Financial advice has exploded across social media platforms. TikTok has become a hotbed for quick-hit money tips. While it's great to see financial literacy becoming trendy, much of this advice follows a one-size-fits-all approach.

One common myth you've probably encountered is the idea that if you haven't been squirrelling away $500 a month since your 20th birthday, you're doomed to a future of ramen noodles and roommates well into your golden years.

But how many 20-year-olds do you know who can consistently save that much?

Saving substantial amounts in your early 20s is the exception. According to a 2022 survey, only 47% of Americans have enough savings to cover a $1,000 emergency expense.

When you factor in student loans, entry-level salaries, and the general costs of adulting, it's clear that most of us in our 20s were focused on staying afloat rather than building wealth.

If you're approaching 30 (or even waved goodbye to your 20s) and are just starting to think seriously about saving, you're in good company.

Let's break down the numbers. Imagine there's a mythical 20-year-old who's been diligently saving $500 a month (and kudos to them if they exist). By age 65, assuming a 5% annual return, they'd have about $1 million. Impressive.

Now, let's say you're 30 and just starting out. To reach the same end goal, you'd need to save... drumroll, please... about $297 more a month. Yes, it's more, but it's not the insurmountable mountain you might have imagined.

For the average American, saving an additional 5% of their pre-tax income starting at age 30 would be enough to catch up to our hypothetical super-saver 20-year-old. And this percentage tends to decrease over time as your income grows.

The next time TikTok makes you feel like you've missed the boat, remember; it's never too late to start saving, and you're likely in a better position than you realise.

Your 30s come with advantages your 20-year-old self didn't have – like a clearer sense of your goals and potentially higher income.