Often labeled a bunch of slackers the members of Generation Y are more conscientious about saving for retirement than Gen X and Boomers.  A recent TD Ameritrade survey found that 25% of Gen Y respondents fund both their 401(k)/403(b) plans and IRAs.  Only 23% of Gen X respondents and 9% of Boomer respondents claimed to be doing the same.

A couple of interesting side notes from the survey:

  • 74% of Boomers responded they are not confident they will reach their savings goals by the time they are ready to retire.
  • 32% of Boomers are taking advantage of the age 50+ catch-up contributions.  Of the 68% not doing so half say they cannot afford it while a quarter said they had never heard of it.