ST. LOUIS – An investment firm said younger generations are not saving enough for retirement.

Experts at Vanguard said Generation Z-ers and millennials have far too little savings. They said these workers may not meet their retirement goals. Vanguard also shared that both need to save roughly 12 to 15% of their income each year.

The firm suggested that younger generations not focus on balances because of market volatility. Instead, start saving what is affordable. Even if it is less than 12%.

Financial experts also encouraged younger people to open a Roth IRA in which withdrawals are tax-free.