Despite the economy, more Americans say they are confident in their personal finances and expect financial improvement during the next 12 months, according to a study from The Hartford. Consequently, more Americans are saving for retirement.

The study reported that participation in 401(k) and other contribution retirement plans increased to 76 percent overall in 2011, up from 71 percent a year ago and 63 percent 2 years ago. Those groups showing the biggest gains:

• 79 percent of Baby Boomers contributed to their employer's retirement plan, up from 71 percent in 2010 and 63 percent in 2009
• Gen X participation (ages 32 to 46) rose to 77 percent, an increase from 71 percent in 2010 and 67 percent in 2009
• Male participation increased to 81 percent, from 71 percent last year and 66 percent in 2009.

The results also showed that participation in retirement plans among Gen Y declined by 2 percent.

Most Americans report being optimistic about their financial future, with 34 percent of respondents agreeing they were "extremely" or "very confident" their lives would improve in the next 12 months, giving reasons as reducing debt and securing their financial future.