The big reason why millennials haven't invested in their 401(k)s: They don't make enough money

Many millennials aren't saving for retirement because they can't afford to - or, at least, they feel like they can't.

Insider recently teamed up with Morning Consult to survey 2,096 Americans about their financial health, debt, and earnings for a new series, " The State of Our Money." About 670 respondents were millennials, defined as ages 23 to 38 in 2019.

According to the survey, more than half of millennials (55%) don't have a retirement savings account, such as a 401(k) or IRA. Another 13% do have a retirement account, but aren't actively contributing to it.

Of the respondents with no retirement savings whatsoever, about 46% said unemployment was to blame (they were able to choose more than one answer). The youngest millennials are in their early-to-mid 20s and it's likely they spent the last several years in college or graduate school. Overall, the labor force participation rate among 25-to-54 year olds is about 82%, according to the Federal Reserve of St. Louis.

Meanwhile, 10% of those lacking a retirement account said it's because they're not worried about retirement right now. Another 23% of the millennial respondents cited that as a minor reason.

Ultimately for most millennials - and even Gen Xers - it comes down to income. "I don't earn enough money to save for retirement" was cited as a major reason by 53% of millennials with no retirement account and a minor reason by an additional 13%. About half of Gen X doesn't have retirement savings, and 62% said income was a major reason why.

The millennial respondents most likely to say they can't afford to save earn less than $50,000 a year - some 70% of the respondents cited insufficient income as either a major or minor reason. The median household headed by a 25- to 34-year old earned just over $62,000 in 2017, according to US Census data, so it's unsurprising those earning less feel like saving money isn't possible.

Still, a quarter of the millennials who say they don't save in a retirement account because their income is too low earn between $50,000 and $100,000 a year, the survey revealed.

Research and data show it's likely that a big portion of millennials' paychecks go toward high rents, credit-card debt, and student loans, leaving many feeling like they have little left over to spend freely, let alone save for the future.

Check back on " The State of Our Money" throughout the month for more findings and analysis.