March 6, 2012
By Jean Chatszky
You may not have known it, but last week was America Saves Week, an effort coordinated by the Consumer Federation of America’s America Saves campaign and the America Savings Education Council designed to shine a light on the importance of saving money.
They’ve got their work cut out for them: Seven out of 10 Americans aren’t saving enough, according to the Employee Benefits Research Institute. But it’s not just today’s workers who aren’t socking away enough for retirement. New research from financial education site Doughmain.com shows that our kids aren’t getting the message to save, either.
And here’s the rub. It’s not that we parents don’t understand that it’s our responsibility to teach our children to save — 81% of Doughmain’s survey respondents said as much. We’re just not doing it.
“It’s kind of like the plumber having the leaky pipe. Sometimes we don’t do what we say we’re going to do,” says Doughmain founder Ken Damato.