planners recommend saving a minimum of 10 percent of your income to have enough for retirement, this means that only 11 percent of millennials are saving enough. (18 percent of 60 percent is 10.8 percent...)
I wonder what a similar study would have shown for Generation X and the Baby Boomers at the same point in life. Are Millennials behind the retirement savings curve? Are we normal and we'll "catch up" later on like other generations did? It seems that only time will tell, but unfortunately the more time that passes, the harder it will be for my generation to accumulate the savings they will need to have a comfortable retirement.