Fewer than one in five American workers are contributing to traditional individual retirement accounts, with many pointing to a lack in financial confidence to afford such contributions as one of the biggest reasons for not investing.

While low financial confidence was the most cited reason (42%), nearly a quarter say the reason they are not contributing to an IRA is because they are saving in another retirement savings vehicle, like a defined contribution plan, according to a recent study from LIMRA. Further, one in seven workers said they were uncertain how to invest their assets or simply haven’t gotten around to it.

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