Webster Bank study finds most Americans lack adequate savings for retirement

Nearly two in three Americans (65%) believe they are “not saving enough for retirement” and cannot save “like they should,” according to the inaugural Financial Empowerment Study published by Stamford-headquartered Webster Bank (NYSE:WBS).

The survey also found more than one-third of Americans (36%) acknowledged they “just don’t know where to start” when it comes to saving and investing, while more than half (55%) worried about their financial situation versus the 32% of respondents who felt fully in control of their financial future.

And while more than half of respondents (57%) said saving for emergencies is a top financial priority, nearly one-third (31%) admitted they did not have an emergency fund and only 23% have a rainy-day fund that could cover more than six months of expenses.

“It’s clear that there is interest in improving financial knowledge, however, there is a need for communities to do more to build and promote these important resources,” said Marissa Weidner, chief corporate responsibility officer at Webster Bank. “These findings reinforce Webster’s commitment to making financial knowledge and tools accessible to all and ensure our communities are aware of the opportunities available to remain in control of their finances.”