8 in 10 Americans wish they’d taken saving more seriously in their younger years

Nationwide’s 2024 Protected Retirement Survey shares key lessons learned by employees nearing retirement, offering valuable insights for those looking to make smarter financial choices in the year ahead:

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• 82% of employees over 45 wish they had taken retirement saving more seriously in their younger years.
• 76% wish they had started saving earlier, and 56% identified having an emergency fund as a top priority.
• 82% wish they had understood the importance of compounding interest sooner. 

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By encouraging easy actions to start saving or take it up a notch, employers can help participants contribute to their long-term financial health.
 
“New Year’s resolutions often fall by the wayside when they feel too overwhelming, but financial resolutions don’t have to be overly ambitious to make a difference,” said Suzanne Ricklin, Vice President of Retirement Solutions at Nationwide Financial. “Starting small—like increasing retirement contributions by just a percent or setting aside a little more in savings each month—can lead to meaningful progress over time. These small financial changes are easier to stick with and thanks to the power of compounding interest, even small steps can have a significant impact on your future.”
  

Through the survey, older employees shared valuable financial lessons they wish they had known earlier, offering younger generations a roadmap to avoid common retirement regrets. Their advice inspires actionable New Year’s resolutions that can pave the way to long-term financial success for employees:
 
Resolution 1: Employees should start saving now—even small amounts make a big difference.  Contributing monthly to a 401(k) or increasing contribution by 1–2%, can lead to significant growth over time thanks to the power of compounding interest.
 
Resolution 2: Employees need to maximize employer match.  Employees need to contribute enough to the company retirement plan to receive their employer’s full match. If your company doesn’t offer a match, employees should increase contributions to tax-deferred accounts like IRAs or HSAs to boost your savings.
 
Resolution 3: Encourage employees to start an emergency fund.  More than half (56%) of employees identified having an emergency fund as a top priority, yet many Americans fall short—27% have no emergency savings at all, according to Bankrate’s 2024 Annual Emergency Savings Report. 
 
Resolution 4: Employees need to tackle debt strategically. Paying down debt is essential for financial health, but it shouldn’t come at the expense of saving for retirement. Employees still need to contribute to their retirement plan. Striking this balance can help grow your savings through compounding interest while easing the burden of high-interest debt.
 
Resolution 5: Encourage employees to take advantage of employer-sponsored resources. Many retirement plans offer free tools, educational materials, calculators and trained resources to help optimize your strategy. Encourage employees to take advantage of these resources and reach out to your plan administrator for personalized guidance. Consider offering solution in a company plan to help employees plan for income in retirement.