New Voya Financial survey finds all generations wish they started saving earlier for retirement
Data shows Generation Z and millennials started saving significantly earlier for retirement than Generation X and baby boomers
“Deciding to save early and often in an employer-sponsored 401(k) or other retirement account is within the control of every employee who has access — and this can be an important factor in creating an effective plan that leads to financial security in the future,” said
Twenty-three is the average age Americans say they wish they started saving for retirement — on average, that’s five years earlier than when they say they started saving for retirement. On average, Gen Z and millennials started saving for retirement much earlier than Gen X and baby boomers.
Gen Z had the earliest start on average, reporting they started saving for retirement around 20 years old. Millennials on average started at 24 but wished they had started saving at 23. Generation X and baby boomers started saving for retirement much later than younger generations, with Gen X starting at 30 compared to a desired age of 23. Baby boomers had the biggest gap in their average start age and their desired start age: beginning at 32 versus 24. Ultimately, every generation wished they had started saving for retirement sooner.
“This recent Voya data highlights how the design of a workplace retirement plan can help encourage employees of all ages to maximize the benefits of employer-sponsored retirement accounts — as soon as possible,” said
The continuing challenge for all generations to save for retirement
According to Voya’s own retirement plan participant data,1 of those who changed their savings rate in the first quarter of 2024, the majority increased their savings rate, including 78% of Gen Z, 75% of millennials, 75% of Gen X and 78% of baby boomers. However, hurdles still exist when it comes to saving. Notably, Voya’s survey also found Gen Z (76%) and millennials (73%) say they “agree” or “strongly agree” they need help understanding how much to save for retirement.
Voya’s survey also notes the economy (64%) and inflation (61%) continue to be the top concerns regarding the impact on the ability to save for retirement. About half of Americans cited everyday living expenses (54%) and health care costs (49%) as having a “severe” or “major” impact on the ability to save for retirement.
“While employee wellness benefits continue to grow in popularity to support the holistic needs of today’s workforce, the reality is that many individuals don’t recognize the resources often available to them from their employers,” Armstrong added. “Health savings accounts to offset the burden of medical costs, student-loan debt support and tools for building emergency savings remain important focus areas for employers.”
As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.
1. Internal Voya retirement plan participant data as of
About the study
These are the results of an Ipsos survey in collaboration with Voya Consumer Insights & Research conducted May 15–16, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults age 18+ in the
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