Young and realistic

A web poll of 172 adults 18 to 29 on the foundation's financial-literacy website — themint.org — showed that 84% think they will need to save at least $1 million to retire. Fully 45% of the young adults said that they will need upward of $2 million to retire.

Adults over 30, however, said that they could get by on less.

A companion survey of 335 adults over 30 found that just 60% said that they will need to save $1 million to retire. Twenty-seven percent said they will need at least $2 million to stop working.

Tough economic times have made the younger set more aware of just how much they need to scrimp and save to get to retirement, said Meridee Maynard, senior vice president at Northwestern Mutual.

“Younger people today have now realized that they may not be able to rely on the government and their employer; it starts with them,” Ms. Maynard said. “I feel from a future financial security standpoint, people realize that, "It starts with me,' and the news has really stirred the pot in a good way.”

Ms. Maynard also attributed the estimation gap between the older set versus the younger adults to the fact that the younger generation is receiving more education in financial literacy than their older counterparts did.

“Financial-literacy eff- orts have started to gain interest in the schools,” she said.

“People like me relied on friends and family to develop habits, but now there are websites and other things to encourage young people to learn more about money and develop good habits.”