The children of baby boomers, Generations X and Y, are doing a better job of saving for retirement than their parents did.
The TD Ameritrade Holding Corp survey showed that about a quarter of Americans born between 1965 and 1989 say they're using two accounts to build up their savings: a 401k or 403b plan at work as well as a personal IRA.
But researchers found that only 16 percent of baby boomers are putting money into both types of accounts.
Younger people are saving more because the current recession has made them more careful about money, and they want to be sure they have enough when they retire.
"The good news is that many working Americans, especially those who are young, are taking advantage of saving for retirement in a tax free environment through options like an IRA, despite a tough economy," Carrie Braxdale, managing director of investor services at TD Ameritrade, said in a release.
"But funding these accounts on a regular basis is the key -- even if it's a small amount. Every year that you don't fund your IRA is lost opportunity for tax regrowth," Braxdale said.
The telephone survey of 1,509 adults was conducted between July 20 and Aug. 17 by Maritz Inc on behalf of TD Ameritrade Holding Corp and had a margin of error of plus or minus 2.5 percent.