Guidance helps clients across generations with retirement planning decisions.

The rules of retirement savings haven’t changed, but how savers apply them is changing. That’s one of the insights from our recent Nationwide Retirement Institute^® survey of workplace retirement plan participants across different generations. Many younger savers are defying expectations by contributing to retirement plans early in their careers, while many older savers have regrets about past choices.

For retirement plan professionals and plan sponsors, there’s opportunity to help savers by reinforcing the good decisions they have made and implementing strategies to put them back on track to a more secure financial future.

Younger savers are starting earlier and investing prudently.

Gen Z and Millennial workers are giving themselves a head start on their retirement savings plans.

Average age at which savers started contributing to a workplace retirement plan:

Gen Z – 23
Millennials – 28
Gen X – 34
Boomers – 40

Older and younger man sitting down outside in the fall and talking.

Younger savers are doing more for their financial future.

68% of Gen Z and Millennial savers say they have a strategy to safeguard their savings before retirement, compared to just 55% of Gen X and 44% of Boomers.

An earlier start to saving contributes to greater confidence.

An analysis of the survey data by The American College of Financial Services found a wide gap in confidence among early and later savers.

% of retirement savers who feel confident or cautiously optimistic about the future.

of pre-retirees don’t believe in the concept of a “magic number” for retirement savings.

say the norm of retiring at 65 doesn’t apply to people like them (up from 59% a year ago.)

Savers who feel optimistic on average started saving for retirement by age 30, while those who are anxious or pessimistic on average started saving around age 32 or older.

Two male coworkers sitting at a table talking and smiling.

Older savers express regrets over deferred choices.

Financial professionals are adopting specific approaches with Gen X clients to guide them through the final years of their retirement preparations.

80%

More than 80% of Gen X and Boomers regret not starting to save or not participating earlier in their employer-sponsored retirement plan.

80%

More than 80% wish they’d focused earlier on protecting their savings from market volatility or converting assets into sustainable retirement income.

Professional guidance helps retirement savers be more confident.

Your guidance as a financial professional is valuable to retirement savers and plan sponsors alike as they seek ideas that help further retirement preparedness. Whether it’s through education or plan features that address lifetime financial security, you play an important role in boosting retirement confidence.

Turn to Nationwide for resources and solutions you can use to help your clients protect their savings and income throughout retirement, no matter if they started early or are striving to catch up.

Learn how to help workers protect their savings throughout retirement.

Disclaimer

Edelman Data and Intelligence (DXI) conducted a national online 20-minute survey of n=2,200 plan participants, on behalf of Nationwide from July 30th – August 13th, 2025.

As a member in good standing with The Insights Association as well as ESOMAR, Edelman Data and Intelligence conducts all research in accordance with local, national and international laws as well as in line with all Market Research Standards and Guidelines.

This material is not a recommendation to buy or sell a financial product or to adopt an investment strategy. Investors should discuss their specific situation with their financial professional.