They asked this question of over 1,000 investors over the age of 50 in this survey by American Funds and here is what they said (click on chart to enlarge):

A few questions to ask students:

• At what age did most of them start saving?
• At what age are most recommending that their children or grandchildren start saving?
• What do you think there is this difference between what they did and what they are recommending?
• What would be a reason given by those who recommend starting saving after the age of 30 (10% did)?
• Name at least three reasons that saving at a young age is important.
• Ask your parents these two questions:
  • When did you start saving?
  • When do you think I should start saving?

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Check out this brief Savings Activity: Create Your Savings Goals

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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