Final answer:
Although the survey data doesn't specifically indicate when the highest percentage of people think children should start saving, it suggests that early development of saving habits is critical. Early childhood seems to be a prudent time to start given the benefits of compound interest and to instill good financial habits. Challenges faced during middle age and retirement underscore the importance of early savings.
Step-by-step explanation:
When considering when the highest percentage of people think that children or grandchildren should start saving, it is necessary to consider various life stages and economic factors. While the survey data provided doesn't pinpoint a specific age, insights can be derived from attitudes and trends presented. The respondents in the ages 45-55 and 55-65 brackets are facing significant financial pressures that hinder their ability to save, either due to educational expenses for their children or challenges in increasing their earnings at an older age. Furthermore, retirees often experience stress about running out of money, indicating the importance of early savings.
Factors affecting personal savings include life choices, early childhood experiences, influences from college education, and post-college finances. These reflect on the importance of developing saving habits early on. Moreover, family structure and personal preferences play a role in when individuals start saving. Considering these factors, it seems prudent to foster saving habits in early childhood to prepare for future financial stability.
The information provided does not explicitly state the peak age when people believe savings should start. However, given the challenges at later life stages and the advocacy by investment experts for significant retirement savings, it is reasonable to infer that the best practice would likely be to instill the habit of saving during early childhood. This allows for the advantage of compound interest and educates children on financial responsibility from a young age.