Survey: Americans ages 25 to 34 aren't saving enough

The study found that a declining number of people in that age group maintain interest-bearing accounts or other savings options – down to 55 percent in 2004 from 65 percent in 1985. The ownership of simple savings accounts with banks – the most accessible savings option – fell from 61 percent in 1985 to 47 percent in 2004.

The study, released Oct. 25, also found that:

• There is increased willingness among Americans ages 25 to 34 to acquire unsecured debt. The average level of debt for the demographic in 1985 was $3,118. In 2004, it climbed to $4,733.

• The net worth for the demographic, on average, was 99 percent of income in 1985. By 2004, net worth was 92 percent of income.

According to an AICPA news release, the study was conducted by Christopher Thornberg and Jon Haveman, economists with Los Angeles-based Beacon Economics, on behalf of AICPA’s Feed the Pig campaign. The Feed the Pig campaign, also sponsored by the Ad Council, is aimed at educating Americans in the 25-to-34-year-old age group to take better control of their personal finances.

AICPA is a professional association representing approximately 330,000 members.