Why Americans Are Really Loving on Their 401(k)s

Why Americans Are Really Loving on Their 401(k)s

Sunny skies are ahead!

And no, we're not just talking about the warming weather.

New insights show that feelings toward retirement savings are also on the upswing—and we're starting to see the numbers to back it up, too.

In fact, Bank of America Merrill Lynch's latest 401(k) Wellness Scorecard found that not only are more Americans opting to save in 401(k)s, they're also increasingly making positive moves with their plans.

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In 2014, the number of people participating in a 401(k) jumped 18% over the previous year. And of those savers who made a change to their plan, 78% did so for the better—by starting or ramping up their contributions.

But one demo is making even more significant strides. 

According to the report, a whopping 64% more Millennials began socking away in a 401(k) in 2014, compared to 2013.

"I think that's a telltale sign—certainly moving away from the financial crisis—that perhaps Millennials are getting a little bit firmer footing in their financial lives and starting to think more long term," Steve Ulian, managing director of Bank of America Merrill Lynch's institutional retirement business, told USA TODAY.

That might help explain why, in a 2015 Retirement Confidence survey by Employee Benefit Research Institute, Americans' overall confidence in their retirement savings was found to be on the rise for the first time since the recession.

And the group that's most optimistic about their money? Millennials, of course.

RELATED: 6 Common Retirement Savings Mistakes to Avoid

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc., that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the individuals interviewed or quoted in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.

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