When you’re young the last thing you think about is saving money for retirement, and it seems a lot of folks are probably waiting too long to think about their golden years. A new survey by Nationwide Insurance finds that the average age workers begin saving for retirement is 31, which means a lot of people are missing out on potential savings.
Of course, many folks have a good reason for not putting money away in their younger years. In fact, the top reason given for not saving for retirement is not making enough money (44%), followed by daily expenses (41%) and paying off debt (38%).
And it’s not like young people don’t know they should be putting money away. When asked what age they should start saving 42% said between 18 and 24, while 35% said between 25 and 30.