Millennials say they don't make enough money to save for retirement - Business Insider

Of the respondents withwhatsoever, about 46% said unemployment was to blame . The youngest millennials are in their early-to-mid 20s and it's likely they spent the last several years in college or graduate school. Overall, theamong 25-to-54 year olds is about 82%, according to the Federal Reserve of St. Louis.

Meanwhile, 10% of those lacking a retirement account said it's because they're not worried about retirement right now. Another 23% of the millennial respondents cited that as a minor reason.— it comes down to income. "I don't earn enough money to save for retirement" was cited as a major reason by 53% of millennials with no retirement account and a minor reason by an additional 13%.

Still, a quarter of the millennials who say they don't save in a retirement account because their income is too low earn between $50,000 and $100,000 a year, the survey revealed. Research and data show it's likely that a big portion of millennials' paychecks go toward high rents,

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