The percentage of working Americans who say they are saving enough for retirement fell five percentage points between February 2010 and 2011, a survey found.
The survey was conducted for America Saves and the American Savings Education Council and released this week, America Saves Week.
Of those people surveyed who had not yet retired, 47% believed they saved enough to retire on, down from 52% the year prior.
The percentage of working homeowners who expect to pay off their mortgage by the time their retire fell three percentage points, from 78% one year ago to 75%.
Approximately 65% of all survey participants said they are building home equity or have paid off their mortgage, down from 68% in the 2010 survey.
"The recession clearly has not ended for millions of Americans," noted Stephen Brobeck, Consumer Federation of America's executive director and a founder of America Saves. "The persistence of high unemployment rates, large consumer and mortgage debts, and the housing crisis may help explain the lack of saver progress," he added.
On the good news side, the proportion of those with a saving plan rose from 55% to 57%, those saving for retirement at work rose from 49% to 54%, and those saving automatically outside work rose from 41% to 44%.
Over six in 10 with a savings plan believe they are saving enough money for retirement, vs. under three in 10 of those without a plan.
Income is another differentiator. Of those who earn less than $25,000 annually, only 17% said they are saving enough for retirement. Between $25,000 and $50,000, the number grows to 40%, and over $50,000, it grows to 52%.
