The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute’s annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.

Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.

This is being reported everywhere today (I first saw it here). Is it any wonder that 7 in 10 Boomers are delaying retirement for financial reasons? I don’t actually fault most of these workers. Our monetary and tax policies discourage saving and promote borrowing as a means of expanding our economy. By some measures, this strategy has certainly worked. There are some costs, though. Austerity seems to be coming to the US. Some will adopt it by choice (frugality), others will have it thrust upon them (poverty).