Zero Retirement Savings?

One-third of Americans say they have no retirement savings.
5:31 | 08/18/14

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Zero Retirement Savings?
-- It's Monday August 18 -- New -- financial markets are open at -- number 36%. That. And say they have nothing zero zip save for retirement that's according to a new survey by the folks at Bankrate dot com. But when I'm Dan Cutler in New York's with the eye opening details this Monday morning Laura -- from Yahoo! finance are good morning to you. Morning can't focus first of all no more Starbucks no more expensive -- for me that's gonna go for four bucks a day right I'm going to be drinking this we'll hear that we had here at ABC. -- and the IRA's speak paid attention because these numbers are very ugly from Bankrate. They are very ugly I need third -- American had no money saved for retirement that just seems crazy we hear a lot of these depressing facts. But this one feels particularly bleak because it just shows. That people don't have the money I only did say that detect the statistics backed that up only can get into that the let me go through the numbers and you -- -- 36%. Have no money in savings they break -- down and by age group and you know what they say you're supposed to start saving for retirement. Young the younger you save them more you have time back on pounding interest to really add up and it makes a huge difference -- start saving your twenties. -- your thirties 40s50s and meaning it makes a huge difference. The young man is the millennial eighteen to 29 and the worst 69%. And then had no money in savings and we -- that they struggled with. Unemployment with student loan debt with a lot of things and then -- in Afghanistan. In this -- an agency can't really blame on the that is a staggering figure. The one thing I should point out though is -- wall this feels like an alarming percentage of people. They didn't include the primary residence so if people. But the a lot of the a lot of Americans own -- home and you know it's not guarantee that the price will continue to rise but. Perhaps some of those 36% of Americans have no savings do have some equity in -- home. Also this didn't include pension so some of those older folks when -- still exist may have pensions. So that is a bit of and a silver lining perhaps but nonetheless this is very startling. -- and it's only is that say it's it's -- wagging the finger of stranded people are not being discipline and saving their money but as you pointed out some some -- -- to that unemployment. I wanted to ask you about though how the recession 2008 obviously made an impact on people's ability obscenities. Immensely because one of the big issues here is the money unique stand and what we've seen -- median wages go down more than 3%. Since the recession for Americans and Americans are not making as much. Is they were before the recession we've seen growth in low wage jobs service sector jobs and those jobs don't pay a living wage and they definitely don't have you 401K employee benefit plan where you can say or even have the money -- saint. There are some signs that that trend is turning around and we are seeing growth and higher wage jobs now so that's a good trend. 40% of the jobs at an event last six months have been in high wage jobs we're seeing that turn around there's a little positive -- but I want to stick to the recession aspect because you mentioned it. Another thing. Still many people are not in the stock market even though the stock market has -- written to these high and sign -- gains in 2013 in particular. Historically. Bought fewer people are in the stock market and traditionally would be so if you -- -- 2008 when the stock market just got hammered. People across America mom and pop investors saw there retirement really could be here get wiped out and a according to statistics at how few people -- in the market of these folks that traditionally speaking. Dayton -- in a market to see their portfolios were cover so that's another way that it's that it's -- people but the receptionist played well also. One of the policy responses to the recession and in what we've seen it in -- after -- The Fed is reduced rates to near zero so there's really not -- incentives to save if you -- -- be safe and just put your money in the bank and I and it may not it's those are few ways the -- mayoral. OK not that this is hitting the panic button but let's call marvel wake up call for this that. -- had actually nothing put away for savings for retirement what a white duke as I know obviously it is never too late to start but the first no of course not what what is what is my first step. You can't free people I you know you gotta be good one step at a time you -- -- think about the big picture is so overwhelming. So what experts say is the first thing to do is if you have an employer offered. 41 K plan. Start putting money in it. Enjoying it start saving if you canning your employer match is Tryon didn't -- -- much money you can't. -- date would be impacted by that -- can really get the most out of it that's free money. Beyond that if you don't have a 401K plan you know it's gonna vary person to person based on what kind of savings you need but can't risk appetite you have. You know that's beyond what I would advise -- I'm not a financial advisor but you know absolutely go to Yahoo! finance go to the personal finance section. Re other resource is read all all of today advice it's -- and articles and figure out what's best for you but -- -- start -- -- the -- physicists -- start. Some -- for. Rainy day should take take yourself out of that 36% are big number for the -- -- -- -- Yahoo! finance on this Monday morning I think it thank you it's great to see you get to see again. Of course you can -- was -- about the latest headlines right here abcnews.com. Election debate -- other New York.

This transcript has been automatically generated and may not be 100% accurate.

{"id":25021660,"title":"Zero Retirement Savings?","duration":"5:31","description":"One-third of Americans say they have no retirement savings. ","section":"Business","mediaType":"Default"}