401(k) participants regret not saving earlier

While Americans on average begin their retirement savings journeys in their late 20s, research from Voya Financial finds close to three-quarters wish they had started saving sooner.

New findings from a Voya consumer survey show that more than half of Americans started saving for retirement between 18 to 34 years old, with the average starting at age 28. However, 64% of respondents say they wish they commenced savings before they turned 25, with the average wishing they started saving at 23 years old.

Millennials were slightly off in beginning their savings journey, with the average starting at 24 but wishing they had initiated savings a year earlier at 23. Gen Xers began saving at 30 despite wishing they had begun at 23, while Baby Boomers had the largest gap out of all generations—starting their savings at 32 yet wishing they had taken action at 23.