According to a new study by GoBankingRates, nearly 3 in 10 Americans say they have not one penny saved for retirement.

The study of 1,000 adults showed that 28% have nothing saved for retirement, 39% do not contribute to any form of retirement fund, and 30% do not expect they’ll be able to retire.

“The statistic that 30% of Americans have $0 saved for retirement is alarming but not surprising,” Principal Preservation Services founder and owner Mike Kojonen said. “Through countless consultations, I’ve observed a prevalent lack of awareness about the cost of retirement and a significant underestimation of how much needs to be saved.”

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