Fewer than a third of workers ages 21 to 24 participate in a 401(k) or other retirement plan, compared with 61.4% of employees ages 55 to 64, an Employee Benefit Research Institute study shows. Even among highly paid young workers, retirement-plan participation is just 36.6%. Some experts say that part of the problem is a lack of financial literacy. "There's all kinds of research out there that says kids don't know a whole variety of things that should be common sense," said Bonnie Meszaros, associate director of the Center for Economic Education and Entrepreneurship at the University of Delaware.
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