The MarketsMarch 4, 2010

Schwab: Investors Focused on Growing Savings

More investors are focused on growing their retirement savings rather than protecting it, according to a survey by Charles Schwab & Co.

Reported by Ellie Behling

Schwab’s latest Real Life Retirement quarterly pulse survey found that investors remain uncertain about the economy. More than half (54%) expect another dip before the stock market settles. Despite uncertainty, 46% of respondents are focused on growing their retirement savings, compared to 29% who are focused on protecting.

Unsurprisingly, younger investors are the most focused on growth. More than half of Americans ages 18 to 32 (58%) and 33 to 44 (54%) consider multiplying retirement assets to be their top priority in preparing for retirement. Across all age groups, men and women have slightly different attitudes: More men than women (50% versus 43%) think it is most important to boost their current retirement savings, and women are more likely than men (32% versus 26%) to concentrate on protecting the savings they already have.

However, many investors might not be saving enough. One-fifth of those surveyed are saving nothing at all for retirement. Nearly three in 10 investors agreed that they should contribute 10% of their income to retirement, but 60% are allocating less.

Kelton Research surveyed U.S. adults between January 26 and Febuary 1 via phone.